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09 августа, 21:33

T.Rowe Price Issues A Warning For Investors, Cuts Stock Allocation To Lowest Since 2000

One day after DoubleLine chief Jeff Gundlach told Bloomberg TV that it is time for investors to head for the exits as his highest conviction trade is "volatility is about to go up", and that he is reducing his positions in junk bonds, EM debt and other lower-quality investments on fears investor sentiment may roll over (explaining later to CNBC that he expects to make no less than 400% on his S&P puts) today two other money-managing titans - T.Rowe Price and Pimco - both issued similar warnings to investors, urging investors to start taking profits. In its latest Midyear asset allocation report "Preparing for Pivot Points", bond giant Pimco said Investors should pare stocks and high-yield debt while shifting to lower-risk assets, such as Treasuries and mortgage-backed securities. Some selected excerpts: "After reviewing the landscape, we conclude that the lack of near-term positive catalysts combined with current valuations does not offer sufficient margin of safety to support a risk-on posture." "While we wait for clarity on key risks or more attractive valuations, we are focused on quality sources of yield to increase portfolio carry while still keeping some dry powder." "With the macroeconomic backdrop evolving in the face of potentially negative pivot points and considering asset prices generally are fully valued, we are modestly risk-off in our overall positioning" Pimco MDs Mihir Worah and Geraldine Sundstrom wrote in today's report released Wednesday adding that while “we recognize events could still surprise to the upside, but starting valuations leave little room for error.” Pimco’s allocation recommendations also mark a shift from the start of 2017 for the firm, which managed $1.61 trillion as of June 30. One change since February is the reduced prospects of a U.S. fiscal stimulus, such as tax reform or infrastructure spending, under President Donald Trump. “We expect that any U.S. fiscal package that passes be tilted to tax cuts, but light on reform,” Worah wrote while also warning that “we see limited fiscal space in Europe.” Overall, Pimco, which is "risk-off" overall risk, recommends underweighting equities, especially U.S. stocks, following recent rallies. The firm also advises to reduce high-yield debt as defaults could climb and yield spreads could widen, while keeping exposure to better-quality credit, such as non-agency MBS likely to benefit from a healthy U.S. housing market. Pimco suggests maintaining investments in “real assets,” such as inflation-linked bonds, commodities, gold and real estate investment trusts (see full report here). In a similar warning, T. Rowe Price also urged to allocated away from stocks, noting that it cut the stock portion of its asset allocation portfolios to the lowest level since 2000. The Baltimore-based money manager said it also reduced its holdings of high-yield bonds and emerging market bonds for the same reason, Bloomberg noted. “Everything is expensive and we are late in the business cycle,” Sebastien Page, head of asset allocation at T. Rowe Price said in an interview with Bloomberg. “That introduces fragility for risk assets and there isn’t much buffer.” The move will affects $265 billion of the $904 billion under management at T. Rowe Price, and only applies to asset allocation portfolios, said Page. A typical portfolio with 60% stocks and 40% bonds now holds 58 percent in equities. Between 2000 and 2010, the equity portion peaked at 67 percent, he said. * * * The two investing giants join several other prominent billionaires who have issued similar warnings against participating in the market, among which: Carl Icahn warning that stocks are overvalued, telling CNBC in June that  “I really think now, I look at this market and you just say ‘look at some of these values’ and you have to wonder." George Soros turning bearish, famously derisking his portfolio and buying gold in anticipation of a big downturn after Trump’s election, warning that global markets were in trouble  (a call that has been incorrect so far). Howard Marks warning clients of “too-bullish territory”: in his late July note to clients, the billionaire Oaktree Capital founder warned about the chance of a correction. Amongh many other things, he warned aggressive investors are “engaging in willing risk-taking, funding risky deals and creating risky market conditions” and that this has been a hallmark of past downturns. David Tepper saying he is “on guard”, and while the Appaloosa Management head isn’t short yet, he is far less bullish than just several months ago. He has even suggested wary investors put some money in cash if they don’t like the frothy valuations on Wall Street right now. Tepper was particularly concerned about central-bank intervention over the last several years distorting bond markets and how that is influencing stocks. Paul Singer warning about an ETF crisis: the Elliott Management founder warned in his latest letter to investors and on CNBC that passive funds could lead to a marketwide sell-off: “at one point you will not have the active end in the market to stabilize it. You would have just the passive guys getting into herd mentality." In other words, once sentiment turns, it will be dramatic. Meanwhile, with the threat of nuclear war breathing down the market's neck, the S&P is down 0.1%.

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30 июля, 18:21

Дивиденды для родственников

Перед отчётом купил 1000 акций AT&T, увидев хороший уровень. В моменте был в плюсе почти на $3000, но решил не продавать акции. Т. к. скоро я сажусь на трактор, а родственники живут в глубинке и оставлять их без поддержки не хочется, я решил держать акции под дивиденды, которые буду посылать родне. Сейчас T платят 0.49 на акцию, или около 5% на вложенный капитал. Налоги с дивидендов составляют 15% для нерезидентов, значит дивидендная прибыль за квартал составит $0.49 * 1000 * 0.85 = $416.5. Деньги конечно небольшие, но всё равно будут неплохим подспорьем к маленьким зарплатам нашего захолустья.

30 июля, 15:20

Buy Sprint Corp (S) Stock Ahead of This Week’s First Quarter Earnings Report

Sprint Corp (NYSE:S) stockholders are on pins and needles, waiting for the wireless telecommunications giant to report second quarter earnings results Tuesday morning. With better-than-expected earnings results already in hand from T-Mobile US Inc (NASDAQ:TMUS), as well as larger rivals AT&T Inc. (NYSE:T) and Verizon Communications, Inc. (NYSE:VZ), S stock holders are wondering is there any growth left for Sprint, given how highly competitive the U.S. wireless industry has become? Once thought to be on the verge of bankruptcy, Sprint has turned itself around and has become an acquisition target, thanks to the strong operational improvements under the leadership of CEO Marcelo Claure.

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29 июля, 03:03

AT&T names John Stankey to run Time Warner media businesses

John Stankey, one of the top lieutenants to AT&T CEO Randall Stephenson, will oversee Time Warner's media businesses after AT&T's acquisition of the company is complete, AT&T announced Friday.

29 июля, 00:34

U.S. Telecom: Price Competition to Intensify

U.S. Telecom: Price Competition to Intensify

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28 июля, 23:39

Telecom Stock Roundup: AT&T, Verizon, Comcast and American Tower Post Strong Q2 Results

The telecom industry experienced a strong run on the bourse last week as most of the key stocks traded in the green due to strong second-quarter 2017 earnings results.

28 июля, 23:39

Telecom Stock Roundup: AT&T, Verizon, Comcast and American Tower Post Strong Q2 Results

The telecom industry experienced a strong run on the bourse last week as most of the key stocks traded in the green due to strong second-quarter 2017 earnings results.

28 июля, 23:12

Upcoming Earnings Reports to Watch: AAPL, PFE, TWX, KHC

We are looking ahead to next week to target the most important upcoming reports. Check out the latest on Apple (AAPL), Pfizer (PFE), Time Warner (TWX), and Kraft Heinz (KHC) ahead of their earnings report dates.

28 июля, 20:16

New Technologies Give U.S. Telecom More Reasons to Grow

New Technologies Give U.S. Telecom More Reasons to Grow

28 июля, 20:06

Top Research Reports for AT&T, Visa & Nike

Top Research Reports for AT&T, Visa & Nike

28 июля, 16:18

Zacks Industry Outlook Highlights: Comcast, AT&T, Verizon Communications, Charter Communications and Sprint

Zacks Industry Outlook Highlights: Comcast, AT&T, Verizon Communications, Charter Communications and Sprint

28 июля, 16:08

Главные новости

Главные новости- Кандидат в FOMC Куарлес заявил на слушаниях в Сенате США, что согласен с идеями его предшественника относительно изменений правил банковского регулирования. - Корпорация AT&T запланировала выпуск бондов в 22.5 млрд. долл. семью траншами, включая 20-, 32.5- и 41-летние бонды. Это третий по размеру выпуск в истории. - Рост ВВП Франции во 2-ом квартале ускорился до 1.8% г/г против 1.1% г/г в пред. квартале, квартальный рост составил 0.5% кв/кв в соответствии с ожиданиями. - В Германии рейтинг ХДС/ХСС вырос до 40% против 23% у социалистов. Свободные демократы, Зеленые и Левые имеют по 8%, евросвептики AfD имеют 9%. - Правительство Германии выплачивало в 2016 году проценты по новому госдолгу в размере 0.28%, наименьший уровень в истории, сообщает Bild со ссылкой на отчет Минфина. - Индекс Gfk потребительского доверия Великобритании за июль упал с -10 до -12. - Спрос на аукционе по 7-летним нотам на 28 млрд. долл. Казначейства США показал средние параметры, bid/cover – 2.54. - Агентство S&P понизило прогноз рейтинга 77 японских банков до негативного в связи с тем, что ситуация низких процентных ставок подрывает доходную базу банков. - Инфляция в Японии по ИПЦ составила 0.4% г/г в июне, инфляция в Токио в июле 0.1% г/г, в соответствии с прогнозами. Уровень безработицы упал до 2.8% (прогноз 3%). - Протоколы последнего заседания ЦБ Японии показали, что один из членов предлагал установить цель QE в размере 45 трлн. иен (сейчас 80 трлн. в год) прежде чем начать сокращение скорости QE в “упорядоченной и постепенной манере”. Один член Совета Управляющих отметил, что цель в 0% по доходности 10-летних облигаций “не должна быть интерпретирована слишком жестко”.Источник: FxTeam

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28 июля, 14:53

Will Level 3 Communications' (LVLT) Q2 Earnings Disappoint?

Customer concentration, foreign currency exchange rate risks and a highly competitive enterprise communications market may hamper Level 3 Communications, Inc.'s (LVLT) second-quarter 2017 earnings.

28 июля, 14:37

What's in the Cards for CenturyLink (CTL) in Q2 Earnings?

Persistent losses in access lines, legacy voice services, decline in subsidy payments and other issues are might have a negative impact on CenturyLink Inc.'s (CTL) second-quarter 2017 earnings.

28 июля, 01:28

U.S. Fund-Flows Weekly Report: Funds Take In $20 Billion of Net New Money

Thomson Reuters Lipper’s fund macro-groups (including both mutual funds and ETFs) experienced positive flows of $20.0 billion for the fund-flows week ended Wednesday, July 26. Money market funds (+$18.6 billion)

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28 июля, 00:12

AT&T banks $22.5bn in corporate bond sale

Third largest offering on record draws high demand for financing of $85.4bn Time Warner takeover

26 марта 2013, 08:00

eia.gov: U.S. crude oil production outlook

February 14, 2013Short‐Term Energy Outlook Supplement: Key drivers for EIA’s short‐term U.S. crude oil production outlook (pdf)Crude oil production increased by 790,000 barrels per day (bbl/d) between 2011 and 2012, the largestincrease in annual output since the beginning of U.S. commercial crude oil production in 1859. The U.S.Energy Information Administration (EIA) expects U.S. crude oil production to continue rising over thenext two years.U.S. crude oil output is forecast to rise 815,000 bbl/d this year to 7.25 million barrels per day, according to the February 2013 STEO. U.S. daily oil production is expected to rise by another 570,000 bbl/d in 2014 to 7.82 million barrels per day, the highest annual average level since 1988. Most of the U.S. production growth over the next two years will come from drilling in tight rock formations located in North Dakota and Texas.Increasing tight oil production is driven by the use of horizontal drilling in conjunction with multi‐stage hydraulic fracturing, which provides both high initial production rates and high revenues at current oil prices. Additional technological and management improvements have increased the profitability of tight oil production, thereby expanding the economically recoverable tight oil resource base and accelerating the drive to produce tight oil. These technology and management improvements include, but are not confined to:- Multi‐well drilling pads- Extended reach horizontal laterals up to 2 miles in length- Optimization of hydraulic fracturing through micro‐seismic imaging and enhanced interpretation- Simultaneous hydraulic fracturing of multiple wells on a pad- Drilling bits designed for specific shale and tight formations- “Walking” drilling rigsFurther improvements in technology, such as selective fracturing along the horizontal lateral (thehorizontal section of a well) to avoid zero or low production stages, based on local geologiccharacteristics, might further improve the economics of tight oil production.Currently, the most important basins for production growth are:- The Williston Basin in North Dakota and Montana, which includes the Bakken Formation- The Western Gulf Basin in south Texas, which includes the Eagle Ford Formation- The Permian Basin in West Texas and southeast New Mexico, which includes the Spraberry and Wolfcamp formationsAt present, drilling activity is focused mostly on “tight,” or very low permeability, geologic formations, including shales, chalks, and mudstones. These formations are particularly attractive because the drilling and fracturing of long horizontal well laterals yields high initial production volumes and, therefore, strong cash flows.

20 марта 2013, 00:58

Интелрос представляет исследование Джорджа Кэсейя по военным операциям 2004-2007 годов в Ираке и их результатам

George W. CASEY Strategic Reflections Operation Iraqi Freedom. July 2004–February 2007National Defense University Press Washington, D.C. 2012 Operations Enduring Freedom and Iraqi Freedom were the first major wars of the 21st century. They will not be the last. They have significantly impacted how the U.S. Government and military think about prosecuting wars. They will have a generational impact on the U.S. military, as its future leaders, particularly those in the ground forces, will for decades be men and women who served in Iraq and Afghanistan. It is imperative that leaders at all levels, both military and civilian, share their experiences to ensure that we, as a military and as a country, gain appropriate insights for the future. From Introduction