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21 марта, 16:13

New Strong Sell Stocks for March 21st

Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today:

21 марта, 11:07

Tax Rule Change Crashes Pipeline Stocks

Last week, the stock prices of one particular class of companies crashed after regulators at the U.S. Federal Energy Regulatory Commission acted to terminate a tax benefit that it had previously allowed. Here's an excerpt from the FERC's official 15 March 2018 press release: FERC Revises Polices, Will Disallow Income Tax Allowance Cost Recovery in MLP Pipeline RatesThe Federal Energy Regulatory Commission (FERC) today responded to a federal court remand by stating it no longer will allow master limited partnership (MLP) interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates. The U.S. Court of Appeals for the District of Columbia Circuit in United Airlines, Inc. v. FERC, (827 F.3d 122 (D.C. Cir. 2016) held that FERC failed to demonstrate there was no double recovery of income tax costs when permitting SFPP, L.P., an MLP, to recover both an income tax allowance and a return on equity determined by the discounted cash flow methodology. The Commission today acted in response both to the court remand and comments filed in response to an inquiry issued after the court ruling. FERC will now revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow MLPs to recover an income tax allowance in the cost of service. Normally, the intersection of federal tax laws, regulations and accounting procedures would make most investors' eyes glaze over with extreme boredom, but the market's response to the FERC's announced change was both swift and dramatic. Shares of U.S. energy master limited partnerships (MLPs) plunged on Thursday, after regulators said they will no longer allow certain tax benefits for interstate oil and gas pipeline operators structured as MLPs. MLPs are tax-exempt corporate structures that pay out profit to investors in dividend-style distributions. In 2016, a U.S. Appeals Court ruled that energy regulators were allowing these companies to benefit from a “double recovery” of taxes. On Thursday, the U.S. Federal Energy Regulatory Commission (FERC) said the companies, largely oil and natural gas pipeline firms, will no longer be allowed to recover an income tax allowance as part of the fees they charge to shippers under a “cost of service” rate structure. This could affect MLP earnings, and as a result shares stumbled. The Alerian MLP index, which tracks a number of pipeline firms, fell as much as 9.4 percent on Thursday to its lowest since February 2016. The stock market tape for the Alerian MLP index (NYSE: AMLP) reveals the carnage for the nation's Master Limited Partnerships (MLP), many of which were specifically set up under that legal structure to support the distribution of natural gas and oil within the U.S.: You can see almost the exact moment in time when the FERC made its announcement of its new policy on 15 March 2018, which looks like came out somewhere between 11:06 AM and 11:10 AM Eastern time. For investors, the change in tax allowances means that companies structured as MLPs will have reduced revenues, which in turn, will reduce the amount of money available to pay what had been high-yielding dividends to their shareholders. And though these companies have yet to announce changes in their dividend policies, their stock prices swiftly declined in anticipation of that outcome. One MLP, Williams Companies (NYSE: WMB) saw its share price drop by nearly 11% on 15 March 2018, which proved to be the biggest loss of any component company of the S&P 500 that day. One question going forward is how many of these firms will seek to restructure themselves or that might seek to consolidate in light of the FERC's new tax allowance policy. What might at first seem like an arcane tax regulation change will likely have a significant impact on what the future will look like for the U.S. natural gas and oil pipeline industries. And if changes in a corporate income tax allowance that affects a small number of companies can do that to their stock prices, imagine what new tax on total revenue like the EU's proposed 3% tax on the gross digital revenues of tech companies in the European Union like Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Alphabet (NYSE: GOOGL), and Facebook (NYSE: FB) might do to their stock prices. And to the S&P 500, since these firms account for nearly 10% of the entire market cap of the stock market index.

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15 марта, 18:55

MLPs Crash After FERC Rule Changes

A slew of MLPs (Alerian down 11%) have tumbled this morning as FERC revises its policy - disallowing income tax allowance cost recovery in MLP pipeline rates. FERC Revises Polices, Will Disallow Income Tax Allowance Cost Recovery in MLP Pipeline Rates The Federal Energy Regulatory Commission (FERC) today responded to a federal court remand by stating it no longer will allow master limited partnership (MLP) interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates. The U.S. Court of Appeals for the District of Columbia Circuit in United Airlines, Inc. v. FERC, (827 F.3d 122 (D.C. Cir. 2016) held that FERC failed to demonstrate there was no double recovery of income tax costs when permitting SFPP, L.P., an MLP, to recover both an income tax allowance and a return on equity determined by the discounted cash flow methodology. The Commission today acted in response both to the court remand and comments filed in response to an inquiry issued after the court ruling. FERC will now revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow MLPs to recover an income tax allowance in the cost of service. The revised policy statement explains that, while all partnerships seeking to recover an income tax allowance will need to address the double-recovery concern, the application of the United Airlines court case to non-MLP partnerships will be addressed as those issues arise in subsequent proceedings. In Docket Nos. IS08-390-008 and IS08-390-009, the Commission denies SFPP an income tax allowance and determines a real return on equity of 10.24 percent (Agenda Item G-3). In Docket Nos. IS09-437-008, et al., FERC accepts SFFP’s compliance filing, subject to the company submitting a further compliance that, among other things, removes the income tax allowance in SFPP’s East Line cost of service and calculates refunds (Agenda Item G-4). The reaction is very evident... And it's across the whole spectrum...TC Pipelines (red), Dominion Energy MLP (blue), and Plains All-American Pipeline (green) are all down hard.. As Bloomberg notes, earlier in the day, SunTrust analysts warned that for better or worse, the spectre of midstream structure, governance, alignment remains a headwind, and has "significantly tainted our past view that 2018 would be the big entre from the generalist investor."

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22 февраля, 10:56

Нетолерантно получилось...

Страдание свщмч. Феодора (Несторовича), епископа Вршацкого (рум. Teodor, episcop Vârşeţ; срб. Teodor Nestorović).Находился во главе Банатского восстания румын и сербов против турок. В 1594 году тимишоарский паша Хасан (мл.) схватил владыку в Вршце и заживо содрал с него кожу.С этими событиями было связано сожжение мощей святого Саввы на Врачаре под Белградом весной 1594 года. Тогда же вождь сербских повстанцев Янко Лугошан по прозвищу Халабур вызвал на бой турецкого агу, победил его и отрезал ему голову. В знак этой победы в герб Вршица входит рука, держащая отрезанную голову турка (с казачьим оселедцем!).http://www.vrsac.org.rs/Page.aspx?Lang=cir&page=istorija&Pid=7https://www.blic.rs/vesti/vojvodina/hajduk-janko-na-grbu-vrsca/shevm5r

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15 февраля, 18:01

Parker-Hannifin (PH) Introduces Low-Lead Solenoid Valves

Parker-Hannifin (PH) launches a Low-Lead Brass body series of solenoid valves for beverage dispensing industry.

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13 февраля, 18:39

Emerson, AspenTech to Deliver Digital Technology Solutions

Emerson (EMR) partners with Aspen Technology (AZPN) to deliver asset optimization software solutions along with global automation technologies and operational consulting services.

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18 января, 17:16

ABB Wins Power Grid Deal, Boosts Jakarta's Energy Supply

ABB (ABB) clinches a contract worth more than $40 million from a consortium of Doosan Heavy Industries and state-owned construction company PT Hutama Karya.

12 января, 18:35

BY THE NUMBERS: Eugene Volokh dug deep into that “Nearly 40 Percent of Sex Offenders in Oregon Priso…

BY THE NUMBERS: Eugene Volokh dug deep into that “Nearly 40 Percent of Sex Offenders in Oregon Prisons Are Illegal Aliens” and writes: Steve: Sorry to trouble you about this [No trouble at all! -S], but I’m not sure the statistic adds up. I looked at the linked-to Paula Bolyard item, https://pjmedia.com/trending/one-fifteen-oregon-prisoners-criminal-alien-nearly-half-convicted-sex-crimes/, and then in […]

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22 ноября 2017, 15:23

Ученые объяснили похолодание полюсов Титана отличием его атмосферы от Земной

В состав атмосферы спутника Сатурна входят углеводороды.

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14 ноября 2017, 17:20

Отчетность "Сбербанка" добавит позитива его акциям

3 квартал 2017 года обещает стать очень сильным для "Сбербанка". Компания опубликует результаты в среду. По нашим оценкам, чистая прибыль компании в 3 квартале 2017 выросла на 7,3% к/к и достигла 199 млрд руб., что было обеспечено существенным сокращением отчислений в резервы к/к и стабильно высокой NIM. Мы выше консенсус-прогноза по чистой прибыли в 3 квартале на 3,4%. В соответствии с нашими прогнозами, совокупный доход банка остался неизменным (в то время, как чистый процентный доход вырос на 3,5% к/к, чистый комиссионный доход увеличился на 5,4% к/к, прочие доходы снизились к/к). Наша оценка совокупного дохода совпадает с консенсус-прогнозом. Однако, наши ожидания относительно как отчислений в резервы, так и операционных издержек оптимистичнее рынка. Мы прогнозируем стоимость риска в 3 квартале 2017 года на уровне 1,4% (консенсус - 1,5%), CIR – на уровне 33,4% (консенсус – 34,8%).

09 ноября 2017, 21:49

Here Is The Full Text And Summary Of The Amended House GOP Tax Bill

While we await the full details of the Senate bill, moments ago the House Ways and Means Committee released the Amended House GOP tax bill, as well as its summary. Here are the key highlights from the Amendment (link), first in principle: Amendment to the Amendment in the Nature of a Substitute to H.R. 1 Offered by Mr. Brady of Texas The amendment makes improvements to the amendment in the nature of a substitute relating to the maximum rate on business income of individuals, preserves the adoption tax credit, improves the program integrity of the Child Tax Credit, improves the consolidation of education savings rules, preserves the above-the-line deduction for moving expenses of a member of the Armed Forces on active duty, preserves the current law effective tax rates on C corporation dividends subject to the dividends received deduction, improves the bill’s interest expense rules with respect to accrued interest on floor plan financing indebtedness, modifies the treatment of S corporation conversions into C corporations, modifies the tax treatment of research and experimentation expenditures, modifies the treatment of expenses in contingent fee cases, modifies the computation of life insurance tax reserves, modifies the treatment of qualified equity grants, preserves the current law treatment of nonqualified deferred  compensation, modifies the transition rules on the treatment of deferred foreign income, improves the excise tax on investment income of private colleges and universities, and modifies rules with respect to political statements made by certain tax-exempt entities. And the details, from the summary (link): Maximum rate on business income of individuals (reduced rate for small businesses with net active business income) The amendment provides a 9-percent tax rate, in lieu of the ordinary 12-percent tax rate, for the first $75,000 in net business taxable income of an active owner or shareholder earning less than $150,000 in taxable income through a pass-through business. As taxable income exceeds $150,000, the benefit of the 9-percent rate relative to the 12-percent rate is reduced, and it is fully  phased out at $225,000. Businesses of all types are eligible for the preferential 9-percent rate, and such rate applies to all business income up to the $75,000 level. The 9-percent rate is phased in over five taxable years, such that the rate for 2018 and 2019 is 11 percent, the rate for 2020 and 2021 is 10 percent, and the rate for 2022 and thereafter is 9 percent. For unmarried individuals, the $75,000 and $150,000 amounts are $37,500 and $75,000, and for heads of household, those amounts are $56,250 and $112,500. Maximum rate on business income of individuals (eliminate provisions related to Self-Employment Contributions Act) The amendment preserves the current-law rules on the application of payroll taxes to amounts received through a pass-through entity. Repeal of nonrefundable credits The amendment preserves the current law non-refundable credit for qualified adoption expenses. Refundable credit program integrity The amendment requires a taxpayer to provide an SSN for the child in order to claim the entire amount of the enhanced child tax credit. Rollovers between qualified tuition programs and qualified able programs The amendment would allow rollovers from section 529 plans to ABLE programs. Repeal of exclusion for qualified moving expense reimbursement The amendment preserves the current law tax treatment for moving expenses in the case of a member of the Armed Forces of the United States on active duty who moves pursuant to a military order. Reduction in corporate tax rate The amendment lowers the 80-percent dividends received deduction to 65 percent and the 70- percent dividends received deduction to 50 percent, preserving the current law effective tax rates on income from such dividends. Interest The amendment provides an exclusion from the limitation on deductibility of net business interest for taxpayers that paid or accrued interest on “floor plan financing indebtedness.” Full expensing would no longer be allowed for any trade or business that has floor plan financing indebtedness. Modify treatment of S corporation conversions into C corporations The amendment provides that distributions from an eligible terminated S corporation would be treated as paid from its accumulated adjustments account and from its earnings and profits on a pro-rata basis. The amendment provides that any section 481(a) adjustment would be taken into account ratably over a 6-year period. For this purpose, an eligible terminated S corporation means any C corporation which (i) was an S corporation on the date before the enactment date, (ii) revoked its S corporation election during the 2-year period beginning on the enactment date, and (iii) had the same owners on the enactment date and on the revocation date. Amortization of Research and Experimentation Expenditures The amendment provides that certain research or experimental expenditures are required to be capitalized and amortized over a 5-year period (15 years in the case of expenditures attributable to research conducted outside the United States). The amendment provides that this rule applies to research or experimental expenditures paid or incurred during taxable years beginning after 2023. Uniform treatment of expenses in contingent fee cases The amendment disallows an immediate deduction for litigation costs advanced by an attorney to a client in contingent-fee litigation until the contingency is resolved, thus creating parity throughout the United States as to when, if ever, such expenses are deductible in such litigation. Under current law, certain attorneys within the Ninth Circuit who work on a contingency basis can immediately deduct expenses that ordinarily would be considered fees paid on behalf of clients, in the form of loans to those clients, and therefore not deductible when paid or incurred. This provision creates parity on this issue throughout the United States by essentially repealing the Ninth Circuit case, Boccardo v. Commissioner, 56 F.3d 1016 (9th Cir. 1995), which created a circuit split on this issue. Surtax on life insurance company taxable income The amendment generally preserves current law tax treatment of insurance company deferred acquisition costs, life insurance company reserves, and pro-ration, and imposes an 8% surtax on life insurance income. This provision is intended as a placeholder. Nonqualified deferred compensation The amendment strikes Section 3801 so that the current-law tax treatment of nonqualified deferred compensation is preserved. Modification of treatment of qualified equity grants The amendment clarifies that restricted stock units (RSU) are not eligible for section 83(b) elections. Other than new section 83(i), section 83 does not apply to RSUs. Treatment of deferred foreign income upon transition to participation exemption system of taxation The amendment provides for effective tax rates on deemed repatriated earnings of 7% on earnings held in illiquid assets and 14% on earnings held in liquid assets. Excise tax on certain payments from domestic corporations to related foreign corporations; election to treat such payments as effectively connected income. The amendment modifies the bill’s international base erosion rules in two respects. First, the provision eliminates the mark-up on deemed expenses. Second, the amendment expands the foreign tax credit to apply to 80% of foreign taxes and refines the measurement of foreign taxes paid by reference to section 906 of current law rather than a formula based on financial accounting information. Excise taxed based on investment income of private colleges and universities The amendment ensures that endowment assets of a private university that are formally held by organizations related to the university, and not merely those that are directly held by the university, are subject to the 1.4-percent excise tax on net investment income. The full bill is below (link):  

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09 ноября 2017, 14:00

ВТБ опубликовал умеренно позитивные результаты

ВТБ опубликовал умеренно позитивные результаты за 3К 2017 г. Чистая прибыль компании составила 17,8 млрд руб. (-43% к/к; -7,8% г/г), что слегка выше как консенсус-прогноза, так и наших оценок. В 3К17 совокупный доход банка сократился на 1,3% к/к, до 132 млрд руб. из-за роста убытков от переоценки основных средств и НМА (отчасти из-за списания вложений в Открытие). Чистая процентная маржа была стабильна к/к и поддержала основную статью доходов банка – NII. Операционные издержки были высокими в 3К17, выросли на 4,4% к/к, на 20% г/г, до 66 млрд руб. CIR по итогам 3К17 составил 50% (мы ожидали 49%). Стоимость риска в 3К17 составила 1,8%, отчисления в резервы значительно выросли к/к. Уровень просроченной задолженности вырос на 10 бп к/к. Рост балансовых показателей был выше наших ожиданий: активы выросли на 2,3% к/к, кредитный портфель увеличился на 1,2% к/к.

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08 ноября 2017, 17:20

Потенциал снижения акций ВТБ оценивается в 20%

ВТБ завтра опубликует результаты за 3К17 по МСФО. Мы прогнозируем чистую прибыль на уровне 17 млрд руб. в 3К (наши ожидания слегка ниже консенсус-прогноза). Мы скромнее рынка оцениваем затраты на резервы в 3К17 (44 млрд руб. против 46 млрд руб.). Стоимость риска в 3К17 по нашим оценкам составила 1,8% (консенсус – 1,9%). Операционные издержки, по нашим оценкам, выросли на 12% г/г, CIR составит 49% (консенсус – 48%). Балансовые показатели продемонстрировали умеренный рост в 3К17: активы выросли на 1,5% к/к, кредитный портфель увеличился на 1,1%, депозиты увеличились на 2,2% к/к. Мы не ожидаем существенного влияния на котировки акций ВТБ после публикации отчетности и сохраняем рекомендацию ПРОДАВАТЬ акции компании с целевой ценой в 4,8 коп. и потенциалом снижения в 20%.

19 ноября 2012, 16:00

В Италии без лишнего шума проходит встреча Бильдербергского клуба

Источник перевод для mixednews – josserПока внимание большинства приковано ко всяким мелочам, похоже, что Бильдербергский клуб устроил нечто такое, что некоторые назвали внеплановым римским заседанием.И хотя бо́льшая часть европейской прессы хранит по этому вопросу молчание, что к сожалению присуще мейнстримным СМИ любой страны, некоторые итальянские газеты всё же сообщают кое-какие сведения, касающиеся встречи.Согласно сайту 21stCenturyWire, повестка собрания сосредоточена вокруг участи таких стран ЕС, как Италия, Испания и Греция, трёх государств, по которым сильно ударил мировой кризис деривативов и навязанные впоследствии меры строгой экономии.Разные газеты со всей Италии пишут о том, что для обсуждения событий, разворачивающихся в рамках инсценированного кризиса, на полутайное совещание в Рим были созваны примерно 80 членов Бильдербергского клуба, в особенности его организационного комитета.В полной противоположности с традиционными для Бильдербергской группы методами поддержания секретности, такими, например, как съём целых отелей днями напролёт с освобождением их на время конференции от гостей и даже некоторого обслуживающего персонала, эта итальянская встреча проходит в то же время, что и другое популярное мероприятие, Римский кинофестиваль.Таким образом, создаётся впечатление, что вместо того, чтобы собираться в обстановке строжайшей тайны, Бильдербергский клуб пытается спрятать своё вероломство у всех на виду, смешиваясь при этом с остальной толпой актёров, актрис, режиссёров и всеобщих знаменитостей.В данном случае можно предположить, что стратегия организации состояла в использовании кинофестиваля в качестве прикрытия для посетителей. Если бы в «Отеле де Русси» – зрелищном месте как в плане фестиваля, так и собрания – кого и заметили, всегда можно утверждать, что это связано исключительно с посещением кинофестиваля, дать короткое интервью о значимости кино в жизни Италии и своём любимом фильме, и большей частью остаться обделённым вниманием из-за расхаживающих вокруг настоящих звёзд.Бюджет римской встречи представляет собой насмешку и нескрываемое презрение в адрес «маленьких людей»: как пишет Джей Джи Вайбс на сайте Intel Hub, по оценкам итальянских газет он составит примерно 100 тысяч евро на 80 собравшихся.Согласно итальянскому сайту DagoSpia.com, перечень посетителей выглядит примерно так:Энрико Летта (заместитель секретаря левоцентристской Демократической партии Италии; здесь и далее – прим. mixednews.ru), Энрико Бонди (гендиректор Parmalat; прим.), Марио Монти, Марлике де Фогель (оргсекретарь; прим.), Коррадо Пассера (министр экономического развития Италии; прим.), министр образования Франческо Профумо, Паола Северино (министр юстиции; прим.), Эльза Форнеро (министр труда; прим.), Джулиано Амато (бывший премьер-министр Италии; прим.), председатель Европейского центрального банка Марио Драги, Лилли Грубер (телеведущая на итальянском частном канале La7; прим.), Энрико Ментана (директор La7; прим.), Франко Бернабе (глава Telecom Italia; прим.), Ферруччо де Бортоли (главный редактор газеты «Коррьере дела Серра; прим.), Венделин фон Бредов (журналистка The Economist; прим.), Мауро Моретти (гендиректор оператора итальянской железнодорожной сети Ferrovie dello Stato; прим.) из ВИКТ (Всеобщая итальянская конфедерация труда; прим.), гендиректор Mediobanca Альберто Нагель, председатель AGCOM (итальянский регулятор массовых коммуникаций; прим.) Анджело Джимбалс, Федерико Гиццони из UniCredit, Энрико Тиспунс из Intesa, Фульвио Конти из Enel, президент RAI Анна Марион Тарантола, президент CIR (Compagnie Industriali Riunite, промышленный холдинг; прим.) Родольфо Де Бендетти, и председатель Банка Италии Игнацио Виско.Ссылка