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Delta Air Lines
22 марта, 16:28

Инвестиции в одного из фаворитов Баффета – Delta Air Lines

Delta Air Lines (DAL) – одна из крупнейших в мире авиакомпаний, которая помогает добраться в нужное место более чем 160 млн пассажиров в год. Штаб-квартира находится в Атланте.

21 марта, 17:44

Delta Air Lines to Connect Seattle & Chicago Starting June

Delta Air Lines (DAL) recently announced plans to add three daily flights to Chicago's O'Hare International Airport (ORD) from Seattle.

21 марта, 01:35

Accounting Change On Operating Leases To Add $3 Trillion In Debt To Corporate Balance Sheets

From a practical perspective, operating leases are pretty much the same as debt.  They reflect a contractual obligation on the part of one counterparty to make defined stream of cash payments to another over a set period and with an implied interest rate embedded in the payment stream.  In fact, within a bankruptcy context operating leases are treated exactly the same as debt and rank pari passu with the other general unsecured obligations of a business.  That said, accounting rules treat operating leases differently than debt and do not require them to be included as a liability on a company's balance sheet.  That is, until 2019. As Bloomberg points out this morning, starting in 2019 new accounting rules, called IFRS 16, will force companies to include operating lease commitments as part of their reported debt obligations.  And while the end result will have far-reaching implications, the biggest will be the addition of roughly $3 trillion in debt to corporate balance sheets. Of course, retail, telecoms, energy and airline companies will be most affected by the new rules.   And here are the largest users of operating leases.    Of course, some will argue that the accounting rule changes don't alter a company's cash flow profile and are therefore irrelevant.  That said, to the extent interest rates remain low, the present value of future cash payment obligations will undoubtedly serve to drive the pro-forma leverage profiles of some companies through the roof...much as low interest rates have wreaked havoc on pension underfundings over the past several years. Some companies already spell out the impact of leases on total indebtedness. Air France-KLM's reported net debt is 3.7 billion euros ($3.9 billion) but its lease-adjusted net debt is 11.2 billion euros. The present value of Tesco's operating lease commitments is one and a half times the size of reported net debt, according to its 2016 annual report.   Even so, I doubt this transition will be painless. At the very least, the rule change should give armchair investors, not to mention a company's customers, employees and suppliers, a much better idea of how risky a business is compared to rivals. For some folk, this will be a nasty surprise. Worries about corporate leverage are already widespread.   Besides, companies aren't always as forthcoming as you might hope. Some airlines make debt adjustments for aircraft leases but not for other off-balance sheet rental agreements such as airport buildings. Delta Air Lines Inc. reported $6.1 billion in adjusted net debt at the end of December, including $2 billion in aircraft rent liabilities. Yet the discounted value of all its operating leases is closer to $9 billion, Gadfly estimates. Meanwhile, the biggest impact of the accounting change may be the mere removal of yet another tool that management teams use to 'game' their financial statements. It's conceivable therefore that IFRS 16 will affect corporate decisions on whether to rent or purchase an asset. Consider sale and lease-back arrangements. These were once a popular way for companies to get their hands on some cash and a quick chance for executives to make themselves look like geniuses. All of a sudden, return on assets improved.   Now, if all that rented floor space has to sit on the balance sheet anyway, selling off the corporate silverware might become less attractive. Buying big ticket assets, rather than leasing, is also cheaper now because of low interest rates.   Another approach may see some companies partly embrace shorter lease terms to minimize the balance sheet liability, according to Ruxandra Haradau-Doser, aviation analyst at Kepler Cheuvreux. Shorter leases are already common in retail, albeit for different reasons. With sales migrating online, retailers want more flexibility to close stores. IFRS 16 could accelerate that.   The accounting changes could also lead to more volatility in financial results, according to James Stamp, a partner at KPMG. Airlines typically take out aircraft leases in U.S. dollars. If the carrier's domestic currency weakens against the dollar, its liabilities would suddenly increase and it would have to take a currency hit against earnings. Stamp thinks demand for hedging will rise. And you thought things couldn't get much worse for retailers...

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15 марта, 15:05

Why CIOs Make Great Board Directors

According to Korn Ferry unpublished data, there has been a 74% increase in the number of CIOs serving on Fortune 100 boards in the past two years. It’s no wonder CIOs are the fastest-growing addition to the boardroom: They can help address a host of issues of crucial importance to boards, including using technologies to create operational efficiencies and competitive advantage; identifying opportunities related to cloud computing, digitization, and data; addressing threats and risks associated with information security; and using their experience and judgment to oversee, question, and provide input on technology budgets. But there’s room for growth. Only 31% of Fortune 100 boards currently have a director who is a CIO, even though technology is at the core of every business today. As Sheila Jordan, CIO at Symantec and director at FactSet, put it, “All companies are technology companies today. Technology is a lever to run the business, but also to change and grow.” How should boards incorporate a CIO director? What role should a CIO play on the board, and what’s the profile of a CIO who can add real value? Based on our experience in recruiting CIO directors for Fortune 100 companies, here are a few guiding principles. Update your mindset about the role of technology on the board. CEOs and boards still generally view technology as a cost. But “more boards are waking up to the power of leveraging technology as a competitive weapon,” according to Tim Theriault, former CIO of Walgreens Boots Alliance and current board member of Alliance Data, The Vitamin Shoppe, and Wellmark Blue Cross and Blue Shield. While boards may define their need for a technology director somewhat differently, “every board should have access to someone who knows what technology can do for the business and what the trends are,” says Theriault. “Boards need to gain an appreciation for what the possibilities are, including how technology can help established successful companies with needed transformation. To do that, they should surround themselves with people who can be helpful. Some CEOs are still in denial, and time is against them — the longer it takes, the more dramatic the needed transformation and the higher the risk.” “Most companies measure their technology spend as a percentage of revenue,” says Frank Modruson, former CIO of Accenture and currently on the boards of Zebra Technologies, First Midwest Bancorp, and Forsythe Technology, so “having someone on the board with the relevant expertise and an understanding of what’s needed can be invaluable.” Often, says Modruson, that sophisticated expertise comes down to one fundamental skill, which is to ask the right questions of the internal CIO: Are we spending enough? Are we aligned on the critical business priorities? Did we get the desired results? How old are the core systems or platforms? The latter question is crucial and can easily be overlooked by directors who lack a technology background, because once technology starts working, it generally keeps working, although it may be far from optimal. Define the role as an interface between the board and the internal CIO. The CIO on the board is often a valuable translator between the board, the internal CIO, and other technology-related functions. In this regard, a CIO director can play a pivotal role in educating other board members and the CEO, giving them the ability to knowledgeably probe on technology matters. Based on the demands of budget dollars, an experienced, informed board member should be able to ensure priorities are identified to address issues related to digital transformation. “Companies that don’t recognize that they need to invest in new technology end up with more and more legacy systems,” says Jordan, “which are a breeding ground for risk.” This engagement between directors and management starts with the permission and knowledge of the CEO. “The savvier CEO wants someone on the board who can connect appropriately with management on technology-related issues and make recommendations,” says Charlie Feld, founder of The Feld Group Institute, which works with global corporations to develop next-generation business and IT leaders, and former CIO at Frito-Lay, BNSF Railway, and Delta Air Lines. “Traditionally, boards have tended to stay out of operational functions, but technology is so pervasive that the best practice is to have direct board engagement in technology through active committees, just as they would with audit, compensation, and other key areas.” “On the FactSet board, I’ve been encouraged to meet with the management team and to give advice to the CEO and the CIO,” says Jordan. “It’s important that the board understand the management team, and that interaction helps. I’m constantly asking myself, what experience can I bring to the board and the management team that they can leverage? I can guide them by saying, let’s look at this trend or here’s a new technology to consider. It’s not about managing the day-to-day, but about the experience and knowledge I can share to open their eyes to the future.” Look for hybrids and cast a wide net. CIO directors should be capable of straddling business and technical worlds at the highest levels and acting as a connecting rod between the board and internal technical functions. “I would push for someone who has deep technical skills and who is business-savvy and a good storyteller,” says Feld. “But every business leader has to speak the language of business: P&L.” CIOs who can bring this hybrid combination of skills to the board are invaluable, says Feld: “No one sees all the functions except the CEO and the CIO. The CIO is a system integrator, so he or she envisions all the critical connections.” Generally speaking, CIO director prospects will have served as a CIO or CTO of a large organization whose market sector is relevant to the company of the board doing the recruiting. Ideal candidates will have faced similar systems and technology challenges to those the board is facing and be able to provide valuable insights. He or she will also have achieved sufficient professional stature to be able to interact on a peer-to-peer level with those already on the board. In addition to assessing the skills and experience CIOs bring as hybrid experts, there can be a cultural hurdle to clear. “Boards can initially be hesitant about less-traditional directors,” says Theriault. “They want to make sure any new directors will be a good fit with the rest of the board and that they will be able to participate and contribute value to board discussions beyond their functional area. There is a fallacy that CIOs are tech geeks; successful CIOs understand people, technology, and business strategy.” Boards should not fall into the trap of adhering to rigid criteria that may unnecessarily screen out CIO director candidates and impede chances of recruiting a CIO to the board. In particular, requiring previous board experience will severely narrow the universe of potential candidates, eliminating many CIOs who could make effective directors. There are reliable methods of assessing candidates’ fit for the board, including intensive referencing of those who have worked closely with the candidate and have a keen sense of competencies and behavior-related traits that speak to the individual’s desirability, or not, as a team member. Moreover, there are ways of compensating for experience gaps, if all else looks favorable, in the onboarding process. They may include an external director education program, if the person is a novice board member, and mentoring by a senior director. From Korn Ferry’s perspective, in recruiting directors for a wide range of industry and functional areas, CIOs are the most sought-after directors. With many CIOs able to serve on only one external board, if any, with the consent of their CEO, demand should soon outstrip supply. And because technology is now of strategic importance, we are beginning to see boards create technology committees, further accelerating demand for CIO directors. Much like now-required audit and compensation committees, technology committees comprise directors with specific expertise, who meet as a group and then make recommendations to the board. Even with access to the best CIO directors, there are no guarantees that a company will not face unforeseen challenges arising from technology-related risk. But having an accomplished CIO director is the most effective way to make sure the board identifies the most-pressing technology priorities, establishes greater importance for the technology functions, and plays an active role in attracting top technology leaders. Perhaps most important of all, the CIO director can constructively challenge plans for the technology functions, which are the backbone of every successful enterprise today.

15 марта, 11:09

Американский премаркет: снежный шторм приземлил акции авиакомпаний

Вчерашний день выдался не таким уж тихим и мирным, как предполагали многие аналитики еще в первой половине дня. Хотя, справедливости ради, надо сказать, что общий оборот на торгах продолжает оставаться ниже средних значений, а по индексу S&P 500 вообще на запредельно низких уровнях.

07 марта, 18:10

Company News for March 07, 2017

Companies in the News are: GM,DAL,DBK,TSN

07 марта, 17:34

Hawaiian Airlines' Traffic and Load Factor Rise in February

February traffic increased 4.8% at Hawaiian Airlines.

07 марта, 02:31

Airlines Tentatively Awarded Mexico City Slots by DOT

The US Transportation Department has tentatively awarded some carriers, including US low-cost airline players JetBlue Airways(JBLU).

03 марта, 18:10

Stock Market News for March 03, 2017

After reaching all-time highs a day before, benchmarks closed in the red on Thursday following news that federal agents had searched Caterpillar’s Illinois office

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03 марта, 15:28

Delta Air Lines (DAL) February Traffic Falls, Stock Down

Delta's (DAL) February traffic report was disappointing.

02 марта, 22:43

Delta Airlines Has Its First Black Female Captain

Twenty years ago, Stephanie Johnson became the first black female pilot for Northwest Airlines. And in 2016, Johnson made history again as Delta Air Lines’ first black female captain. Delta celebrated Johnson in February, but Women’s History Month is also a fitting time to recognize the aviation pioneer. Stephanie Johnson made history as Delta’s first black female captain. We’re honored to celebrate her this #BlackHistoryMonth & every month. pic.twitter.com/d0luQDTF1v— Delta (@Delta) February 19, 2017 Johnson’s trailblazing path was decades in the making.  “For as long as I can remember, I have been fascinated with airplanes and would think, ‘What a great thing it would be to know how to fly,’’’ Johnson told Delta News Hub last month.  One of the first in her family to complete college, the Kent State University graduate was a flight instructor for her university’s aviation program. Before scoring her historic position at Northwest, Johnson held a number of part-time gigs, including working at Blockbuster. Now a seasoned pilot, Johnson wants to encourage young children to consider a career in aviation, and has worked with the Detroit Aviation Career Education Academy and served as director of the Cleveland ACE Academy. “I feel a great sense of responsibility to be a positive role model,” Johnson said. “There are so few women in this profession and too many women who still don’t think of it as a career option. When I was hired by Northwest Airlines, there were 12 African-American women airline pilots in the country at the major airlines, and I knew all of their names.” “Today is very different, and though there are still people to inform, I am so thankful that the word is out,” she continued. “One of the most rewarding parts of my career has been sharing my passion for aviation and exposing young people to the opportunities in the field.” -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

02 марта, 17:32

Why Alaska Air Group Deserves a Place in Your Portfolio

Alaska Air Group (ALK) has been the shining star of the airline industry of late.

01 марта, 17:30

The Zacks Analyst Blog Highlights: Delta Air Lines, American Airlines Group, Alaska Group and SkyWest

The Zacks Analyst Blog Highlights: Delta Air Lines, American Airlines Group, Alaska Group and SkyWest

27 февраля, 20:55

Рынок золота в самом начале длительного ралли

В январе инфляция в США выросла на 2,5% в годовом исчислении – самый высокий показатель с марта 2012 г.

27 февраля, 20:55

Рынок золота в самом начале длительного ралли

В январе инфляция в США выросла на 2,5% в годовом исчислении – самый высокий показатель с марта 2012 г.

23 февраля, 17:55

Is Delta Air Lines a Great Stock for Value Investors?

Value investing is easily one of the most popular ways to find great stocks in any market environment.

21 февраля, 17:30

The Zacks Analyst Blog Highlights: Berkshire Hathaway, SPDR S&P 500 ETF, U.S. Global Jets ETF, Select Sector SPDR Technology ETF and Vanguard Information Technology

The Zacks Analyst Blog Highlights: Berkshire Hathaway, SPDR S&P 500 ETF, U.S. Global Jets ETF, Select Sector SPDR Technology ETF and Vanguard Information Technology

21 февраля, 17:30

The Zacks Analyst Blog Highlights: Pepsi, Charter Communications, TJX Companies, Valero and Delta Air Lines

The Zacks Analyst Blog Highlights: Pepsi, Charter Communications, TJX Companies, Valero and Delta Air Lines