15 марта, 19:03

Catalyst (CPRX) Posts In-Line Q4 Loss, Pipeline in Progress

Catalyst Pharma (CPRX) reports in-line fourth-quarter 2017 loss and is on track to resubmit its new drug application for Firdapse in the first quarter of 2018.

13 марта, 23:26

Taleb: "Best Thing For Society Is Bankruptcy Of Goldman Sachs"

Authored by George Eaton via NewStatesman.com, In Taleb’s universe, the fieriest circle of hell is reserved for bankers and neoconservatives. Nassim Nicholas Taleb is an intellectual brawler, a philosophical pugilist. His new book, Skin in the Game, put me in mind of the final scene of The Godfather or Reservoir Dogs: everybody gets whacked. Bankers and bureaucrats, warmongers and wonks – all are targeted by Taleb. For the Lebanese-American thinker, their shared sin is that (with some exceptions) they lack “skin in the game”. By this, Taleb means they are insulated from the consequences of their actions: they do not have “a share of the harm” or “pay a penalty if something goes wrong”. This “asymmetry in risk bearing”, he warns, leads to “imbalances”, “black swans” (the rare but high-impact events described in his 2007 mega-seller) and “potentially, to systemic ruin”. When I meet Taleb, 57, at the Club Quarters hotel in central London I am mentally primed for conflict (journalists are another of his targets). But the self-described flâneur is courteous and polite, helpfully advising me to add an espresso to the hotel’s insufficiently strong coffee. I ask him how his deadlifts are (the stocky Taleb once boasted of lifting 400lbs). An unrelated injury, he laments, has “set him back” but he has shed fat, not muscle (“it could be that when you deadlift you’re always hungry”). “I consider myself in the same business as journalists,” Taleb says when I raise the subject of my trade. “But if you don’t take risks it becomes propaganda or PR.” Taleb, a man sometimes described as having praise only for himself, speaks admiringly of the New Statesman’s in-house philosopher John Gray. “My respect for him is so great… He, visibly, has skin in the game, he was not afraid to be a Thatcherite when it was unpopular and later an anti-Thatcherite when it was also unpopular.” In Taleb’s universe, the fieriest circle of hell is reserved for bankers and neoconservatives. “The best thing that could happen to society is the bankruptcy of Goldman Sachs,” he tells me. “Banking is rent-seeking of industrial proportions.” Taleb, who became rich as a derivatives trader, is not a foe of capitalism but of “cronyism”. “If you’re taking risks, God bless you. This is why I accept inequality. I’ve seen people go from trader to cab driver and back again.” He similarly denounces armchair interventionists. “There’s a corrective mechanism in nature: a predator typically inflicts risk on others but also on itself. Unless warmongers are more exposed to dying than others it’s the equivalent of reckless drivers being isolated from the risks of reckless driving.” Is he suggesting that, like George Orwell in Spain, neocons should have joined the Iraq frontline? “They should have kept their mouths shut,” he replies. Taleb was raised in Lebanon by a Greek Orthodox family during the 1975-90 civil war (resulting in what he calls “post-traumatic growth”). He charges the West with excessive rather than inadequate support for the Syrian rebels. “Obama is the reason my people – the Orthodox Christians of Syria – are down by half. Assad’s father blew up my house. But Assad’s enemies make him look like Mother Teresa. You’re not dealing with the Swedish parliament versus Assad: you’re dealing with real scum.” Mindful of the charge of hypocrisy, Taleb seeks to ensure that he has skin in the game. Though he lives mostly in New York, he retains a property in Lebanon and houses six Syrian refugees. He does not employ an assistant (“it moves you one step away from authenticity”), rejects copy editing of his books and refuses to accept honours and prizes (“they give you an award, then they own you”). When later that day I join Taleb at a private dinner hosted by Second Home, an east London start-up hub, he dismisses the convention of Chatham House Rules, insisting that all his remarks are on the record. As an investor, Taleb never advises others to make a trade that he has not done himself. He inverts our traditional conception of “conflicts of interest” (“no conflict, no interest,” as one Silicon Valley slogan has it). When Taleb spoke sympathetically of Brexit in 2016, he simultaneously bought a large quantity of pound sterling. Once asked during a TV appearance to comment on Microsoft, he replied: “I own no Microsoft stock… Hence I can’t talk about it.” “Those who seek money from a transaction, at least you know where they stand and what their norms are,” Taleb explains. “But those who tell you ‘I’m doing it for the benefit of humanity’, you’ve got no way of checking them.” Yet are there times when a lack of skin in the game is defensible? Taleb concedes that an exception should be made for jurors. “You don’t do it for a living, you have a cleaner opinion than someone who gets involved.” Taleb, a philosophical sceptic, influenced by Burkean and libertarian thought, observes: “I’m against universalism right there. Skin in the game is not something universal.” By now, we have been talking for 90 minutes and Taleb remarks with surprise that he is running late for another appointment. Our conversation concludes on an optimistic note: “We’ve survived 200,000 years as humans,” says Taleb. “Don’t you think there’s a reason why we survived? We’re good at risk management. And what’s our risk management? Paranoia. Optimism is not a good thing.” Is the paradox, I ask, that human pessimism offers grounds for optimism? “Exactly,” Taleb replies. “Provided psychologists don’t fuck with it.” 

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06 марта, 16:02

10 Insane Hole-In-Ones You’ll Never See Again

A hole in one? That's a fantasy for many, but not for these ridiculously skilled golfers.

06 марта, 01:24

Horror Stories About People Who Died Tragic Deaths While on Vacation

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People die. But you don't necessarily expect to die while you're on vacation. Unfortunately for these folks, that's exactly what happened.

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05 марта, 17:35

What's in Store for Catalyst (CPRX) This Earnings Season?

Investors focus will be on pipeline and regulatory updates during Catalyst's (CPRX) fourth-quarter earnings call.

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04 марта, 22:47

Andrew Pozzi times finish to perfection to win world indoor gold in 60m hurdles

• Briton in second place coming over the last hurdle• Pozzi wins first gold medal at world indoor championshipsBritain made a fine finish to the world indoor championships when Andrew Pozzi won gold in the 60m hurdles by a single hundredth of a second. The 25-year-old was in second place coming over the last hurdle but beat the USA’s national champion, Jarret Eaton, with a well-timed dip for the line.It was Pozzi’s first world medal, and there will be few more popular champions with the British fans and athletes. He has been seen as a talent since first breaking through in 2012 but has endured a lot of bad injuries. Continue reading...

04 марта, 16:47

Crisis Averted: Merkel Set For 4th Term After SPD Backs Grand Coalition

One of this weekend's two major geopolitical unknowns was just resolved in favor of more continuity, and another 4 years of Angela Merkel. On Sunday morning, in a much anticipated referendum, two-thirds of rank-and-file members of Germany's Social Democratic party voted in favor of a grand coalition with the veteran leader’s conservative, or CDU, bloc, giving Angela Merkel backing for her fourth term as chancellor of Germany, and ending a five month political stalemate in Berlin, which, as the FT recaps, "could help restore Germany’s leadership role in Europe at a time of mounting political challenges, including a looming trade war with the US, rising tension over Brexit and French demands for an overhaul of the eurozone." The final result of the SPD referendum, which was announced early on Sunday, saw exactly two-thirds, or 239,604 members, voting in support of a new alliance with the centre-right, while a third, or 123,329 voted against. The turnout was 78%. Germany, SPD (S&D) referendum results: Yes: 66,02% No: 33,98% Turn-out: 78,39%#Germany #SPD #Merkel — Europe Elects (@EuropeElects) March 4, 2018 Heading into the vote, and after months of debate, SPD leaders struck a coalition deal with Merkel’s CDU and its Bavarian sister party, the CSU, last month. The party then promised to submit the agreement to a vote of its 460,000-strong base, raising the prospect of a last-minute reversal that would have plunged Germany into a political crisis and probably triggered another election. Concerns were heightened after a special party conference in January, when only 56% of SPD delegates voted to back a coalition with Ms Merkel, highlighting the deep misgivings inside the party. A rejection of the coalition agreement would have dealt a blow both to Ms Merkel and to the SPD, which had strong reasons to fear another ballot. Recent surveys gave the SPD only 16 per cent of the vote, more than four points below the party’s disastrous showing at last year’s inconclusive general election. However, it was not meant to be. "We now have clarity. The SPD will join the next federal government," said Olaf Scholz, the SPD's interim leader and the man expected to become Germany’s next finance minister. Merkel welcomed the SPD decision in a tweet sent out by her party: “I congratulate the SPD for this clear result and look forward to working together for the good of our country,” the chancellor said. Next, parliament is set to hold a special session to confirm Ms Merkel’s new government on March 14, and with her 4th term now officially greenlit, should Merkel see out a full term, the chancellor will have governed Europe’s biggest economy for 16 years, matching Helmut Kohl’s record as the longest-serving German chancellor. Putting Merkel's tenure in context, the Spectator recaps some of the world leaders who have come and gone during her reign: Leaders during Angela Merkel's time as Chancellor of Germany.US: - Bush- Obama- TrumpUK: - Blair- Brown- Cameron- MayFrance: - Chirac- Sarkozy- Hollande- MacronItaly:- Prodi- Berlusconi- Monti- Letta- Renzi- Gentiloni— The Spectator Index (@spectatorindex) March 4, 2018 As the FT further notes, Sunday’s result will also serve as a vote of confidence in the new SPD leadership around Andrea Nahles, the current head of the SPD parliamentary group who is set to take over as party chief next month. Ms Nahles will follow in the footsteps of Martin Schulz, whose one-year tenure was marred by heavy electoral defeats, tactical mis-steps and tension with other top party leaders. And while the establishment breathed a sigh of relief after today's result, not everyone was convinced that this is the start of a new Germany. In a note by the New Statesman's George Eaton, he writes that "the SPD appears to have signed an electoral death warrant. Rather then renewing itself in opposition, it has chosen to again prop up the Christian Democrats. The Left Party and the Alternative for Germany will be further empowered to position themselves as anti-establishment outsiders." Indeed, a poll earlier this week showed just how far the once mighty SPD had fallen, with just 17% support, 13 points behind the CDU and just two ahead of the anti-immigrant AfD. For now, however, the status quo is preserved in Germany, just as the market assumed it would be. And now, attention shifts to today's Italian election, where the outcome could have far more significant consequences for Europe, although where the consensus is also for more of the same.

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01 марта, 15:37

Eaton upgraded to neutral from underweight at J.P. Morgan

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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28 февраля, 17:27

Eaton raises quarterly dividend 10% to 66 cents a share

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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28 февраля, 08:00

Eaton Towers closes in on £1.5bn London listing

Africa-focused telecoms infrastructure group appoints insurance veteran as chairman

27 февраля, 18:14

Eaton Vance (EV) Beats on Q1 Earnings & Revenue Estimates

Eaton Vance's (EV) Q1 earnings reflected strong revenue growth.

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23 февраля, 16:51

Is a Surprise Coming for Eaton Vance (EV) This Earnings Season?

Eaton Vance (EV) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

21 февраля, 18:11

Berkshire Hathaway (BRK.B) Q4 Earnings: What's In Store?

Strong segmental performance is likely to aid Berkshire Hathaway's (BRK.B) Q4 earnings, though cat loss exposure might be a drag.

16 февраля, 15:52

"Setting The Stage For A Broad Meltdown": Bond Funds See 5th Biggest Outflow On Record

Earlier this week, GMO's James Montier repeated verbatim  one of our recurring puzzling observations about the current market: while "a recent Bank of America ML survey showed the highest level of those citing “excessive valuation” ever. Yet despite this, the same survey showed fund managers to still be overweight in equities."  Back in August, we called this just one of the many bizarre market paradoxes observed in the market. Here is another paradox. As we noted earlier, after last week's volocaust, this week was the best week for global stocks since 2011 as traders and algos furiously BTFD (and sold vol), clearly forgetting what happens when markets become too stretched, as they are becoming again. It wasn't just stocks: junk bond yields dropped the most in three months, and CCC yields saw the biggest drop in more than five weeks yesterday amid what is reportedly buying flurry. As Bloomberg put it, "it was as if high yield investors were making up for the lost week" with HYCDX rising the most in 11 months, and junk bond ETFs, JNK and HYG, saw the biggest increase in three months. As one would expected, junk spreads tightened across ratings. And yet, despite surging prices, investors couldn't wait to get the hell out of credit amid the sudden repricing of inflation expectations which are certain to send yields higher (unless, of course, another wave of deflation emerges). In fact, BofA finds that last week saw the first simultaneous outflows from IG, HY and EM bond funds since the U.S. election. According to BofA, which cited EPFR data, a whopping $14.1 billion was pulled from debt funds, with $10.9 billion taken from high-yield bonds alone, the second highest outflow on record. Investment-grade bond funds also weren’t spared, with $2 billion of redemptions ending a 59-week streak of inflows, BofA reported. The iShares LQD Investment Grade Corporate Bond ETF posted a record one-day outflow Wednesday, the most among U.S.-listed passive vehicles across asset classes. Separately, a report from Lipper confirmed the bond exodus, as investors pulled $6.3 billion from high yield bond funds for week ended Feb 14, the second biggest weekly outflow on record, and the fifth straight week of outflows, with the total over that period rising to $15 billion according to Bloomberg. The biggest outflow on record was $7.06b in August 2014. Derivatives tied to corporate bonds moved more than the underlying cash debt last week - another sign that investors sold more liquid holdings during the equity turmoil rather than offload harder-to-sell debt, according to JPMorgan Chase & Co. Which begs the question: if everyone is selling, how are yields lower and spreads tighter; i.e. who is buying? "Investors don’t sell their cash bonds in a big way until they are forced to, which happens when the outflows start picking up more sustainably," Morgan Stanley wrote this week. Here are more details on fund flows: First IG bond fund redemptions in 60 weeks ($2.0bn) HY bond redemptions second highest on record ($10.9bn) Largest EM debt outflows for 64 weeks ($2.9bn) Modest muni fund outflows ($0.7bn) Strong govt/Tsy fund inflows continue ($2.4bn) Tiny TIPS inflows ($0.01bn) Small bank loan fund outflows ($0.2bn) Meanwhile, there was a similar paradox in stocks, where equities recovered from last week's record $30.6 bn in weekly outflows with $5.9bn in global inflows in the latest week, although US equity redemptions continued and saw $7.2 billion in money pulled after last week's record outflows. The problem is that while equity vol tends to fade fast, a similar move in bonds or rates, could have far more troubling consequences: “The narrative is really becoming more about inflation and rate risk creeping into the broad markets,” said Henry Peabody, a money manager at Eaton Vance Corp., with more than $400 billion of assets. "It’s hard to think of elevated volatility in both rates and equity not eventually seeping into credit." As Bloomberg writes: These indicators may signal the tide is shifting. As recently as last week, corporate obligations outperformed -- anchored by long-term investors that stayed put while gauges of stock and rates volatility surged. Risk premiums on corporate bonds widened by a modest 10 basis points even as global stock indexes flashed bear-market signals. As Morgan Stanley adds, "creeping corporate leverage is setting the stage for a broader market meltdown while higher real rates drive down asset values." Needless to say, Morgan Stanley projects negative returns for corporate bonds in the U.S., Europe and Asia in 2018. They warned that companies would struggle to refinance rising debt loads, just as rates rise and a tide of ‘tourist’ investors who’d dabbled in riskier debt abandon ship. “It’s a wake-up call that central banks are withdrawing liquidity, and that the process is not going to be smooth,” the Morgan Stanley strategists wrote. As for the punchline, we go to Federated Investors' trader Gene Neavin: "As the days of low inflation, low rates and low volatility are coming to an end, investors are realizing that the Fed party is over." As usual, equities won't care until after the wake up call.

14 февраля, 19:14

Catalyst Gets Positive FDA Advise on Firdapse NDA Refiling

Catalyst (CPRX) posts positive results from a recent Type C meeting with the FDA on resubmitting the new drug application for Firdapse in treating Lambert-Eaton myasthenic syndrome.