Hints and tips:
...PetVet carries high-risk debt ratings, with S&P Global last year projecting its leverage would be more than nine to 10 times its earnings in 2023, a high level....
...Between 2009 and 2023, such underperformance resulted in cumulative S&P 500 gains that were five times those of Euro Stoxx 50. Such US equity exceptionalism has not always been the case....
...Take US equities: investors now discount that the Fed is able to cut rates by nearly 1.5 percentage point, starting as early as March, helping to drive double-digit earnings growth next year in S&P 500 companies...
...Earlier this week, rating agencies S&P Global and Moody’s put Equinox on watch for downgrades deeper into junk territory, fearing that it could face a restructuring if it were unable to refinance the loans...
...“There have been fewer LBOs and therefore less new loan volume,” said Michael Patterson, a governing partner at asset manager HPS Investment Partners....
...Since 1964, Berkshire shares have returned 4.4mn per cent, far outstripping the 31,233 per cent gain by the benchmark S&P 500....
...Prospective wildfire payouts prompted S&P Global and Moody’s to downgrade PacifiCorp’s debt ratings last year....
...With my colleagues Oliver Ralph and Eric Platt, I put this question to Warren Buffett, Berkshire’s chair, in an interview five years ago....
...The S&P 500 and the Nasdaq Composite each gained 0.4 per cent to close at their highest levels in about 20 months....
...market helped lift the broader US stock market their returns stood out: by the end of 2022 Berkshire had gained nearly 3.8mn per cent since 1964, far outpacing the roughly 24,000 per cent return in the S&P...
...Patterson will run this rodeo. NexTier’s owners will receive 0.752 shares of Patterson stock for each share they own....
...That compares with the S&P 500’s similar trailing p/e of 21.2, which is down only a touch from a pre-pandemic 22, according to Bloomberg data....
...Market breadth, as measured by the number of S&P 500 stocks trading above their 300-day average, has broken above its long-term average. Small caps have outperformed large caps in the rally....
...“The dynamic of private equity putting more capital into some of these capital structures, this is not the last of that,” said Michael Patterson, a governing partner of HPS Investment Partners....
...JPMorgan Chase has named Eric Menell and Gian Piero Sammartano to new roles as heads of the bank’s sports investment banking coverage....
...By June next year, S&P Global is predicting the US default rate will rise to 4.5 per cent, up from 1.7 per cent at the start of 2023....
...Virtu’s shares have fallen almost 10 per cent this year even as benchmarks such as the S&P 500 have rallied....
...New York mayor Eric Adams said the police had made 108 arrests. Columbia also suspended students who had occupied part of its main campus for more than 30 hours....
...The S&P 500 gained 1.1 per cent on Friday to a record high as a surge in tech stocks helped the market shrug off the change in interest rate expectations....
...“The decrease in the number of cuts in 2024 is one of the more telling changes this month,” said Andrew Patterson, senior economist at Vanguard....
...Nvidia now makes up 2.7 per cent of the S&P 500, climbing from 1.1 per cent at the end of 2022....
...Patterson....
...The S&P 500 reached its highest level in more than a year on Tuesday, ahead of the Federal Reserve’s policy meeting on Wednesday, at which the central bank is expected to raise interest rates by another...
...The company’s triple C plus credit rating is one of the lowest assigned by the big rating agencies, with analysts at S&P Global warning its upcoming debt maturities “present significant refinancing risk”...
...Stocks erased early gains, leaving the S&P 500 down 0.5 per cent at the closing bell. Additional reporting by Kate Duguid in New York...
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