Hints and tips:
...Before being appointed RTX’s chief operating officer, Calio was P&W’s president....
...Private equity firms were sitting on a record $2.59tn in cash reserves available for buyouts and other investments as of December 15, according to S&P Global Market Intelligence....
...Greg Hayes, chief executive, described the disruption as “frustrating”, adding that it will “have a significant impact on our customers, on our partners and on RTX”....
...Plus the manufacturing fault, described by P&W as a one-off, may cause long-term damage to order books. RTX has offered few estimates on these scenarios....
...Chief executive Greg Hayes said on an earnings call last month that the recall was “not an existential threat” to either RTX or P&W, but he acknowledged, “it will be expensive”....
...“Buying CCCs now is playing with fire,” said Hunter Hayes, portfolio manager of the Intrepid Income Fund. This is emphatically not happening in the US, however....
...Hayes played down the likelihood of a merger between P&W and Britain’s Rolls-Royce in the near term....
...at S&P Global....
...“The slowing economic trend in France is also compounded by a fresh bout of political uncertainty due to the hung parliament result in the national elections,” said Joe Hayes, an economist at S&P Global....
...pricing at S&P Global Commodity Insights....
...France’s manufacturing output index fell a whopping 5.3 points to 45.7, prompting this warning from Joe Hayes, senior S&P economist: “output and new orders both declined strongly and for the first time since...
...The S&P 500 was down, but barely. A hot CPI print was expected, and besides, there’s plenty else to fret about....
...Mentions of adjusted ebitda during S&P 500 company earnings calls are up more than 50 per cent since 2015, according to Zion Research Group. Many look better than standard numbers....
...While the S&P 500, Dow and Nasdaq have surged to record highs in recent weeks, another rally has taken hold....
...In Michigan, Jocelyn Benson, the Democratic secretary of state, has already warned about a potential days-long delay in receiving the results....
...Even so, Mr Hayes and other managers say now is the moment to buy. “Investors have to think about the E&P subsector like a portfolio of high-yield junk bonds,” he said....
...Fifty energy companies filed for bankruptcy during the first nine months of 2019, according to law firm Hayes and Boone....
...The risk of a near-term pullback for the benchmark S&P 500 index is “quite high” following its 25 per cent surge so far this year, said Lori Calvasina, head of US equity strategy at RBC Capital Markets....
...Technologies that could be taken “from one side to benefit the other’s companies” included P&W’s expertise in high-temperature materials, and the Rockwell Collins’ Global Positioning System, Mr Hayes said...
...Persistent underperformance by UTC’s shares relative to the S&P 500 index helped fuel the pressure for change at the company....
...Over the past five years, UTC’s shares have risen by about 11 per cent, well behind the increase in the S&P 500 index of about 45 per cent....
...The S&P 500 fell 2.3 per cent before clawing back most of its losses and closing 0.6 per cent lower....
...So far this year, the NYSE Arca Airlines index is up 11.2 per cent, a little more than double the gain for the broader S&P 500, but following a 22.4 per cent drop in 2018....
...One thing to start: Bill Ackman, a shareholder in United Technologies, has come out against the proposed merger with Raytheon in a letter to the company’s chief executive, Greg Hayes....
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