Hints and tips:
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...Perhaps easy money pushed investors further out on the risk spectrum, providing equity funding for far more moonshot biotechs than will realistically have a viable product....
...But MSCI’s correlation with both S&P and Sustainalytics is below 50%. The S&P and Sustainalytics correlation is higher but still lower than expected . . ....
...In 2021 they outperformed the S&P 500 by 1.2 percentage points, but average returns were 17.5 percentage points higher than the market last year....
...Hence we think share price underperformance of wholesale banks such as DBK (4.7x P/E 2024E), BARC (3.9x P/E 2024E), BNP (6.9x P/E 2024E) as well as by some Money Center Banks is overdone....
...The stunt was to mark the debut 30 years ago of State Street Global Advisors’ S&P 500 Depository Receipt, or SPDR, on January 29 1993....
...There are also structural concerns as thematic ETFs tend to invest in companies further down the market capitalisation spectrum than their broader market peers....
...L’Oréal, the world’s largest cosmetics maker, anticipates that supply-chain challenges and pandemic-induced inflationary pressures will fade from mid-year....
...But that all changed on Thursday when T Rowe unveiled the acquisition of New York-based Oak Hill Advisors for up to $4.2bn in cash and shares....
...“All of this is going to have an impact on banks’ P&L [profit and loss accounts] that is going to be non-trivial,” said one banking adviser....
...JP Morgan -- Jupiter’s corporate broker and joint advisor on its not very popular recent deal to buy Merian -- says to buy Jupiter. “Overweight”, December 2021 target of 300p....
...“The schools are requesting things like the P&L [profit and loss] of companies they used to work for among other ridiculous things like six months’ bank statements and other personally and commercially confidential...
...the S&P 500 and their individual employees....
...We do not think that management would have referred to “strong cash conversion” and emphasized delivering if the beat in the P&L were not flowing through well to cashflow, so we believe that the commentary...
...) estimates i.e. an attractive valuation, however: i.) preprovision profit in our base case is declining -2% CAGR ‘19-22E and ii.) our L-T recession scenario sees only 1% p.a....
...An index of junk-rated debt run by Ice Data Services has returned almost 12 per cent this year, as bullish fund managers look lower down the credit spectrum in pursuit of income....
...Since 2016, we estimate the Kingfisher P&L has had an £81m transactional benefit from weaker sterling. FX could become a headwind once trade talks are agreed (or not)....
...However, on metrics that smooth out investment, like P/E, BT looks very cheap, on 6x P/E (sector 15x). Our price target remains 130p....
...Stress testing balance sheets for GFC falls in EBITDA As we move into recession mode, incoming questions from investors have switched from a focus on the P&L to the balance sheet....
...A few main strategies that we see to identify treatment options include: 1) explore the use of existing broad-spectrum antiviral drugs such as interferon, protease inhibitor etc.; 2) screening of existing...
...XRT, which tracks S&P’s equal-weighted Retail Select Industry index, is the most heavily shorted of any ETF in the country, according to State Street Global Advisors....
...But festive season outlooks across the spectrum of retailers in their recent quarterly results have varied widely, and investors have rewarded or punished stocks accordingly....
...At the other end of the retail spectrum, L Brands, which sells women’s clothing and beauty products, is down 39.5 per cent since the year began, the S&P 500’s worst performer....
...This year it has returned 0.48 per cent so far, ahead of the S&P 500 — which has lost 0.38 per cent....
...Meanwhile other retailers, such as Victoria’s Secret owner L Brands, have continued to tumble, losing 20 per cent since the start of the year....
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