U.S. stocks were off session highs on Friday after a solid jobs report virtually sealed the deal for the Federal Reserve to raise interest rates next week, and potentially set the course for an aggressive tightening path this year. Data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists’ average estimate of 190,000.
Category: Goldman Sachs
Lukoil Offers Something Its Giant Rival Can’t: Rising Dividends
Investing in Russian oil has become a choice between cash or glory, and Lukoil PSJC looks like the richer side of the bet. Russia’s second-largest oil producer has watched as state-run rival Rosneft PJSC came to command the nation’s industry — first by winning control of Yukos’s best assets a decade ago, then the $54 billion acquisition of TNK-BP in 2013, and finally last year’s purchase of Bashneft PJSC.
Oil Inches Back From $50 Ledge as U.S. Supply Stymies OPEC Cuts
Oil halted losses after the biggest drop in more than a year as record U.S. crude stockpiles began to raise doubts about the effectiveness of OPEC-led efforts to ease a global glut. Futures gained as much as 0.9 percent in New York after losing 5.7 percent the previous three sessions and threatening to slip below $50 for the first time since December.
Trump SEC Pick Made Millions Representing Banks and Hedge Funds
President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Earnings Preivew: Adidas Must Show it Can Run Even Faster to Justify its Valuation
Expecations for the German sports goods maker are high, and factored into its share price, ahead of its Wednesday results. Adidas AG will publish its fourth quarter and full year results Wednesday, with pressure on the sportswear giant and Nike rival to deliver a something akin to a personal best in order to maintain momentum that has propelled the stock 65% higher over the past year.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Reversal
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend a day per week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Analysts’ Actions — FedEx, GoPro, Garmin, HP and More
Akorn was downgraded to hold at Deutsche Bank. $24 price target. Earnings estimates were also cut, given lower expected ephedrine sales, Deutsche said.
Snap Leaps in Debut Even as Concerns Over Growth Threaten Rally
Snap Inc. surged 44 percent in its stock market debut, valuing the disappearing-photo app maker at more than $28 billion. That’s a vote of confidence in the company’s ability to grow quickly and fulfill its promise of new products to change how people communicate.
Goldman Irks Staff With Rules on Mobile Perks, $10 for Data
Goldman Sachs Group Inc.’s dealmakers endured job cuts and a tough bonus season. Then the penny pinchers turned to their beloved phones.
Snap Jumps in Trading Debut After Year’s First U.S. Tech IPO
Snap Inc., maker of the disappearing photo app that relies upon the fickle favor of millennials, jumped in its trading debut after pricing its initial public offering above the marketed range. Shares opened at $24 and traded as high as $25.42 apiece Thursday, giving the company a market valuation of about $29 billion, based on the total number of shares outstanding after the offering in the deal prospectus.
Micron Stock Rising on Goldman Upgrade
Shares of Micron Technology are higher by 4.42% to $24.48 on Wednesday afternoon, after the chip-maker was upgraded to “buy” from “neutral” at Goldman Sachs . The firm upgraded the stock as it sees a “tactical opportunity” in the name, CNBC.com reports.
Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era
Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.
Carlyle, CVC, KKR Said to Bid for Onex’s USI Insurance
Carlyle Group LP, CVC Capital Partners and KKR & Co. are among suitors that have made first-round bids for Onex Corp.’s USI Insurance Services, according to people familiar with the matter.
Gorillaz Confirm Album Is Complete and Massive Tour to Come
Now this is how you fan. After receiving the news, the fan, Jack Winstanley, posted a series of tweets detailing his run in with the Gorillaz member .
A hot new hedge fund is gearing up for one of this year’s…
Brandon Haley’s Holocene Advisors is planning to launch with about $1 billion on April 3, according to people familiar with the situation. The hedge fund firm is in capital-raising mode, with Haley appearing at a Goldman Sachs emerging managers’ conference in Florida earlier this month, according to attendees.
Aflac Starts Infrastructure Debt Investing in U.S., Japan
Aflac Inc., the largest seller of supplemental health insurance, has started betting on infrastructure debt at its U.S. and Japan businesses. The insurer, which pushed into that asset class in the fourth quarter, invested $13 million in the debt last year at its Japan operation and $2 million at its U.S. business, according to a regulatory filing Friday.
Citigroup Sets Up D.C. Team as Trump’s Regulatory Overhaul Looms
Citigroup Inc. is establishing a global regulatory affairs team in Washington as Wall Street firms prepare for the possibility of widespread changes to financial rules under the Trump administration. The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, a former longtime official at the Office of the Comptroller of the Currency.
Citigroup Sets Up D.C. Team as Trump’s Regulatory Overhaul Looms
Citigroup Inc. is establishing a global regulatory affairs team in Washington as Wall Street firms prepare for the possibility of widespread changes to financial rules under the Trump administration. The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, a former longtime official at the Office of the Comptroller of the Currency.
HSBC Misses Profit Estimates on Revenue Drop, Deepens Cost Cuts
HSBC Holdings Plc’s fourth-quarter profit missed estimates on a surprise drop in revenue as the bank said it will boost cost-cutting measures and extend a stock buyback. Adjusted pretax profit, which excludes one-time items, jumped 39 percent to $2.62 billion, Europe’s largest bank said in a statement on Tuesday.
Apple CFO Maestri Says U.S. Border Tax Would Be Bad for Economy
Apple Inc. Chief Financial Officer Luca Maestri said a U.S. border tax would harm the world’s largest economy by raising costs for consumers and making it harder for companies to compete overseas. A border tax also would increase the value of the U.S. dollar, which is already too strong, and reduce the competitiveness of the country’s economy, the CFO said Tuesday at a technology conference in San Francisco sponsored by Goldman Sachs Group Inc. President Donald Trump and a Republican-controlled Congress want to rewrite U.S. taxes in ways that may help and hurt Apple, the world’s most valuable public company.
Pepsi Blows It Out of the Water, but …
PepsiCo notched some impressive wins during the fourth quarter, but initial profit guidance for 2017 may leave some bulls thirsty for more. The soda and snacks giant reported fourth-quarter adjusted earnings of $1.20 a share on Wednesday, solidly beating analysts’ forecasts of $1.16.
Billionaire Co-Founder Calls Off Battle With Infosys’ Board
Billionaire Narayana Murthy is calling off his fight with the board of Infosys Ltd., saying he’s confident the IT giant he co-founded will deal with the concerns raised about corporate governance. The conciliatory comments came after an intense confrontation that pitted the board, Chairman R. Seshasayee and Chief Executive Officer Vishal Sikka against a clutch of high-profile co-founders led by Murthy.
Oil Holds Gains Near $54 as IEA Sees Record OPEC-Cut Compliance
Oil held gains near $54 a barrel after the International Energy Agency said OPEC achieved a record 90 percent initial compliance with its output-cut deal while demand grew faster than expected. Futures were little changed in New York after advancing 3.2 percent over the previous three sessions.
Gary Cohn Has Emerged as an Economic-Policy Powerhouse in Trump Administration
At Donald Trump’s first meeting with Gary Cohn in late November, he appeared so impressed with the then-president of Goldman Sachs Group Inc. that he joked about offering him the post of Treasury secretary, said a person who recalled the moment. Sitting nearby was the odds-on favorite for the job, Steven Mnuchin, who got the nod.
Goldman Banker Diaspora Offers New Hiring Opportunity, Bok Says
Boutique investment banks are finding more opportunities to hire from giant U.S. rivals, said Scott Bok, the chief executive officer of Greenhill & Co. European banks remain “a relatively fertile ground” for recruiting as their leaders work to cut costs amid declining revenue, Bok said Tuesday at a conference held by Credit Suisse Group AG.
RBS Upgraded at Deutsche as Outlook Brightens for European Financials
European banks will probably continue to struggle with the loss of investment-banking clients to the U.S., according to New York-based Goldman Sachs. Royal Bank of Scotland climbed in New York trading after Deutsche Bank upgraded the shares to hold from sell, making it the latest European lender to benefit from a boost in analyst ratings.
The Mortgage-Bond Whale That Everyone Is Suddenly Worried About
Almost a decade after it all began, the Federal Reserve is finally talking about unwinding its grand experiment in monetary policy. And when it happens, the knock-on effects in the bond market could pose a threat to the U.S. housing recovery.
The Mortgage-Bond Whale That Everyone Is Suddenly Worried About
Almost a decade after it all began, the Federal Reserve is finally talking about unwinding its grand experiment in monetary policy. And when it happens, the knock-on effects in the bond market could pose a threat to the U.S. housing recovery.
Trump just took a big step away from Steve Bannon’s views
White House senior strategist Stephen K. Bannon looks on during a meeting at Trump Tower on Oct. 7, 2016. For the first two weeks of President Trump’s administration, it seemed as though White House senior strategist Steven K. Bannon was calling the shots.
Carlson Managers Warn Trade War Could Trigger Global Depression
President Donald Trump’s policies may have dire consequences for the U.S. and the global economy, say money managers at hedge fund firm Carlson Capital. The president’s attempts to tax imports and subsidize exports could touch off a depression, money managers Richard Maraviglia and Matt Barkoff warned in a quarterly letter to clients in the Black Diamond Thematic fund.
Goldman’s Cohn Unlocks More Than $284 Million by Joining Trump
Gary Cohn’s jump from Goldman Sachs Group Inc. to Donald Trump’s administration is helping him unlock more than $284 million in pent up bonuses, stock holdings and other investments through the Wall Street bank. To help Cohn avoid conflicts of interest as Trump’s top economic adviser, the bank is letting its former president immediately collect about $65 million in cash and stock tied to its future performance.
Aleynikov’s Conviction Is Reinstated by State Appeals Court
Former Goldman Sachs Group Inc. programmer Sergey Aleynikov is once again guilty of stealing the firm’s high-frequency trading code after a state appeals court reinstated his conviction. “Whether the legislature envisioned the specific type of technology that exists today is not dispositive of this appeal,” the appeals court said.
Travelers Profit Climbs 8.9% as Private Equity Bets Thrive
Travelers Cos., the only property-casualty insurer in the Dow Jones Industrial Average, said fourth-quarter profit jumped 8.9 percent as investment income improved and the company recorded a gain tied to the settlement of a risk-sharing dispute. Net income rose to $943 million, or $3.28 a share, from $866 million, or $2.83, a year earlier, the New York-based company said Tuesday in a statement.
HSBC Said to Begin Cutting About 100 Investment Banking Jobs
HSBC Holdings Plc, Europe’s largest bank, has begun cutting about 100 senior investment-banking jobs, according to a person with knowledge of the matter. The cuts are at the managing-director and director level, the person said, asking not to be identified because the matter is private.
U.S. bankers tell Europeans to think positively on Trump
U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump. At the annual gathering of the world’s political and business elites in the Swiss resort of Davos, U.S. financiers told investors and overseas’ rivals to focus less on Trump’s anti-globalization rhetoric and more on his cabinet picks, comprising of Wall Street veterans and corporate bosses.
Why GNC Holdings, Aaron’s, and Dean Foods Slumped Today
The stock market lost ground on Thursday, as investors sent the Dow Jones Industrials below the level at which the average began the year. Losses for the S&P 500 and Nasdaq Composite were modest at around a third of a percent, but they reflected a downbeat attitude among investors, who are struggling to predict what’s likely to happen on the political and macroeconomic fronts for the remainder of the year and beyond.
Buy Panera Bread Stock Over Bloomin’ Brands, Goldman Says
Goldman Sachs has swapped its rating on Panera Bread and Bloomin’ Brands , sending shares of the restaurants in opposite directions Thursday afternoon. “Estimate uncertainty remains an ongoing concern; however, we view valuation as increasingly compelling,” analysts Karen Holthouse and Gregory Lum said.
Sell Target Stock on Weak Holiday Sales, Amazon Competition: Goldman
Target’s stock rating was cut to “sell” from “neutral” at Goldman Sachs on Thursday following the retailer’s disappointing holiday sales report and competition concerns. The stock dropped 1.45% to $65.88 in mid-afternoon trading.