|Bid||137.92 x 800|
|Ask||137.96 x 1400|
|Day's range||137.32 - 138.29|
|52-week range||98.09 - 141.10|
|Beta (5Y monthly)||1.22|
|PE ratio (TTM)||12.89|
|Earnings date||13 Apr 2020|
|Forward dividend & yield||3.60 (2.62%)|
|Ex-dividend date||01 Jan 2020|
|1y target est||139.46|
The big U.S. banks reported earnings for the fourth-quarter of 2019, seeing decent top-line growth as a result of a strong U.S. consumer. But the bottom line earnings were helped by share buybacks.
Investor sentiment mixed on banks' Q4 earnings, with the major players displaying top-line strength aided by higher fee income and loan growth, partly muted by margin pressure and elevated expenses.
(Bloomberg) -- Stocks may be grabbing most of the headlines, but equities aren’t the only asset class in uncharted territory.Global currency volatility has dropped to the lowest level ever recorded. Less than 48 hours after the U.S. and China put pen to paper on a trade deal that reaffirmed an agreement not to devalue their currencies, the JPMorgan Global FX Volatility Index -- which tracks the options market to measure expected price swings -- is trading lower than at any point since it was created almost three decades ago.The milestone is a culmination of a multi-year trend toward calmer currency markets, one which accelerated last year as central banks shifted to easier monetary policies in a bid to shore up growth. It’s also a phenomenon on display across major asset classes, where the resultant abundant liquidity has stoked valuations and suppressed price swings.“The signing of the phase one trade deal has led investors to assume that a negative threat to global growth has been removed,” said Jane Foley, head of FX strategy at Rabobank. The risk of such unprecedented low volatility “is that investors start to behave as if high-risk assets such as stocks can never go down. This would be classic bubble behavior,” she said.The impact of the trade-deal signing on currency markets is clearly on show in the implied volatility of the dollar-yuan currency pair: In the offshore market it’s near the lowest since China’s surprise devaluation in 2015. The day of the signing also saw the JPMorgan G7 Volatility Index close at its record low.Currency calm can be a good sign for many market players and economy watchers -- foreign-exchange turmoil often coincides with stress between nations, unstable monetary trajectories or diverging growth. But there is such a thing as too much calm, according to Ulrich Leuchtmann, head of currency strategy at Commerzbank AG.“FX markets have to produce at least so much volatility that shifts in fundamentals can be properly reflected,” he said. “My gut feeling is we are at the lower end of what’s possible before the FX market loses its ability to reflect fundamentals.”\--With assistance from Cormac Mullen.To contact the reporters on this story: Sam Potter in London at firstname.lastname@example.org;Anchalee Worrachate in London at email@example.comTo contact the editors responsible for this story: Sam Potter at firstname.lastname@example.org, Cecile Gutscher, Yakob PeterseilFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Eager to cover JPMorgan results for the first time in 2011, I bounced out of bed in an unfamiliar Manhattan apartment, gashed my head on a protruding book shelf and took a taxi to hospital. JPMorgan’s performance was so impressive that it presents headaches for the rest of the industry — and potentially for Mr Dimon himself.
(Bloomberg Opinion) -- The first annual results season is underway since the Business Roundtable, a U.S. group of top bosses chaired by JPMorgan Chase & Co.’s chief executive officer, Jamie Dimon, clarified the “purpose of a corporation” back in August. It should be a moment for CEOs, including Dimon, to show they’re serious about the commitments they made, and for investors to hold them to account. But no.The Roundtable says it represents corporate leaders responsible for $7 trillion of combined sales. It devised a useful definition of business purpose comprising five goals. To paraphrase, these were: deliver value to customers; pay staff fairly and invest in them; deal ethically with suppliers; support the community (including the environment); and make money.This pluralist approach neatly captures what a successful business should look like and what shareholders should want to see. It starts with providing goods or services that people want to buy. It recognizes that how business operates matters as much as what it sells. Implicitly, profit is an outcome not the primary goal.Investors claimed that the Roundtable had demoted them to last-among-equals, ending the prevailing doctrine of “shareholder primacy.” But if investors were downgraded, their responsibilities were not diminished. A bigger list of business commitments equals a bigger role for investors in assessing performance.Critics have suggested that plural goals render CEOs accountable to no one. And it’s true that shareholder power has regrettably been eroded in recent years — witness dual-class share structures and the recent U.S. Securities and Exchange Commission reform making investor votes harder. All the same, shareholders remain best placed to exert pressure on management.They need better disclosure to play that role. If only companies were using their 2019 results to show delivery on all elements of purpose. On staff, has pay-per-head risen or fallen? A lot of U.S. companies don’t even give the total wage bill.A raft of other questions could be answered. What did the staff satisfaction survey say and what were the most common reasons people called the “speak-up” hotline last year? Have supplier payment timescales improved? What is the net carbon footprint, and what’s the strategy to get it to zero — or even negative?How much tax did the company pay and what was the tax rate? Put that up front in the earnings presentation in a big font right beside the shareholder net income figure, and have it justified by management.A boss who understands the company’s long-term dependence on staff, suppliers and the institutions of society should be able to speak plainly for a few minutes about how the business rewarded them (or, rather, kept them on side) over the last year. Shareholders who recognize they’re part of a collective effort to create value should demand to see such a dashboard.So far, nothing has changed. For all Dimon’s leadership on this issue, JPMorgan’s published results were all about the financials. Ditto those of asset manager Blackrock Inc, led by Larry Fink, another Roundtable member who’s been speaking out with unbridled passion on business responsibility, purpose and the need for better data on sustainability.As things stand, purpose-related publications tend to fall into two extremes: voluminous “Environmental, Social and Governance” data scattered across reports prepared for the annual meeting, and vague declarations of non-business goals or descriptions of activities like community projects. The former don’t form the basis for a focused discussion. The risk with the latter is that bosses stray into politics, and forget the business of business.Hedge fund TCI says it will usually vote against directors of companies that don’t disclose their emissions and lack a credible plan for their reduction. The climate crisis is existential and merits the greatest shareholder engagement. But there’s a case too for punishing boards who fail to make useful disclosures on the other elements of corporate purpose.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
We found three cloud computing stocks with the help of our Zacks Stock Screener that investors might want to consider buying for 2020...
A look at the phase-one trade deal the U.S. and China signed Wednesday. An S&P 500 streak, early Q4 earnings results, and what to expect going forward. Plus why Applied Materials is a Zacks Rank 1 (Strong Buy) stock right now...
With most blue-chip companies' earnings scheduled over the coming weeks and sentiments being mixed, investors should closely monitor the movement of the Dow ETF.
Financial Services companies flourished despite a low-rate environment and remarkably outperformed analysts' estimates in fourth-quarter 2019.
Wall Street rallied following the first phase of the U.S.-China trade pact, with Dow Jones Industrial Average and S&P 500 closing at record highs.
Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo, Bank of America, Citigroup and Goldman Sachs
(Bloomberg) -- Lebanon’s plan to steer through its debt crisis by getting local investors to swap into longer-dated Eurobonds has come unstuck after rating companies warned they would consider it a “selective default,” a person familiar with the matter said.The Finance Ministry sent a letter to the central bank Wednesday asking it to hold off on the deal, according to the person, who asked not be identified because the information isn’t public. Based on their communication with the ministry, rating companies could declare Lebanon to be in breach of its obligations “because it is considered a distressed exchange,” the person said.Given the threat to the sovereign rating, the ministry has asked the central bank not to pursue the transaction until the government decides on a financing plan for its Eurobonds maturing in 2020, according to the person.Lebanon’s next external debt repayment is on March 9, when a $1.2 billion bond comes due. The price collapsed to 77 cents late last year after massive anti-government protests forced Prime Minister Saad Hariri to resign. The notes have since partially recovered, though the yield remains above 100%. They fell more than a cent to 86.5 cents as of 12:43 p.m. in London.Local investors, mainly banks, probably hold around half of the March bonds, analysts at JPMorgan Chase & Co. said this week. They added that the swap plan signals rising financial stress in a country battling its worst economic crisis in decades.A central bank spokesman declined to comment. Governor Riad Salameh described the proposals in an interview last week as “voluntary” and dependent on the consent of Lebanese banks. He did not say what would happen to the holdings of foreign investors, who have all but priced in a default but differ on when it would happen and whether they’d be exempt.Moody’s Investors Service and S&P Global Ratings rate Lebanon CCC or its equivalent, eight steps into junk territory. Fitch Ratings assesses it two levels lower. None of the three companies immediately responded to requests for comment.\--With assistance from Netty Ismail and Selcuk Gokoluk.To contact the reporter on this story: Dana Khraiche in Beirut at email@example.comTo contact the editors responsible for this story: Lin Noueihed at firstname.lastname@example.org, Paul Abelsky, Paul WallaceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The U.S. and China signed what they billed as the first phase of a broader trade pact on Wednesday amid persistent questions over whether President Donald Trump’s efforts to rewrite the economic relationship with Beijing will ever go any further.The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S. It also binds Beijing to avoiding currency manipulation to gain an advantage and includes an enforcement system to ensure promises are kept.Read the full text of the agreement here.The ceremony in a packed East Room at the White House included Trump, dozens of American business people and U.S. lawmakers and Chinese officials and marked a rare moment of friendship lately between the world’s two largest economies. Acrimonious talks stretching back almost three years have roiled financial markets, cast a cloud of uncertainty over investment decisions and hurt growth in both nations.“This is a very important and remarkable occasion,” Trump said. Fixing what he sees as the injustices of past trade deals is “probably the biggest reason why I ran for president,” he added. “Together we are righting the wrongs of the past.”In a letter to Trump read out at the ceremony, Chinese leader Xi Jinping said the deal proved the two sides could work together to bridge their differences and declared it “good for China, the U.S. and the whole world.”The benchmark S&P 500 set an intraday record for the sixth consecutive trading session, finishing short of an earlier all-time intraday high. Stocks in Asia were mixed Thursday, with shares in Hong Kong largely flat.Economic DialoguesThe deal, sealed on the same day the House voted to refer articles of Trump’s impeachment to the Senate, seems most focused on arriving at peace in the trade war. Among its requirements is a resumption of the economic dialogues that past administrations have held with China.But the new pact has already been criticized for what is missing. It does nothing to address areas like what U.S. authorities have long claimed is China’s state-backed hacking of American companies and government institutions. Nor does it require the Asian power to reform the vast web of state subsidies that form the spine of its model of state capitalism and have helped fuel the rapid growth of Chinese companies internationally.The administration says many of those issues will be covered in a second phase of a deal, though when those talks will begin and how long they will take remains uncertain. In the meantime, the U.S. is also set to maintain tariffs on roughly two-thirds of imports from China, something that Trump on Wednesday said was essential as leverage over the country until it agreed to further reforms.Asked about a phase two deal, Chinese foreign ministry spokesman Geng Shuang said Thursday afternoon that Beijing and Washington would have to to accommodate each others’ main concerns while implementing phase one.“The two sides need to work together in the spirit of equality and mutual respect to strictly observe the trade agreement, accommodate each other’s core concerns and implement the phase one agreement,” Geng told reporters in Beijing.“As soon as this kicks in we’re starting phase two,” Trump said. “I will agree to take those tariffs off if we’re able to do phase two, otherwise we don’t have any cards to negotiate with.”Trump’s top negotiator, U.S. Trade Representative Robert Lighthizer, told reporters ahead of the signing that the administration was focused on implementing the initial agreement in the short term. Any further negotiations would only come after that, he said, adding that the initial implementation of phase one could take until the spring.Business groups broadly welcomed the agreement. But the lack of clarity on where things would go next also led many to call for those to be pursued more urgently so that tariffs could be lifted. The U.S. Chamber of Commerce said it was critical for the two sides to begin negotiations on a second phase “as soon as possible”.“The work isn’t done yet,” said Craig Allen, head of the U.S.-China Business Council, which represents American companies doing business in the Asian nation. “The phase-one agreement should be swiftly followed by continued phase-two negotiations on remaining issues.”Democrats in Congress, meanwhile, blasted the agreement, saying Trump -- in agreeing to the limited pact -- gave away vital leverage he might have used to resolve tougher issues in the trade relationship, including China’s “massive subsidies” to some key industries. “The administration, in order to get a deal at all costs before the 2020 election, has thrown the American worker and American business overboard,” Senate Minority Leader Chuck Schumer said.Chinese state media greeted the deal with cautious optimism but also fear it could fall apart. “It is such a paradox that makes many people worry: Can a preliminary trade agreement, reached during a period when China-U.S. strategic relations are clearly declining, really work,” the English-language Global Times said in an editorial.Trump called the deal more focused than a broader one that was on the table in May when talks broke down, triggering a summer of escalation that prompted wild swings in financial markets. He argued the deal was tougher as well. But missing from the agreement are many of the requirements for Chinese legal changes that U.S. negotiators accused Beijing of abandoning then, prompting the May breakdown.The deal states China must apply criminal penalties on anyone caught stealing commercial secrets and do more to stop the sale of pirated goods online, as well as fake pharmaceutical products. It also requires Beijing to deliver an action plan within 30 days of the deal taking effect on how it intends to meet its commitments on intellectual property.Separately, it includes a broad commitment for China to stop pressuring American companies investing in the country to share technology with local joint-venture partners and for the government to stop supporting or directing Chinese firms to buy up strategic technologies by acquiring foreign companies. Both have been chief complaints of the U.S., which has curbed inbound investments from China, particularly in the tech sector.One stated aim of the U.S. crackdown on China and companies like Huawei Technologies Co. has been to curtail their efforts to control strategic sectors like fifth-generation mobile networks and, as part of Xi’s “Made in China 2025” program, to dominate 21st century industries like artificial intelligence and robotics.In his letter to Trump, read out by Chinese Vice Premier Liu He at the ceremony, Xi cited the “spirit” of the deal and urged Trump to allow investment by Chinese firms and said he hoped that “the U.S. side will treat fairly Chinese companies”. He also urged the U.S. to allow continuing collaboration by universities and other institutions “to promote the mutual trust and cooperation between the two countries.” Both Chinese investment and research exchanges as well as the thousands of Chinese students in the U.S. have been a target for national security hawks in Washington who argue they are part of a broader technology cold war playing out.Officials insist that they are harvesting significant commitments from Beijing that mean the first phase of the agreement will benefit U.S. businesses and workers even if discussions never go any further.Already PromisedMany of the IP commitments in the deal, however, appear to be ones that China had either made already or was moving to address. Over the past year, it has made a rapid-fire series of legal changes to beef up protection. A new foreign-investment law that took effect on Jan. 1 bans administrative agencies from forcing companies to transfer technological knowhow as a cost of entry to the Chinese market. It exposes officials who disclose or leak trade secrets gleaned from regulatory approvals to potential criminal penalties.The Trump administration says what separates its deal most from others is the enforcement mechanism it establishes. Rather than rely on a slow-moving World Trade Organization dispute system that Trump in any case has already hobbled by blocking the appointment of top judges, the new agreement with China would allow the administration to move to punish Beijing with tariffs or other measures within 90 days if officials decided it was breaking its promises.But even Lighthizer acknowledged Wednesday that the effectiveness of the mechanism will depend on Beijing. “This deal will work if China wants it to work,” he told reporters. And Senator Ron Wyden, the top Democrat on the Senate Finance Committee, likened the mechanism and its requirement for consultations to a weak “telephone tree.”The deal is also unique in the breadth of specific Chinese purchase commitments it contains, which some critics in the U.S. see as uncomfortably reminiscent of the sort of state-directed central planning American diplomats have spent decades trying to get China to abandon. Even those purchase promises, the details of which are contained in a secret annex to the agreement signed on Tuesday, face questions.The text of the pact released Wednesday specifies $77.7 billion in additional Chinese purchases of manufactured goods including aircraft, $32 billion in new purchases of agricultural products, $52.4 billion in energy and $37.9 billion in services in the two years through December 2021.But it also left significant questions over whether U.S. farm exports to China to reach the $40 billion to $50 billion annual level that Trump has promised, which would mean doubling the $24 billion in agriculture and related products it imported from the U.S. in 2017, before the trade war began. “Signing the deal is the easy part,” Ken Morrison, a St. Louis-based independent trader, said by phone. “I have yet to hear a sound argument on how China will execute this deal.”(Updates with China foreign ministry comment in tenth paragraph)\--With assistance from Miao Han, Jenny Leonard, Stephen Stapczynski, Ye Xie, Justin Sink, Jordan Fabian, Laura Litvan, Michael Hirtzer, Sarah McGregor, Peter Martin, Karen Leigh and Zoe Schneeweiss.To contact the reporters on this story: Shawn Donnan in Washington at email@example.com;Josh Wingrove in Washington at firstname.lastname@example.org;Saleha Mohsin in Washington at email@example.comTo contact the editors responsible for this story: Brendan Murray at firstname.lastname@example.org, ;Margaret Collins at email@example.com, Ana MonteiroFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
When JPMorgan Chase posted dramatically better quarterly results this week than Goldman Sachs, it illustrated just why Goldman boss David Solomon is planning to make his company more JPMorgan-like. JPMorgan, the biggest US bank by assets, on Tuesday boasted the highest ever annual earnings of a bank anywhere, after increasing net income by 21 per cent in the final three months of last year. With annual profits of more than $36bn, JPMorgan would have enough earnings to buy Goldman’s entire share capital in less than three years, at least at its current market capitalisation.
JPMorgan Chase & Co. (NYSE: JPM) ("JPMorgan Chase" or the "Firm") declared dividends on the outstanding shares of the Firm’s Series Y, AA, BB, DD, EE, & GG preferred stock. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases.
(Bloomberg) -- Whether it was juicy spreads in repo lending or a rally in junk bonds, the fourth quarter broke all the right ways for Wall Street’s trading desks.Goldman Sachs Group Inc. and Bank of America Corp. on Wednesday joined the trend of surging past expectations for fixed-income trading in the period. The four largest Wall Street firms posted a collective 56% jump in that business, the biggest leap in more than eight years.That offered relief for major Wall Street trading desks after a year that began with their weakest revenue in a decade. As more trading moves to electronic platforms, the biggest banks are betting that the scale of operations will help them gain market share.“Investors are more willing to trade in this environment,” KBW analyst Brian Kleinhanzl said in an interview. “What we’re seeing still is the overall wallet still has pressure on it, and the banks are fighting aggressively to take market share in their respective strengths.”Wednesday’s results follow earnings from JPMorgan Chase & Co. and Citigroup Inc. that surpassed expectations on Tuesday. JPMorgan’s staggering 87% climb in debt trading revenue for the quarter helped drive annual profit to a record. Citigroup’s 56% fixed-income gain signaled a rebound after the firm set out to eliminate 400 people in the trading division last year following weak results.Goldman Sachs’s bond traders also posted a comeback quarter, with revenue surging 63% from a year earlier. Chief Financial Officer Stephen Scherr said Wednesday that four of its five major market-making businesses were up from the prior year. Rates performed “particularly well,” and currencies benefited from “a better geopolitical backdrop, despite lower volatility,” Scherr said.A number of banks cited the rates business as an area of strength as traders reacted to the gap between two-year and 10-year Treasury yields swinging from negative in August to its widest level of 2019 by the end of December. Banks also benefited from being able to capture profits lending in the repo market knowing the central bank was serving as a backstop.Repo rates stabilized in the fourth-quarter, largely due to the Federal Reserve’s liquidity injections that have calmed the markets since September. These operations have allowed the central bank’s primary dealers, which include some of the largest U.S. banks, to borrow from the Fed at lower rates and force others to pay a higher rate.“Over the course of 2019 we deployed balance sheet by example against repo where there was demand for liquidity, particularly in the context of the various uncertainty that existed in the repo market,” Scherr said.The firms’ credit businesses got a boost from rallies across markets. U.S. corporate high-yield bonds had their best quarter since the first three months of the year, while the investment-grade index reached a record high, according to Bloomberg Barclays indices.Trading revenue at Bank of America climbed 13% in the fourth quarter -- more than analysts were expecting, but paling in comparison to gains at its competitors. BofA shares slipped as much as 2.8%, while Goldman joined Citi and JPMorgan in rallying after results.Equity trading at Goldman Sachs and Bank of America both fell short of estimates, bucking the trend set Tuesday by JPMorgan’s and Citigroup’s beats.The rebound in banks’ trading desks helped the Wall Street sides of the business match the retail units that have helped drive profit to new heights. The biggest banks have also reaped billions from lower tax rates, allowing them to ramp up buybacks and dividends.“What we’re seeing is a steady, stable, consistent group with not nearly as much volatility in the fundamentals as what the stock prices have shown over the last two years,” Marty Mosby, an analyst at Vining Sparks, said in a Bloomberg Television interview.\--With assistance from Alexandra Harris, Sridhar Natarajan, Lananh Nguyen, Yalman Onaran and Michelle F. Davis.To contact the reporter on this story: Hannah Levitt in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- A private equity giant is warning that more untested companies are due for a reckoning in repeats of WeWork’s abrupt fall from grace.Henry McVey, the head of global macro and asset allocation at KKR & Co., recommends investors stay underweight many high-flying yet unprofitable companies funded by venture-capital firms or in the early stages of growth.“The WeWork situation was not a ‘one-off’ occurrence,” he added in a 2020 outlook report, which didn’t reference any specific companies. A growing number of the co-working company’s peers “may have difficulty funding in 2020.”The We Co., more commonly known as WeWork, saw its valuation plummet to less than $8 billion in October from as high as $47 billion earlier in 2019. The company was forced to shelve plans for an initial public offering and required a liquidity lifeline from SoftBank Group Corp. to stay afloat. The yield on its junk bonds spiked from just below 7% at their lows in mid-August to above 16% in mid-November.The debacle saw WeWork become the poster child for Wall Street concerns about questionable valuations and corporate governance at highly-regarded private companies. But from McVey’s perch, this poster child isn’t an only child, and investors should be more vigilant about the risks of such firms.“There are still too many companies with high fixed costs and less marginal revenue dollar per purchase that are being funded, and in 2020 we believe that a more skeptical investment community will expose some of these flaws, particularly as unprofitable private growth companies try to access the public markets,” he writes, envisioning an environment in which “cash flow conversion will again become king.”Early in 2020, however, investors have shown a strong appetite for recent entrants to public markets. The Renaissance IPO exchange-traded fund is up nearly 7% year-to-date and less than 1% off its July 2019 all-time high, buoyed by hefty gains from the likes of Uber Technologies Inc. and Beyond Meat Inc.Another SoftBank-backed company plotting a listing is DoorDash, which dominates the food delivery industry. It hasn’t turned a profit and has held talks with JPMorgan last year for a $400 million credit line, people familiar with the matter have said. It has raised about $2 billion in 18 months and the valuation has ballooned to $12.6 billion. NYU Professor Scott Galloway, known for his commentary on the technology industry, has been critical of the startup’s operations.Casper Sleep Inc., which submitted a filing on Friday to pave the way for a public listing, reported losses of $67 million in the nine months ending September 2019.(Adds comments on DoorDash)To contact the reporters on this story: Luke Kawa in New York at firstname.lastname@example.org;Sonali Basak in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Brendan Walsh, Rita NazarethFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.