Mercadien Asset Management's Ken Kamen says investors should use the market sell-offs to diversify their portfolio. He tells Reuters' Fred Katayama what sectors they should consider, and they're not tech-related.
Mercadien Asset Management's Ken Kamen says investors should use the market sell-offs to diversify their portfolio. He tells Reuters' Fred Katayama what sectors they should consider, and they're not tech-related.
(Bloomberg) -- Australian wealth manager AMP Ltd. has received a takeover approach from U.S. private equity firm Ares Management Corp., sending the shares surging and offering investors a clean exit after years of scandal.The discussions are at a “very preliminary stage” and there is no guarantee of a deal, Sydney-based AMP said in a statement Friday. The shares jumped 20% at the close of trading -- the most in 17 years -- lifting the company’s market value to A$5.3 billion ($3.7 billion).The 171-year-old firm effectively put itself up for sale last month after a sexual harassment scandal led to a boardroom shakeout, capping a torrid two years that saw the stock lose three-quarters of its value. For Los Angeles-based Ares, buying AMP, which manages about A$320 billion across pension savings, infrastructure and real estate, would be a quick way to scale up in Australian funds management, where it began offering its first investment products this year. A spokesman for Ares declined to comment.If Ares does buy AMP, it will be on the firm’s own balance sheet and become part of its asset management business, according to a person familiar with the matter, who asked not to be identified because the information hasn’t been made public. The buyout firm has made an offer with enough of a premium to be granted due diligence, but it will be at least several weeks before Ares can refine its initial offer.AMP said Friday it has “received significant interest” in its assets and businesses since hiring Goldman Sachs Group Inc. and Credit Suisse Group AG last month to review its portfolio. It will continue to assess a range of options, including pursuing Chief Executive Officer Francesco De Ferrari’s three-year transformation strategy.AMP, which sold its life insurance arm to Resolution Life, now comprises Australian banking and wealth management, known as AMP Australia; AMP Capital, the A$190 billion funds manager and most-profitable arm; and New Zealand wealth management, where it’s trying to expand after scrapping plans to sell the unit in May.What Bloomberg Opinion says:Suppose the retail-focused wealth management business and bank turn out to be duds. Ares is still picking up a global infrastructure investor (AMP Capital) on the cheap, at a time when the prospects for such businesses look rosy. - David FicklingTo read the column, click hereLong-suffering investors may prefer a quick, clean takeover rather than a messy and prolonged breakup. In August, Debra Hazelton replaced finance industry veteran David Murray as chairman, and the head AMP Capital was demoted as a sexual harassment scandal sparked the second boardroom shakeup in just over two years. AMP was also damaged by revelations it charged fees to clients for services they didn’t receive, then lied to regulators about the wrongdoing.A buyout would also end AMP’s 22 years as a listed company. The firm, which started in 1849 as a mutual provident society owned by policyholders, listed on the stock exchange in 1998. The stock first traded at about A$36, at the time valuing AMP at around A$25 billion, and making it Australia’s third-largest company behind National Australia Bank Ltd. and the forerunner to what is now BHP Group Ltd.(Adds closing share price.)For 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.
PBF earnings call for the period ending September 30, 2020.
Image source: The Motley Fool. Shopify (NYSE: SHOP)Q3 2020 Earnings CallOct 29, 2020, 8:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorThank you for standing by.
PENN earnings call for the period ending September 30, 2020.
SU earnings call for the period ending September 30, 2020.
My name is Sherry and I will be your operator today.[Operator Instructions] And now, I'm pleased to turn the call over to Kyle Rhodes, Parsley Energy's vice president of Investor Relations. Thank you, operator.
Today's call is being webcast, and a replay will be available on Oceaneering's website. With me on the call today are Rod Larson, president and chief executive officer, who will be providing our prepared comments; and Alan Curtis, senior vice president and chief financial officer.
The Global Metal Powders Market will grow by USD 765.61 mn during 2020-2024
VANCOUVER, British Columbia, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck Resources") today announced that Environment and Climate Change Canada has issued a Direction under the Fisheries Act (the “Direction”) to Teck Coal Limited (“Teck”), setting out measures to be taken to improve water quality and prevent calcite deposition in the Elk Valley in waters affected by Teck’s Fording River and Greenhills operations. The measures set out in the Direction are complementary to measures already included in the Elk Water Quality Plan (“EVWQP”) being implemented by Teck. The Direction does not require construction of any additional water treatment facilities beyond those already contemplated by the EVWQP, but sets out requirements with respect to water management such as diversions, mine planning, fish monitoring and calcite prevention measures, as well as the installation by December 31, 2030, of a 200-hectare geo-synthetic cover trial in the Greenhills creek drainage. The headwaters of Greenhills Creek have been identified as the location where a geo-synthetic cover over waste rock has the greatest technical potential as a source control measure. If the cover trial is successful, there may be potential for geo-synthetic covers to be deployed in a limited number of other specific settings in the Elk Valley to supplement other source control measures already under development.Certain of the measures in the Direction, including the cover trial, will require incremental spending beyond that already associated with the EVWQP. The aggregate cost of those incremental measures, over an approximate 10-year period, is preliminarily estimated at approximately $350-400 million, with expected spending in 2021 of approximately $17 million. This cost estimate is based on limited engineering, and the feasibility of certain measures has not yet been confirmed. The results of environmental monitoring may dictate that certain of the measures do not need to be fully implemented, or that other measures will be required. The ultimate costs of these measures and other work required under the EVWQP may vary substantially from current estimates, either up or down. The issuance of the Direction does not resolve the potential charges under the Fisheries Act previously notified to Teck. Discussions with respect to those charges continue.The Elkview Phase 2 Saturated Rock Fill and Fording River South Active Water Treatment Facility, both already under construction, are scheduled to come on stream in the fourth quarter of 2020 and first quarter of 2021, respectively. When operating at full capacity these two facilities will bring total water treatment capacity up to 47.5 million litres per day from the current capacity of 7.5 million litres per day, materially reducing selenium and nitrate loading in the Elk Valley watershed. The new measures required under the Direction, together with the existing treatment and mitigation steps under the EVWQP represent a thorough Federal and Provincial regulatory scheme to address water quality issues in the Elk Valley. Teck continues to invest in innovative technical solutions to address water quality issues and construction of additional treatment capacity. As well, further studies to better understand water quality, source control and treatment options are scheduled for 2021 and beyond.Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.These forward-looking statements include, but are not limited to, statements concerning expected Elk Valley water treatment spending and plans. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis, the availability of qualified employees and contractors for our water projects, the impact of changes in Canadian-U.S. dollar and other foreign exchange rates on our costs, engineering and construction timetables and capital costs for our water projects, the performance of those projects and resulting conditions in the environment, and environmental compliance costs generally. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.Factors that may cause actual results to vary materially include, but are not limited to, acts of governments and the outcome of legal proceedings, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety and environmental matters), union labour disputes, impact of COVID-19 mitigation protocols, political risk, social unrest, unanticipated increases in costs to construct our water projects, difficulty in obtaining permits, inability to address concerns regarding permits or environmental impact assessments, and changes or further deterioration in general economic conditions. Current and new technologies relating to our Elk Valley water treatment efforts may not perform as anticipated, and ongoing monitoring may reveal unexpected environmental conditions requiring additional remedial measures.The forward-looking statements in this news release and actual results will also be impacted by the effects of COVID-19 and related matters.We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2019, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.About Teck Teck Resources is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal and zinc, as well as investments in energy assets. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.Investor Contact: Fraser Phillips Senior Vice President, Investor Relations & Strategic Analysis 604.699.4621 email@example.com Media Contact: Chris Stannell Public Relations Manager 604.699.4368 firstname.lastname@example.org
The Panthers aren't happy about the hit Teddy Bridgewater took from Atlanta defensive end Charles Harris. Carolina running back Mike Davis described Harris’ hit on the quarterback in the third quarter of Thursday night’s 25-17 loss to the Falcons as a “cheap shot.” As Bridgewater was trying to scramble up the middle and avoid a sack late in the third quarter, he was kicked in the midsection by linebacker Dante Fowler and then took a shot to the back of his neck from Harris after landing on the ground.
(Bloomberg) -- Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.Futures on the S&P 500 tumbled 1.5% and Nasdaq 100 contracts were down 1.9% as of 2:24 p.m. in Tokyo. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.The slide follows a red-hot run this year that saw the tech giants help haul U.S. equities to new highs amid a rampant pandemic and severe economic downturn.“As we’ve seen in reactions from some of the earnings from these large companies even beats are not strong enough to satisfy this market, which I think speaks to how fully valued a lot of these stocks are,” said Evan Brown, head of multi-asset strategy at UBS Asset Management.The quartet of reports comes after a wild two days for megacap tech. The Nasdaq 100 plunged 3.5% for the biggest rout in four months Wednesday before rebounding almost 2% in Thursday’s cash session.While the companies continue to deliver strong earnings, investors have turned their focus to whether a slower-growing economy will enable profit growth that justifies sky-high valuations.Facebook was little changed even after sales topped estimates when it warned of continued uncertainty due to Covid next year and said plans to spend heavily on employees and new technology. The social network makes up more than 4% of QQQ’s holdings.Apple reported quarterly results that topped Wall Street estimates after record sales of Macs and services made up for a delayed iPhone 12 launch. But its shares dropped almost 5% after the firm revealed iPhone revenue missed the average of analysts’ estimates.Amazon lost more than 1% after it said it planned to spend more than analysts estimated related to Covid-19. Otherwise, the online retailer projected a steep jump in sales in the current quarter, topping analysts’ estimates, indicating it expects the surge in online shopping during the pandemic to extend through the holiday season.Twitter Inc. also reported Thursday and its shares got hammered on concern about its user growth. Third-quarter sales exceeded estimates and results were boosted by a return of advertisers who had fled or pulled back from the website during the early stages of the pandemic. The stock lost 14%.Alphabet was a bright spot, rallying 8% after it returned to growth in the third quarter after a decline in the previous period, fueled by digital advertising. The Google parent reported third-quarter revenue, minus the cost of distribution deals for its search engine, rose 15% to $38 billion.The results failed to soothe concern that the rally in tech shares has gone too far, too fast. Optimism that their ability to cater for stay-at-home demand would help insulate the industry from a broad profit slump during the pandemic has sent their shares up 24% as a group since the start of the year, about 10 times as big as the S&P 500.Earlier: Tech-Bubble Prophets Are Validated as Stock Rout Spares No On“It tells us that even though these stocks are below their late-summer highs, they’re still expensive,” said Matt Maley, chief market strategist at Miller Tabak + Co. “So unless they beat expectations in a significant way, investors are taking further profits. Who can blame them, given that the capital gains tax is going to rise if Biden wins next week?”This earnings season has been particularly harsh for internet and software companies. Broadly, better-than-expected results got no rewards, but tech fared the worst among major S&P 500 industries, with shares of those reported falling an average 3% the next day post results, data compiled by Bloomberg showed.Since the reporting season started two weeks ago, tech stocks in the S&P 500 have dropped more than 7%, the worst performance this far into an earnings cycle in more than a decade.“The last thing investors needed amid rising Covid cases and the upcoming election was to see weak tech earnings drain sentiment from the market’s main area of support,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors.(Updates with latest U.S. equity futures moves)For 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) -- Fresh concerns about the outlook for technology giants dragged U.S. equity futures lower, while Asian stocks also slipped on Friday. The dollar gave back some of its advance from the prior session.Japanese shares fell over 1%, though declines were more modest in Hong Kong and Australia. Contracts on the Nasdaq 100 and S&P 500 sank following a string of reports from the likes of Amazon.com Inc. and Apple Inc., with the iPhone maker down more than 4% in after-hours trading.The S&P 500 had earlier bounced back a day after its biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. This month’s sell-off in Treasuries eased but the benchmark yield remained above 0.80%. Elsewhere, China’s offshore yuan outperformed with the Australian dollar amid month-end adjustments. Crude oil declined.Weakness in technology shares is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.“There is going to be more volatility ahead of the election,” Quincy Krosby, chief market strategist at Prudential Financial Inc., said on Bloomberg TV. “Over the weekend folks are going to be focused on Pennsylvania to see whether or not Biden is gaining there. The concern is if he gains a little bit, that may be one where you could actually look to a contested election.”Here are the main market moves:StocksS&P 500 Index futures fell 1.2% and Nasdaq 100 contracts were down 1.5% as of 2:12 p.m. in Tokyo. The S&P 500 rose 1.2% on Thursday.Japan’s Topix index fell 1.6%.Hong Kong’s Hang Seng slipped 0.3%.Shanghai Composite was little changed.South Korea’s Kospi lost 1.3%.Euro Stoxx 50 futures were 0.6% lower.CurrenciesThe Bloomberg Dollar Spot Index slipped less than 0.1% after increasing 0.4% Thursday.The yen was at 104.33 per dollar, up 0.3%.The offshore yuan rose 0.4% to 6.6853 per dollar.The euro bought $1.1680.BondsThe yield on 10-year Treasuries dipped one basis point to 0.81%.Australia’s 10-year yield was at 0.84%.CommoditiesWest Texas Intermediate crude fell 0.3% to $36.09 a barrel.Gold was at $1,873.17 an ounce, up 0.3%.For 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.
Asian stocks sank Friday as investors looked ahead to next week's U.S. presidential election and weighed the chances of economic stimulus from Washington and Europe. Benchmarks in Tokyo, Hong Kong and Seoul all retreated. Investors have been dismayed by lack of progress in talks between the White House and Congress on new U.S. stimulus.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We...
China will promote “technological self-reliance” under the ruling Communist Party’s latest five-year plan but will open further to trade, officials said Friday. The comments reflect growing official urgency about nurturing Chinese producers of processor chips and other technology at a time when a tariff war with Washington and U.S. export curbs have reduced access to components needed by China's fledgling tech industries. “We will take scientific and technological self-reliance as a strategic support for national development,” Han Wenxiu, an adviser to President Xi Jinping, said at a news conference.
Kennedy cousin Michael Skakel is expected at a court hearing Friday as Connecticut prosecutors decide whether to retry him for the bludgeoning death of a fellow teenager in 1975. Skakel has been free on bail since 2013, when a state judge vacated his murder conviction in the death of Martha Moxley, who was killed in their wealthy Greenwich neighborhood when both she and Skakel were 15 years old. Moxley’s brother, John Moxley, said in an interview this week that he and his mother, Dorthy, would be comfortable if the state dropped the case, because they have grown weary after two decades of court battles.
The partnership is intended to further A.D.A.M.’s footprint in cutting-edge healthcare technology and foster rapid commercialization of 3D-printing.
We can readily understand why investors are attracted to unprofitable companies. For example, although...
(Bloomberg) -- Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and aviation fuel.Futures have tumbled 9.8% this month in New York and they’re near the lowest since late May in London. Infections surged to a record in the U.S. Midwest, while parts of Europe tightened restrictions to stem second waves. Meanwhile, the return of Libyan supplies added to concerns of a crude glut.Road fuel sales in the U.K. slid for a fifth week to the lowest since July. Most European airlines trimmed regional capacity for November and December, while rising infections in the U.S. may thwart plans to increase capacity through year-end, according to Bloomberg Intelligence analysts George Ferguson and Francois Duflot.“It’s all about Covid-19 now and its impact on consumption,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. “There is a realization, now that Covid-19 is headed well into the second wave in Europe, that the recovery won’t be as linear as the market has been pricing in. There will be a consumption hit from Europe for sure as we head into the winter.”Next week’s U.S. election promises more volatility before an OPEC+ meeting at the end of November, when members will decide whether to delay the planned easing of output cuts. The head of Saudi Aramco’s trading arm said demand may be insufficient to absorb more OPEC+ crude.“The market may move lower again next week,” Oanda’s Halley said. “Any action to support oil has to come on the supply side from OPEC+.”The growing nervousness over supplies is being reflected in oil’s market structure. Brent’s three-month timespread was $1.46 a barrel in contango -- where prompt prices are cheaper than later-dated ones. The widest contango in a month indicates rising fears of a glut.The European Central Bank is gearing up for a new stimulus package in December as renewed lockdowns threaten a double-dip recession, but an aid package in the U.S. will likely to have to wait until after the Nov. 3 election, with prolonged negotiations failing to break an impasse.Exxon Mobil Corp. became the latest company to succumb to the virus-driven demand crash. The oil major plans to slash its global workforce by 15% by the end of 2022 as it struggles to preserve dividends.For 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.
A pack of 35 named after a nearby promontory, Junction Butte, now were snoozing on a snow-dusted hillside above the carcass. Such encounters have become daily occurrences in Yellowstone after gray wolves rebounded in parts of the American West with remarkable speed following their reintroduction 25 years ago. A Colorado ballot initiative would reintroduce wolves on the state’s Western Slope.