Sales & Marketing news

• BANK OF AMERICA: Funds are falling out of love with financial stocks at a blinding pace

  30-05-2020 22:18 via feedproxy.google.com
  Large-cap long-only funds are the most underweight in financial stocks in nearly a decade as firms trade profits for loan-loss protections, Bank of America said Friday.
  Hedge funds made similar retreats, reaching record-low positioning in the sector last month and only barely ticking higher through May.
  Fund concentration in major tech names continued to swell, the firm said. Long-only funds notched another record-overweight positioning in the communication services sector in May.
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• McConnell says 'fourth and final' stimulus bill will be considered by Senate Republicans in roughly one month

  30-05-2020 21:09 via feedproxy.google.com
  
  Senate Majority Leader Mitch McConnell said Friday that considerations on a "fourth and final" economic relief bill will begin "in about a month," NPR reported.
  Congress has been mired in talks over additional aid. House Democrats passed a $3 trillion spending package on May 15, but McConnell has since refused to move the bill forward.
  The majority leader continued to oppose an extension to bolster unemployment benefits, saying Friday the program "is not designed to encourage you to stay home."
  
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• The Fed's relief programs will drive a 'tipping point' and end by 2021, KKR's macro expert says

  30-05-2020 19:30 via feedproxy.google.com
  The Federal Reserve's "liquidity spigot" will close by 2021 as the government faces a new challenge in its ballooning debt balance, Henry McVey, head of global macro, asset allocation, and balance sheet investments at KKR, said Friday.
  Bond vigilantes — investors who short government bonds to combat inflation risks — could return in droves if the US continues its massive borrowing.
  To ensure the US can continue easily selling bonds to raise cash, it will likely end its relief pr
  
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• The Fed unveils top corporate-bond ETFs targeted in its $1.3 billion stimulus spree

  30-05-2020 17:29 via feedproxy.google.com
  A Friday release detailed which corporate-credit ETFs the Federal Reserve bought up from the program's May 12 start to May 18.
  BlackRock's iShares iBoxx US Dollar Investment Grade Corporate Bond ETF was the most purchased, with the central bank buying up 2,521,892 shares over the period.
  Total purchases reached $1.3 billion by May 18, though a separate release showed the figure swelling to roughly $3 billion by Wednesday.
  About $223 million of the Fed's ETF holdings are focused on high-yiel
  
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• These are the 8 mega-billionaires who have gotten the biggest boost to their net worth this year as the world has grappled with coronavirus

  30-05-2020 16:16 via feedproxy.google.com
  The coronavirus pandemic has roiled global markets, which have whiplashed over the last two months. 
  While the Nasdaq has recovered from the March market meltdown, the S&P 500 and Dow Jones industrial average are still in negative territory year to date. 
  Still, these eight mega-billionaires have seen their net worth increase amid the market mayhem. 
  Read more on Business Insider. 
  The coronavirus pandemic has whiplashed global markets this year, sending stocks on a rolle
  
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• Markets expect bank dividends to plummet 40% by next year, Goldman Sachs says

  30-05-2020 16:07 via feedproxy.google.com
  Options contracts appear to be pricing in 2021 dividends that are 40% lower than their March levels, Goldman Sachs wrote in a Friday note.
  Dividends currently sit 30% lower from three months ago and stand to fall further as banks shore up cash for loan-loss protections.
  If banks slash their dividends as projected, a wave of selling from income funds could significantly drag on their stock prices. The top 25 income funds hold roughly $18 billion in bank stocks, leaving plenty of cash available fo
  
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• The script has flipped from debt binges to equity sales — and Wall Street's making bank either way

  30-05-2020 15:37 via feedproxy.google.com
  
   
  Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week. 
  If you aren't yet a subscriber to Wall Street Insider, you can sign up here.
  It's hard to believe Memorial Day has come and gone already, and that we're just about at the end of May. One area of Wall Street certainly didn't appear to take much time off over recent days. As Alex Morrell reports, US ECM volume roared back this month to close out w
  
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• Warren Buffett's Berkshire Hathaway lost Bill Gates as a director this year. Here are its 14 board members.

  30-05-2020 14:25 via feedproxy.google.com
  Warren Buffett's Berkshire Hathaway lost one of its highest-profile directors when Microsoft cofounder and billionaire philanthropist Bill Gates resigned this year.
  The famed investor's conglomerate still counts his right-hand man Charlie Munger and former Yahoo!, American Express, and NBCUniversal executives among its board members.
  Here are Berkshire's 14 directors.
  Visit Business Insider's homepage for more stories.
  Warren BuffettAge: 89
  Notable past and present roles: Berkshire director
  
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• 'The brand is special': Warren Buffett called on American Express' CEO to protect its reputation during the coronavirus pandemic

  30-05-2020 14:23 via feedproxy.google.com
  Warren Buffett called on American Express CEO Stephen Squeri to safeguard the company's brand and customer relationships during the coronavirus pandemic.
  "The one thing he has and will continue to always point out to us is that the brand is special," Squeri said about the billionaire investor and Berkshire Hathaway boss in mid-March.
  "The most important thing about American Express is the brand and the customers that aspire to be associated with the brand," Buffett told Squeri when he became CEO
  
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• Coronavirus layoffs have not been equal. Here are the workers that have been hit hardest by pandemic job losses.

  30-05-2020 14:22 via feedproxy.google.com
  
  The coronavirus crisis has led to sweeping layoffs across the US. Young workers, women, and minorities have been disproportionately affected by high unemployment due to the pandemic. 
  This is due in part to the sectors that have been hit earliest and hardest by job losses, including leisure and hospitality, retail, and food and beverage services. 
  "The pandemic is falling on those least able to bear its burdens," said Federal Reserve Chair Jerome Powell during a Friday event hosted by
  
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• Corporate America sold nearly $75 billion of stock in May. Here's what unleashed the record-setting equity resurgence — and a huge payday for Wall Street banks.

  30-05-2020 13:30 via feedproxy.google.com
  
  Corporate America sold record-shattering amounts of stock in May.
  IPOs and other equity issuances were overshadowed this spring as stock markets tanked and corporates rushed to raised debt instead. 
  But volatility has faded and markets have rebounded, thanks in part to stimulus from the Federal Reserve. Stock issuance is surging again, producing more than $70 billion in deals in May. 
  Companies are stockpiling cash in case of another downturn — some to protect themselves in case
  
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• The European Union's $826 billion stimulus plan to battle the coronavirus is 'too small and too late,' analysts say

  30-05-2020 12:11 via feedproxy.google.com
  
  The European Union on Wednesday proposed a 750 billion euro recovery package as the economic bloc attempts to crawl out of its worst economic crisis in decades.
  Representing a major step towards a revival of the 27-member union, the EU fund is expected to be financed through borrowing, by issuing long-term government bonds in global financial markets.
  While analysts at Bank of America believe the EU fund is a decent starting point to negotiations, they say it is "too small and too late" for urge
  
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• Famed economist David Rosenberg says investors are falling into a classic market trap that's historically preceded a further meltdown — and warns 'there's not going to be much of a recovery'

  30-05-2020 12:05 via feedproxy.google.com
  
  David Rosenberg — the famed economist and founder of Rosenberg Research — thinks the stock market is at a crucial juncture that's preceded sizeable drawdowns throughout history. 
  In addition to the historical precedent that backs his view, Rosenberg highlights the following reasons for his bearish outlook: the permanent loss of millions of jobs, an overvalued market, an increase in savings, and blown-out high-yield spreads.
  There are other permabears that agree with Rosenberg's
  
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• Singapore's financial centre will emerge as big winner of a draconian Chinese law

  30-05-2020 08:55 via feedproxy.google.com
  
  Tensions in Greater China have led analysts to warn that many businesses can move from Hong Kong to Singapore. 
  China approved a law on Thursday that tightens its grip over Hong Kong, seen as a violation of Hong Kong's "one country, two principle" systems. 
  Hong Kong ranked as the world's sixth-largest financial center in 2020 and Singapore took the fifth position.
  Analysts say Singapore could overtake Hong Kong if it loses lucrative business. 
  Singapore is facing its worst r
  
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• Pier 1 Imports gets approval from a judge to liquidate its remaining stores

  30-05-2020 01:05 via feedproxy.google.com
  
  Pier 1 Imports is winding down its business.
  "This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," CEO Robert Riesbeck said in a statement.
  The company plans to finish liquidating stores by October, once it can safely reopen.
  Visit Business Insider's homepage for more stories.Pier 1 Imports is shutting down its business after the US Bankruptcy Court for the Eastern District of Virginia approved its request to wind
  
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