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Winnebago"s board OKs share buyback plan

Winnebago Industries Inc. said late Wednesday that its board has authorized a new share buyback plan of up to $200 million, replacing a previous $70 million share repurchase authorization. The buyback plan is the largest in the company's history "and reflects our confidence in the business, our strong cash generation ability and commitment to creating value for shareholders," Winnebago said in a statement. Winnebago's shares rose 2% in the extended session Wednesday after ending the regular trading day up 0.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 13th, 2021

: Qualcomm stock rises on $10 billion buyback plan

Qualcomm Inc. QCOM shares rose in the extended session Tuesday after the chip maker said its board had authorized $10 billion in share repurchases. Qualcomm shares rose 1.6% after hours, following a 1.6% decline to close the regular session at $122.95. The company said the new $10 billion plan adds to its buyback program announced in July 2018, which has $900 million of buyback authorization remaining. Qualcomm shares have declined 3% over the past 12 months, compared with a 23% rise in the S&P 500 index SPX, a 22% gain on the tech-heavy Nasdaq Composite Index COMP, and a 31% gain on the PHLX Semiconductor Index SOX.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 12th, 2021

Cadence Bancorporation (CADE) Increases Dividend by 5.3%

Cadence Bancorporation (CADE) announces a hike in quarterly dividend by 5.3%. The new dividend of 15.8 cents per share will be paid out on Oct 22 to shareholders of record as of Oct 18. Cadence Bancorporation CADE has increased its quarterly dividend. The company announced a dividend per share of 15.8 cents, representing a hike of 5.3% from the prior payout. The dividend will be paid out on Oct 22 to shareholders of record as of Oct 18.Based on last day’s closing price, the dividend yield currently stands at 2.77%.The company also has a share buyback plan in place. On Jan 21, 2021, its board of directors authorized a share repurchase program to buy back shares worth up to $200 million.The plan was, however, put on hold until Cadence Bancorporation and BancorpSouth Bank BXS received shareholder approval for their pending all-stock merger deal.In April, the companies entered a merger agreement (expected to close on the fourth quarter of 2021), which will create a leading Texas and Southeastern regional bank. Post completion, the combined entity will operate under the name and brand of Cadence, with two headquarters in Tupelo, MS, and Houston, TX.The deal is anticipated to result in long-term financial benefits for both firms and, hence, seems attractive for shareholders. Moreover, Cadence Bancorporation will likely keep enhancing shareholder value through efficient capital deployment activities.Dividend Hikes by Other Finance CompaniesIn September, several finance companies raised their quarterly dividends.JPMorgan JPM announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. The dividend will be paid out on Oct 31 to shareholders of record as of Oct 6.Equity Bancshares, Inc. EQBK announced a dividend for the first time. The company’s board of directors approved a quarterly cash dividend of 8 cents per share. The dividend will be paid out on Oct 14 to shareholders of record as of Sep 30. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report BancorpSouth Bank (BXS): Free Stock Analysis Report Cadence Bancorp (CADE): Free Stock Analysis Report Equity Bancshares, Inc. (EQBK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 12th, 2021

Why Should You Hold Virtu Financial (VIRT) in Your Portfolio?

Riding high on solid segmental performances and capital position, Virtu Financial (VIRT) holds prospects to reap benefits for investors. Virtu Financial, Inc. VIRT has been in investors' good books on the back of its strong segmental performances and its gain from market volatility.This market-making firm offers its services in 36 countries and owns more than 30% market share for retail investor order flow. The company witnessed tremendous volumes last year as it performs well amid market uncertainty.Although the market is cruising toward stability, the company holds is expected to grow in the future as well. Its resilient business model instills investor confidence in the stock. Virtu Financial benefits from advancements in technology as well as its expanded product offerings.The company managed to beat on earnings in all the trailing four quarters, the average being 23.65%. The stock carries a VGM Score of A. Here V stands for Value, G for Growth and M for Momentum with the score being a weighted combination of all the three factors.Last year, the company reported revenues worth $3.24 billion, up 113% year over year.Now let’s dig deeper to find out what makes it an investor favorite.The company continues to benefit from its Investment Technology Group, Inc. buyout that was completed in 2019, which helped it win institutional clients. In around two years from the closure, the transaction contributed to growth in the company’s Execution Services segment.In 2020 and during the first half of 2021, revenues from this segment grew 32.2% and 5.6% year over year, respectively, on the back of commissions, workflow technology and analytics. We expect the segment to continue performing well, given the current market scenario.Virtu Financial’s solvency level also remains a positive. The company already paid down debt worth $289 million in 2020. Repayment of debt enabled it to successfully reduce the debt by 16.5% from the 2019-end figure to $1.67 billion as of Dec 31, 2020. In the first six months of 2021, long-term debt dipped 2.2% to $1.6 billion from the level at 2020 end. Virtu Financial has plans to use its free cash flow to decrease the term debt.On the back of its financial strength, the company deployed capital in the form of dividends for 23 straight quarters. The board members sanctioned the enhancement of share buyback plan to $470 million. It even extended the duration of the same through May 4, 2022. Its dividend yield stands at 3.7%, higher than the industry average of 1.5%.Robust cash flows should enable the company to maintain its dividend payment policy along with share repurchases. Its intelligent capital management strategy should raise investors’ optimism on the stock.The metric reflects its efficiency in utilizing its shareholders' funds. Its ROE of 40.1% is higher than the industry average of 20.7%.Further, this miscellaneous financial service provider’s diversified business strengthens its position for the long haul.Price PerformanceShares of this currently Zacks Rank #3 (Hold) company have gained 15.5% in the past year, outperforming its industry’s growth of 7.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchOther companies in the same space, such as TCG BDC, Inc. CGBD, Houlihan Lokey, Inc. HLI and PRA Group, Inc. PRAA have gained 22.5%, 57.7% and 9.9%, respectively. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PRA Group, Inc. (PRAA): Free Stock Analysis Report Virtu Financial, Inc. (VIRT): Free Stock Analysis Report Houlihan Lokey, Inc. (HLI): Free Stock Analysis Report TCG BDC, Inc. (CGBD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 8th, 2021

lululemon (LULU) Ups Buyback Plan, Boosts Shareholders" Wealth

lululemon (LULU) authorizes a $500-million increase to its existing share repurchase plan. Its stock repurchase program has gone up from $141.2 million to $641.2 million. lululemon athletica inc.’s LULU business growth opportunities coupled with efficient operating strategies have helped strengthening its base. This, in turn, is helping the company to boost shareholders’ returns through share-repurchasing activities. In a recent SEC filing, this well-known athletic apparel company announced its plans to expand stock buyback plans. Management stated that as on Oct 1, 2021, the company’s board approved a $500-million increase to its existing share repurchase plan.As a result of this new share repurchase authorization, the company’s stock repurchase program has gone up to $641.2 million from $141.2 million. Management highlighted that the authorization has no limit and does not require the repurchase of a minimum number of shares. During second-quarter fiscal 2021, the company repurchased 0.5 million shares for a total cost of $171.1 million.Share repurchasing actions are a prudent way of maximizing shareholders’ wealth and generating more value. The company’s latest move to raise share buyback program indicates its commitment toward delivering long-term shareholder value and reflects on its confidence in financial position and ability to generate sufficient cash flows.Speaking of lululemon’s financial position, the company ended second-quarter fiscal 2021 with total liquidity of $1.6 billion. This included $1,170 million of cash and cash equivalents along with 397.2 million available under its revolving credit facility.  In the first half of fiscal 2021, the company generated an operating cash flow of $499.8 million.A strong balance sheet backed by robust cash flows over the years has enabled lululemon to support growth initiatives and capital allocation. It incurred capital expenditures of $80 million in the fiscal second quarter. For fiscal 2021, the company anticipates capital expenditures of $365-$375 million. The company’s capital spending is mainly directed toward store relocation, openings and renovations as well as supply-chain investment and technological upgrades to support business growth. Image Source: Zacks Investment ResearchLululemon is on track with its five-year Power of Three plan, which aims at doubling sales in the men’s and digital categories, and quadrupling sales in the international unit by 2023. This five-year plan focuses on three core objectives — product innovation, augmenting omni-guest experiences and market expansion. The company has been boosting its product assortments through well chalked innovations across categories.In efforts to boost e-commerce capabilities, lululemon has been investing in developing sites, building transactional omni functionality and increasing fulfillment capacities. The company continues to strengthen omni-channel functions such as curbside pickups, same day deliveries and BOPUS (buy online pick up in store). It is enhancing features like search, browse, checkout, personalization and payment methods across online platforms.Such well-chalked growth strategies have been aiding the company to uphold its strong brand image in the athletic apparel space as well as meet consumers’ needs aptly.Shares of this Zacks Rank #3 (Hold) company have increased 5.7% in the past three months against the industry’s decline of 0.9%.3 Picks You Can’t Miss Out OnDelta Apparel, Inc. DLA, flaunting a Zacks Rank #1 (Strong Buy), delivered an earnings surprise of 102.2% in the last four quarters, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.G-III Apparel Group, Ltd. GIII, also sporting a Zacks Rank #1, delivered an earnings surprise of 180.5% in the last four quarters, on average.Hanesbrands Inc. HBI, with a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 8.5%. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hanesbrands Inc. (HBI): Free Stock Analysis Report lululemon athletica inc. (LULU): Free Stock Analysis Report GIII Apparel Group, LTD. (GIII): Free Stock Analysis Report Delta Apparel, Inc. (DLA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 6th, 2021

Futures Slide On Evergrande, Stagflation, Energy Crisis Fears

Futures Slide On Evergrande, Stagflation, Energy Crisis Fears Stock futures ticked lower on Monday, hurt by weakening sentiment in Asia and Europe amid growing worries about economic stagflation, the global energy crisis and renewed fears about property developer China Evergrande whose stock was halted overnight in Hong Kong, while Tesla shares rose after reporting a record number of electric vehicle deliveries. At 715 a.m. ET, Dow e-minis were down 114 points, or 0.33%, S&P 500 e-minis were down 16.25 points, or 0.37%, and Nasdaq 100 e-minis were down 73.75 points, or 0.5%. “The global chip and energy shortage is getting worse, the inflation is rising, the recovery may be slowing, and that puts central banks between a rock and a hard place,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “The best they could do is to do nothing, or to tighten their monetary policy to avoid losing control on the economy.” The most notable overnight event was the suspension of trading in shares of debt-laden Evergrande which unsettled markets further about any fallout from its troubles even as media reports said the company would sell a stake in its property management unit for over $5 billion. Wall Street’s main indexes were battered in September, hit by worries about the U.S. debt ceiling, the fate of a massive infrastructure spending bill and the meltdown of heavily indebted China Evergrande Group. On the second trading day of October, investors took a defensive stance, with a cautious approach to riskier assets as a spreading energy crunch meets concerns over the duration of broader rising prices and the tapering of economic stimulus efforts. Investors also kept close watch on rising U.S. Treasury yields after data last week showed increased consumer spending, accelerated factory activity and elevated inflation growth, which could help push the Federal Reserve towards tightening its accommodative monetary policy sooner than expected. Among individual stocks, Merck & Co. extended its gains from Friday on the results of its experimental Covid pill. The stock climbed 2.6% premarket. 3M shares fell 1.5% after J.P. Morgan cut its rating on the industrial conglomerate’s stock to “neutral” from “overweight”.  Here are some of the other notable premarket movers today: Tesla (TSLA  US) shares climb 2.6% higher in U.S. premarket trading after the electric car maker reported record 3Q deliveries that easily beat estimates Amplify Energy (AMPY US) shares plummet 33% in premarket trading after California beaches in northern Orange County were closed and wetlands contaminated by a huge oil spill caused by a broken pipeline off the coast DHT Holdings (DHT US) shares rose as much as 3.7% in Friday extended trading after the company said it bought 1.23m of its own shares Offerpad Solutions (OPAD US) was down 3.1% Friday postmarket after registering shares for potential sale Adverum Biotechnologies (ADVM US) shares rose as much as 23% in Friday extended trading after co. reported new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal injection gene therapy Markets also awaited U.S. Joe Biden’s new plan on China trade strategy, with U.S. Trade Representative Katherine Tai set for new talks with Beijing later in the day over its failure to keep promises made in a “Phase 1” trade deal struck with former President Donald Trump. Biden's new plan follows a top-to-bottom review of import tariffs and other measures imposed by the Trump administration; reports also said that USTR will today say that China is not complying with the Phase 1 deal. Europe's Stoxx 600 Index trades flat, erasing earlier losses of as much as 0.6%, helped by gains in health care and basic resources shares. The healthcare sub index rose 0.8% after AstraZeneca’s Enhertu got a breakthrough therapy designation while basic resources sub-index up 0.3% as iron ore rallies. Euro Stoxx 50 is down 0.2% having declined as much as 1% at the open. FTSE MIB lags on the recovery; FTSE 100 trades flat. Autos, banks and travel names are the weakest sectors. Here are some of the biggest European movers today: Adler Group shares jump as much as 18%, briefly erasing the previous week’s declines, after the firm said it’s reviewing strategic options that may result in a sale of assets Wm Morrison declines as much as 3.8% after the offer terms from winning bidder CD&R disappointed investors Sainsbury rises as much as 5.9% and Tesco gains 1.7% on speculation that CD&R’s Morrison deal may drive further interest in Britain’s grocery sector at a time when cash-rich buyout funds are stalking undervalued U.K. companies; also, a report says Tesco will announce a share buyback program this week Plus500 gains as much as 6.1% after the contracts-for-difference trading firm says full-year profit will beat market expectations Bewi rises as much as 9.9% after the owner of 50% of building products company Jackon Holding accepted Bewi’s offer BT slumps as much as 7.8% to a six-month low following a Telegraph report that Sky is closing in on a broadband investment deal with Virgin Media O2, raising worries over competition Azelio falls as much as 22% after newspaper Dagens Industri raised questions about orders for the renewable energy equipment developer Aryzta tumbles as much as 13% after results, halting a four-day winning streak Frasers falls as much as 12%, the most since December. Bank of America cut the owner of the Sports Direct retail chain to underperform from buy Asia stocks also declined, with Hong Kong shares a drag, after debt-ridden China Evergrande Group’s trading was suspended while investors also sold health care-related names and appeared wary heading into the final quarter of 2021. The MSCI Asia Pacific Index slipped as much as 0.8%. Vaccine maker CanSino Biologics and Shanghai Fosun Pharmaceutical Group were the biggest decliners on the measure as Merck & Co. said its experimental Covid-19 antiviral pill cuts the risk of hospitalization and death in half. “Investors will need to take a sell-first ask-later stance given current elevated valuation levels of vaccine stocks,” said Justin Tang, head of Asian research at United First Partners. Also weighing on traders’ minds is the global energy crisis, which has spread to India and is stoking inflation concerns. Speculation about the potential restructuring of China Evergrande Group, which has suspended trading of its Hong Kong shares, is also affecting sentiment at a time liquidity is thinner. The mainland Chinese market is closed through Thursday for Golden Week holidays. Singapore’s benchmark Straits Times Index was among the top-performing gauges in Asia Pacific as the country takes steps toward further reopening. Measures across the cyclicals-heavy Southeast Asian markets also rose, while tech stocks including Alibaba and Meituan took a hit. Asian assets will be sold alongside global peers in the short term, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. “But we think cyclical sectors, especially exporters, should also perform well for the rest of the year, especially as more Asian economies are seeing a rising level of vaccination,” he added. Japanese equities fell for a sixth-straight day, as investor concerns deepened over contagion from China’s real-estate sector woes on the suspension of trading in shares of Evergrande and its property management unit. Electronics makers were the biggest drag on the Topix, which declined 0.6%, capping its worst losing streak since February 2020. Tokyo Electron and Fanuc were the largest contributors to a 1.1% drop in the Nikkei 225. “It’s possible Evergrande news flow is impacting Japan stocks, the issues surrounding the property firm aren’t resolved,” said Mamoru Shimode, chief strategist at Resona Asset Management. “It’s also important to keep in mind markets overall have been in risk-off mood since the latter half of September.” Travel and retail stocks gained, following U.S. peers higher after promising results for Merck’s experimental Covid-19 pill and amid signs of a pick-up in Japanese department-store sales. Meanwhile, Fumio Kishida was appointed prime minister by parliament Monday, and was set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. In rates, Treasuries are near session lows, the 10Y TSY pushing on 1.50% cheaper by ~3.5bp on the day and near middle of last week’s 1.44%-1.565% range in early U.S. session after erasing gains that pushed yields to lowest levels in a week. 5s30s curve at ~111.7bp is steeper by nearly 2bp, probing 50-DMA and approaching last week’s high. Gilts led the selloff during European morning as regional stocks recovered from a weak open. Curve steepens, with long-end yields cheaper by around 4bp vs Friday’s close.  Peripheral spreads widen with long end Italy underperforming. Semi-core spreads tighten at the margin. In FX, Bloomberg dollar index is little changed; NOK, CAD and CHF are the best performers in G-10, JPY lags but trading ranges are narrow. Crude futures hold slightly in the red in choppy trade. The Bloomberg Dollar Spot Index was steady and the greenback traded in tight ranges against its Group-of-10 peers. The euro reversed a modest decline to trade above $1.16, while the pound hovered after touching its highest level in nearly a week during the Asia session. Expected volatility is now at the highest in five months. The currency fell to a year-to-date low last week amid concerns over soaring energy prices, falling business confidence and the end of the government’s furlough scheme. The Aussie dollar was flat and option markets aren’t expecting the RBA’s policy decision Tuesday to be an eventful one for spot. The yen inched lower after earlier touching a one-week high when concern over potential contagion from indebted Chinese developer Evergrande weighed on Japanese stocks. In commodities, WTI is down 0.25% near $75.70, Brent just 0.1% lower near $79.20 ahead of today’s OPEC+ virtual gathering. Spot gold drops ~$10 to test Friday’s low near $1,750/oz. Base metals trade well with LME aluminum and zinc rising over 1% to outperform peers. Bitcoin and cryptos dropped after a burst higher late on Sunday, following the China Evergrande suspension even though i) the news appears to be positive and is in relation to the latest asset sale and ii) China has banned trading in cryptos, so it wasn't exactly clear why any mainlanders would be selling to meet margin calls. On today's calendar, we get August factory orders, and the final August durable goods orders, core capital goods orders. We also get more central bank speakers including Fed's Bullard, BoE’s Ramsden, ECB Vice President de Guindos and ECB’s Makhlouf. Market Snapshot S&P 500 futures down 0.4% to 4,324.25 STOXX Europe 600 little changed at 453.24 MXAP down 0.5% to 194.02 MXAPJ down 0.3% to 629.26 Nikkei down 1.1% to 28,444.89 Topix down 0.6% to 1,973.92 Hang Seng Index down 2.2% to 24,036.37 Shanghai Composite up 0.9% to 3,568.17 Sensex up 1.1% to 59,391.71 Australia S&P/ASX 200 up 1.3% to 7,278.54 Kospi down 1.6% to 3,019.18 Brent Futures little changed at $79.22/bbl Gold spot down 0.5% to $1,752.29 U.S. Dollar Index little changed at 93.96 German 10Y yield rose 1.4 bps to -0.210% Euro up 0.1% to $1.1613 Top Overnight News from Bloomberg China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much- needed cash U.K. Prime Minister Boris Johnson said he won’t fall back on immigration to solve the U.K.’s truck driver shortage, as he presented supply chain troubles that have left supermarket shelves bare and gas stations dry as a “period of adjustment” in the wake of Brexit and the pandemic House Speaker Nancy Pelosi reset the clock on Saturday, giving lawmakers until Halloween to strike a deal on both the bipartisan $550 billion infrastructure deal and a broader, signature package of social spending, health care and tax measures they must pass with only Democratic votes Germany’s Social Democrats under chancellor-in-waiting Olaf Scholz signaled progress in talks with the Greens on forming a coalition government with the Free Democrats, while Angela Merkel’s bloc kept the door ajar for a conservative-led alliance Japan’s Fumio Kishida was appointed prime minister by parliament Monday, and is set to reveal a new cabinet lineup as he seeks to revive support for his ruling party ahead of a general election that could likely come this month. A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed as ongoing Evergrande default concerns clouded over the initial optimism following Friday’s rebound on Wall St where all major indices found some reprieve from last week’s downturn, although the S&P 500 still suffered its worst weekly performance since February and US equity futures also failed to hold on to opening gains with this week’s upcoming risk events adding to the cautiousness including the OPEC+ meeting later today, a bout of Asia-Pac central bank policy decisions from Tuesday and Friday’s NFP job data. The ASX 200 (+1.3%) outperformed, with the index unfazed by the absence of key market participants with mainland China away for Golden Week, South Korea closed due to National Foundation Day, and amid the quasi-holiday conditions in Australia as New South Wales observed Labour Day. Nonetheless, the local benchmark was propped up by the top-weighted financials sector with shares in Australia’s largest bank CBA boosted following a AUD 6.0bln off-market buyback and with reopening stocks, especially those in the travel industry, among the biggest gainers. The Nikkei 225 (-1.1%) wiped out its opening advances despite the lack of significant news catalyst for the reversal which was spearheaded by exporter names, while the focus in Japan turned to PM Kishida’s confirmation in parliament and for details of the new Cabinet members. The Hang Seng (-2.2%) was heavily pressured by losses in health and biotech stocks, while property names also suffered amid the current Evergrande fears after a USD 260mln note from Jumbo Fortune Enterprises matured on Sunday which was guaranteed by China Evergrande Group and its unit Tianji Holding Ltd, while there is no grace period for the payment but five days will be allowed for administrative or technical errors. Furthermore, shares of Evergrande, its property services unit and structured products have all been halted which reports circulating that Hopson Development is to acquire a 51% stake in Evergrande Property Services for HKD 40bln. Finally, 10yr JGBs tracked recent upside in T-notes and with support also from the negative mood in Japanese stocks, as well as the BoJ’s presence in the market for over JPY 1tln of JGBs mostly concentrated in 1yr-5yr maturities. Top Asian News Singapore Eyes More Vaccinated Travel Lanes in Cautious Reopen India Farm Protests Gather Momentum After 4 Demonstrators Killed U.S. Natural Gas Jumps Amid Strong Overseas Demand for Fuel Suzuki Takes Japan Finance Reins as Election, Stimulus Loom Major bourses in Europe have adopted somewhat of a mixed picture (Euro Stoxx 50 Unch; Stoxx 600 -0.2%), following on from the broad-based downbeat cash open seen as Europe picked up the baton from APAC. US equity futures see modest losses across the board but have again drifted off worst levels. Nonetheless, the NQ (-0.5%) remains the slight laggard vs its RTY (-0.1%), ES (-0.2%) and YM (-0.4%) counterparts. Sectors are now mixed with a slight defensive tilt, with Healthcare and Food & Beverages among the top gainers, whilst financials bear the brunt of the yield decline on Friday, with Banks at the foot of the bunch. In terms of individual movers, Morrisons (-3.8%) has accepted CD&R’s takeover offer, which has left Fortress empty-handed but has fanned speculation that the group may look towards Sainsbury’s (+5.9%), Tesco (+1.7%) or Marks & Spencer (+1.5%) as potential targets, with the former being the best suitor, according to reports. Elsewhere BT (-7%) plumbed the depths with some citing reports that Sky is to partner with Virgin Media-O2 in a move set to intensify the challenge to BT’s infrastructure builder Openreach. Top European News U.K.’s Fuel Crisis Has at Least a Week to Run as Army Steps In Adler Group Weighs Asset Sales to Cut Debt After Multiple Bids Amazon Rival Noon to Raise $2 Billion From Backers Including PIF Romanian Billionaire Petrescu Dies in Plane Crash Near Milan In FX, the broader Dollar and index remain caged to a tight range, with the latter within a narrow 93.900-94.104 band after last week printing a new YTD peak at 94.504. The Dollar remains on standby as risk events are abundant this coming week, including deliberations on Capitol Hill and Friday’s NFP. In terms of the developments in Washington, congressional leaders set a new unofficial month-end deadline to pass the infrastructure bill, and USD 3.5tln spending package, and House progressives were reported to offer to reduce spending to save the bill and are willing to compromise on the USD 3.5tln amount with limits but rejected moderate Democrat Senator Manchin’s USD 1.5tln offer. Over to the Fed and a story to keep on the radar - Fed’s Clarida (seen as the nucleus of the Fed) reportedly shifted out of a bond fund into a stock fund last year, which occurred a day prior to Fed Chair Powell issuing a statement of potential policy action due to the pandemic. A spokesperson passed this off as “pre-planned” balancing, but a similar situation led to the early resignation of Kaplan and Rosengren. Elsewhere, USTR Tai is to today unveil the China trade policy following a top-to-bottom review of the Trump admin’s tariffs and other measures. The pre-release noted that the US would begin a process to exempt certain products from tariffs on Chinese imports, with the US also seeking a meeting on Phase 1. That being said, officials noted that all tools remain on the table when asked about further tariffs. Net-net, the release was constructive and, as such, provided tailwinds to the CNH, whereby USD/CNH dipped from 6.4560 to a low of 6.4385. AUD, NZD, CAD - The non-US Dollars somewhat vary with the Loonie attached to price action in the oil complex heading into the OPEC+ meeting later today. The NZD outperforms in the G10 bunch, with the AUD on the other side of the spectrum in what is a busy central bank week for the antipodeans. The AUD/NZD cross will likely take some focus as the RBNZ is poised to hike its OCR, whilst the RBA is seen holding policy steady. AUD/NZD has made its way back towards 1.4050 from its 1.0485 overnight high. NZD/USD meanders around 0.6950 (0.6927-53 range) whilst AUD/USD hovers around the 0.7250 mark (where AUD 1bln of OpEx resides), with the 21 DMA at 0.7295 and the 50 at 0.7311. EUR, GBP - Both European majors trade relatively flat in the European morning, but Brexit rhetoric has ramped up with UK Brexit Minister Frost warning the EU that the UK is prepared to trigger Article 16 unless the EU agrees to replace the Northern Ireland Protocol. There were separate reports that ministers will be given a deadline of the end of next month to decide on whether to suspend the Northern Ireland Brexit deal unilaterally, and senior sources warned that unless the EU was prepared to engage in a “serious negotiation” during the coming weeks, the government would have no choice but to suspend the deal by December. EUR/GBP topped its 100 and 21 DMAs (both at 0.8566) after finding a floor at its 100 DMA (0.8546). EUR/USD is back above 1.1600 (vs 1.1588 base) with EUR 1bln options expiring at the figure. GBP/USD hovers mid-range between 1.3534-77. In commodities, WTI and Brent front-month futures have clambered off worst levels but remain tentative ahead of the OPEC+ confab later today (full preview in the Newsquawk Research Suite). In terms of the long and short of it, markets expect OPEC+ to stick to its plan of raising monthly oil output by +400k BPD; albeit, some look for a larger-than-planned hike. Oil journalists have said this morning that despite the noise surrounding a greater-than-planned hike, ministers expect the current plan to be maintained, although drama in the meeting cannot be omitted. Upside during the European session coincided with headlines suggesting “OPEC+ is seen keeping output policy unchanged”, citing sources, although this was poorly phrased as it incorrectly intimates production being unchanged as opposed to plans for the 400k BPD hike being unchanged. Other things to be aware of aside from OPEC, BioNTech CEO expects the virus to likely mutate and that a new vaccine formulation could be required by the middle of next year, according to the FT, whilst the Gulf of Oman has seen cyclone Shaheen hit the area, although exports are not expected to be impacted yet aside from a delay in loadings. WTI Nov resides just under 76/bbl (75.30-76.20 range) whilst Brent Dec hovers sub USD 79.50/bbl (78.75-79.50/bbl range.) Elsewhere, spot gold and silver have been drifting lower in tandem with the rise in yields seen throughout the morning, with the former briefly dipping under USD 1,750/oz whilst spot silver fell under USD 22.40/oz. Turning to base metals, LME copper posts modest gains and remains north of USD 9,000/t, with some dip-buying being cited. US Event Calendar 10am: Aug. Cap Goods Ship Nondef Ex Air, prior 0.7% 10am: Aug. Cap Goods Orders Nondef Ex Air, prior 0.5% 10am: Aug. -Less Transportation, prior 0.2% 10am: Aug. Factory Orders Ex Trans, est. 0.4%, prior 0.8% 10am: Aug. Factory Orders, est. 1.0%, prior 0.4% 10am: Aug. Durable Goods Orders, est. 1.8%, prior 1.8% 10am: Fed’s Bullard Takes Part in Panel Discussion on the Economy DB's Jim Reid concludes the overnight wrap It’s certainly an odd financial world at the moment. The negatives are obvious and revolve mostly around delta, weaker than expected growth, the energy crisis, ever higher inflation and tighter central bank policy. The positives are that the base effects with numerous lockdowns imposed in Q4 2020 to at least the start of Q3 2021 mean that it won’t be that difficult for growth to still be numerically healthy for a few more quarters. So once the disappointment of growth not being as high as was hoped at this stage fades we should still be left with decent growth. Famous last words but covid should play less and less part in our lives over the year ahead as vaccines and better treatments (eg Merck antiviral pill news on Friday) become more and more widespread. In addition, stimulus and excess savings remain high and financial conditions are still very loose. While regular readers will know I’ve long been beating the drum on higher inflation and will continue to do so, I’m not convinced that growth is rolling over enough for stagflation to be the best description of the outlook for the next 12 months. However I suppose much depends on how you define it. Whilst on the topic of the energy crisis, the world is full of pictures of the UK population queuing for petrol because of a perceived shortage of HGV drivers. We’ll never know if there was actually a shortage that would have threatened fuel supplies as when the story broke 10 days ago panic set in and we had a fuel run (not as shocking as a bank run but formed from the same cloth) as the population desperately tried to refuel. My wife decided to hold out thinking the situation would resolve itself. However by Saturday night we had 10 miles left in the tank and during the day she had passed 6-7 petrol stations with either no fuel or huge queues. As we were putting the kids to bed she announced that she was getting desperate and stressed about it and was going to go out now as she was worried she wouldn’t be able to take the kids to school this week if she didn’t go out to the local area to try to find petrol. I said she was crazy to go at peak time (partly as I didn’t want to put the kids to bed alone - tough on crutches) and urged her to go very early Sunday morning instead. She ignored me and ventured out on what I thought was a suicide mission. 20 minutes later she was back with a full tank! I’ve no idea how and I won’t ask! I apologised! Outside of all the ongoing energy and stagflation chatter, all roads this week point to payrolls Friday as unless there is a marked deterioration across the whole sweep of labour market indicators within the report, this will likely be the catalyst to cement the November taper barring an exogenous or market shock. Investors will also be increasingly focused on the US debt ceiling deadline, whilst Congress simultaneously grapples with the infrastructure bill and the reconciliation package. Elsewhere on the political scene, coalition negotiations in Germany will be important to look out for, as the parties seek to form a government after the election. Before we look ahead, markets have started the week with a risk-off tone, with Asian equities including the Hang Seng (-2.17%), Kospi (-1.62%), the Nikkei (-0.95%) all moving lower while markets in China remain closed. Stocks pared gains on the news that Evergrande’s trading had been suspended in Hong Kong, with a filing from the Hong Kong Stock Exchange saying that this was “pending the release by the Company of an announcement containing inside information about a major transaction.” Meanwhile Bloomberg reported earlier that Evergrande had guaranteed a dollar note worth $260m with an official due date of Oct 3 by Jumbo Fortune Enterprises, making the effective due date today since maturity was on a Sunday. Elsewhere in Asia, NHK reported that Japan’s incoming Prime Minister, Fumio Kishida, planned to hold a general election on October 31, and looking forward, US equity futures are also pointing lower, with those on the S&P 500 down -0.32%. Looking ahead, the US jobs report will be one of the main macro highlights this week, and follows last month’s release that strongly underwhelmed expectations, with nonfarm payrolls growth of just +235k in August being the slowest since January. So another poor release would not be welcome news even if it did reflect labour shortages. In terms of what to expect this time around, our US economists are forecasting a pickup in September, with nonfarm payrolls growing by +400k, and the unemployment rate ticking down to a post-pandemic low of 5.1%. Remember in the weak report last month, yields rose on the day as markets focused on the wage increases rather than the poor headline number. As we said at the time the bond reaction to last month’s report probably helped signal the end of the extreme positive technicals and short positioning in treasuries. Over the summer strong inflation and decent data couldn’t help treasuries sell off, indicating bullet proof technicals but the period around last month’s release seemed to turn the tide the other way a bit. The other important data release this week will be the global services and composite PMIs out tomorrow, which will give an indication of how the economy has fared into the end of Q3. That said, the flash readings we’ve already had have indicated slowing growth momentum across the major economies, so it will be interesting to see where things progress from here. Turning to the US, negotiations in Congress will be in focus as legislators face the debt ceiling deadline this month (expected to be breached around October 18th according to Treasury Secretary Yellen last week), just as the Democrats are also seeking to pass a $550bn bipartisan infrastructure bill and a reconciliation package. On Saturday, Speaker Pelosi seemed to suggest that the new deadline was October 31st for the bipartisan bill which highlights how much difference there still is between the progressives and moderates on the reconciliation package. Will they eventually find a compromise for a lower amount than the original $3.5tn (maybe around $2tn) that makes nether side happy but gets the legislation through? Staying on the political scene, there’ll also be a focus on coalition negotiations in Germany, where exploratory talks have now begun between the parties. The Greens and the liberal FDP will be key to forming a majority in the new Bundestag, with 210 seats between them, as both the centre-left SPD and the conservative CDU/CSU bloc still hope to lead the next coalition. Initial exploratory talks began with the SPD yesterday, and the FDP have also spoken to the CDU/CSU, with the Greens set to follow tomorrow. On the central bank side it’s a quieter week ahead, with the two G20 policy decisions expected from the Reserve Bank of Australia (tomorrow) and the Reserve Bank of India (Friday). In Australia, our economist is expecting no change in policy and a reaffirmation of their dovish policy outlook. And in India, our economist also expects the MPC to keep all key policy rates unchanged, with our base case remaining for a reverse repo rate liftoff starting from December. The day-by-day calendar is at the end as usual. Back to last week, and global equity markets slid for the third week out of the last four as the S&P 500 fell -2.21%, with a +1.15% increase on Friday not stopping the index from having its worst week since the end of February. The losses were primarily led by growth and technology stocks as the NASDAQ declined -3.20% on the week, while cyclicals such as banks (+1.92%) and energy (+5.78%) stocks outperformed. European equities similarly fell back, as the STOXX 600 ended the week -2.24% lower after Friday’s -0.42% loss came prior to a late US rally. Global sovereign bonds sold off for a sixth straight week, though most of that selling came in the first two days as the global risk-off tone caused investors to search for havens. US 10yr Treasury yields still ended the week up +1.1bps, despite Friday’s -2.6bp decline. Bond yields in Europe moved higher as well, with those on 10yr bunds increasing +0.4bps, to trade at their highest levels since early-July. And 10yr yields on French OATs (+1.2bps) and Italians BTPs (+3.1bps) also rose further. UK gilts underperformed them all with yields increasing +7.7bps. The major driver of the move in global yields was rising inflation expectations with US 10yr breakevens increasing +4.5bps, while 10yr bund and breakevens rose +9.3bps to reach their highest level since 2013 and gilt breakevens (+3.5bps) rose to their highest level since 2008 even though they were much higher mid-week. The US September ISM manufacturing survey rose to 61.1 from 59.9 in the prior month even as supply bottlenecks intensified. This along with strong demand readings from businesses and consumers have led to higher prices which are mostly being passed onto consumers. This was seen in the PCE deflator data from Friday which showed prices rose 4.3% (4.2% expected) y/y with the core reading increasing 3.6% (3.5% expected) y/y. The University of Michigan survey showed respondents’ inflation expectations in a year dropped slightly from the initial reading 4.6% (4.7% initial , 4.8% exp), which was in-line with last month. 5-10yr expectations remain elevated at 3.0%. Overall the sentiment reading of 72.8 (71.0 prior) was better than the initial survey but still was the fifth worst reading in a decade, with only last month and the early months of the pandemic having been lower. Separately, Euro-area inflation reached its highest level since September 2008 on Friday as the headline September CPI print registered at 3.4% y/y (3.3% expected) in September, fuelled by the cost of energy and travel. Meanwhile, in Europe the manufacturing PMI readings were largely in-line with the preliminary readings with the Euro Area print sitting at 58.6 (58.7 prior) with Germany (58.4) and France (55.0) both just under their prior readings. Tyler Durden Mon, 10/04/2021 - 07:55.....»»

Category: dealsSource: nytOct 4th, 2021

PSEG (PEG) Rewards Shareholders With 5.9% Dividend Hike

Public Service Enterprise Group Incorporated (PEG) announces a hike in its common stock dividend by 12 cents per share and a share buyback worth $500 million shares. Public Service Enterprise Group Incorporated PEG, better known as PSEG, recently announced that its boardofdirectors has approved a hikeof 12 cents per share in its common stock dividend for 2022. This marksthe 18th increase dividend payout in the past 18 years.The companyrevealed its plan to buy back sharesworth $500 million after the sale of its Fossil assets are completed. Following the current hike, the company will now a pay a quarterly dividend of 54 cents per share, beginning fromthe first quarter of 2022, reflecting anincreaseof 5.9% hike fromthe prior payout. This represents an attractive annual dividend yield of 3.58%, based on its share price worth as of Sep 28, which came in higher than its industry’s andthe Zacks S&P 500 composite’s yield of3.31% and 1.25%, respectively. Factors Aiding Dividend Hike & Share BuybackUtility industry being less affected by sudden economic fluctuations has certainty of cash inflows from various lines of operations. With consistent cash inflows,PSEG boasts financial flexibility that not only enables it to fund its growth investments but also reward shareholders in the form of dividends and share buyback. PSEG’s financial strength can be gauged from its strong liquidity position. As of June 30, 2021, the company’scash flow from operating activities was $1,049 million, reflecting an improvement from prior quarter’s tally of $1,027 million. With gradual recovery of the economy from the challenges posed by the COVID-19 pandemic, the company may have witnessed improved electricity sales from commercial and industrial business sectors. This might have boosted its operating results in the past couple of months, thereby encouraging its management to take the decision of dividend hike and share repurchase. PSEG aims at utilizing the sale proceeds worth $1.92 billion, following the divestiture its Fossil generating portfolio, in rewarding its shareholders through the aforementioned share buyback commitment of $500 million. The rest of the sale proceeds might be utilized in paying increased dividendsandfurther investment in its infrastructure. Other Utilities Increasing DividendsSupported by consistency in cash flows, other utilities havealso been rewarding shareholders with solid dividend hikes. For instance, in February 2021, Ameren Corporation AEE announced that its board of directors has approved a quarterly cash dividend 55 cents per share, reflecting an increase of 6.8% from prior cash dividend of 51.5 cents per share. In the same month, NextEra Energy NEE announced a 10% hike in its quarterly dividend, reflecting the revised dividend worth 38 cents per share. Similarly, in July,Duke Energy DUK announced an increase of 2.1%in its quarterly dividend to 98.5 cents. Price MovementIn the past one year, shares of PSEG have gained 10.1% compared with the industry’s growth of 6.6%.Image Source: Zacks Investment ResearchZacks RankPSEG carries a Zacks #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ameren Corporation (AEE): Free Stock Analysis Report NextEra Energy, Inc. (NEE): Free Stock Analysis Report Public Service Enterprise Group Incorporated (PEG): Free Stock Analysis Report Duke Energy Corporation (DUK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 29th, 2021

DELL Offers Long-Term Outlook, Launches Share Buyback Program

Dell (DELL) expects to witness revenue CAGR of 3-4% and earnings CAGR of more than 6% through fiscal 2026. The company launches a share buyback plan of $5 billion. Dell Technologies DELL provided a long-term outlook at its online Securities Analyst Meeting on Sep 23. The company expects to witness revenue CAGR of 3-4% and earnings CAGR of more than 6% through fiscal 2026.Net income to adjusted free cash flow conversion is expected to be greater than 100% through this period. Dell targets to return 40-60% of adjusted free cash flow to shareholders through share buybacks and quarterly dividend.In this aspect, Dell announced a share repurchase program worth $5 billion. Upon receiving approval from its board of directors post the VMware VMW spin-off, the company expects to start paying dividend, beginning first-quarter fiscal 2023. Currently, Dell expects to return $1 billion annually through dividend payment.Dell expects the VMware spin-off to complete in early November, subject to closing conditions, including favorable private letter ruling from the IRS.Dell shares increased 3.5% to $102.69 at close on Sep 23. Year to date, Dell shares are up 40.1% compared with the Zacks IT-Services return of 23.8%.Dell Technologies Inc. Price and Consensus Dell Technologies Inc. price-consensus-chart | Dell Technologies Inc. QuoteDell’s Prospects Powered by Edge, Telecom & Multi-CloudDell has been benefiting from strong PC sales due to solid demand for commercial PCs, driven by coronavirus-led remote-working and online-learning wave. Dell was ranked third by both Gartner and IDC among all PC vendors, trailing Lenovo LNVGY and HP HPQ in their latest second-quarter report.Dell now envisions Multi-cloud, Edge and Telecom as its next long-term growth drivers. In its presentation the company stated that 92% of companies are using multiple clouds while 82% uses hybrid cloud environments, up from 55% from five years ago.Edge presents a $110-billion market opportunity with estimated CAGR of 17% over 2020-2024. More than 50% of new IT infrastructure is expected to be deployed at Edge by 2023, which presents tremendous growth opportunity for Dell.Telecom is a $114-billion market opportunity, and is expected to witness a CAGR of 2% over 2020-2024. Dell’s strong partner base presents significant growth opportunities in the expanding 5G ecosystem.Dell’s served addressable market (including hardware, services and software) is currently worth $1.3 trillion and is expected to witness a CAGR of 6% between 2020 and 2024.Dells’ core market, which currently comprises of PC, peripherals, server, storage and hardware deployment and support, is worth $670 billion, and is expected to witness a CAGR of 3% through 2024.Extended markets that include IaaS, technology outsourcing, telecom networking, data management and system infrastructure software are valued at $650 billion and are expected to witness a CAGR of 8% through 2024.Revenue Outlook in DetailDell expects Infrastructure Solutions Group (“ISG”) revenues to grow in fiscal 2022 and 2023, driven by expanding total addressable market.        Dell expects ISG revenues to witness a CAGR of 3-5% through 2026 driven by server market share gain, multi-cloud, telecom and Edge.For Client Solutions Group (“CSG”) revenues are anticipated to witness a CAGR of 2-3% through 2026, driven by the work-from-anywhere trend and small & medium business growth.Dell maintained its third-quarter fiscal 2022 guidance. The company still expects revenues to increase in the mid-to-high teens range on a year-over-year basis and experience above-normal sequential growth.The Zacks Rank #3 (Hold) company expects strong CSG results, with revenues up in high-single digit, sequentially. ISG revenues are expected to grow low-single digit, sequentially. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HP Inc. (HPQ): Free Stock Analysis Report VMware, Inc. (VMW): Free Stock Analysis Report Dell Technologies Inc. (DELL): Free Stock Analysis Report Lenovo Group Ltd. (LNVGY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 24th, 2021

Oil & Gas Stock Roundup Headlined by Chevron & Diamondback

Apart from Chevron (CVX) and Diamondback Energy (FANG) there was news from Royal Dutch Shell (RDS.A), Helmerich & Payne (HP) and Suncor Energy (SU) during the week. It was a week when oil prices bounced back above $70 and natural gas futures registered their highest settlement since February 2014.On the news front, American biggie Chevron CVX broke down its future shift toward an environmentally friendly direction, while shale specialist Diamondback Energy FANG approved a new buyback plan.Overall, it was another good week for the sector. West Texas Intermediate (WTI) crude futures moved up 3.2% to close at $71.97 per barrel and natural gas prices gained 3.4% to reach $5.105 per million British thermal units (MMBtu). Overall, both commodities managed to maintain their forward momentum from the previous three weeks.Coming back to the week ended Sep 17, oil prices rose, underpinned by a report from the Energy Information Administration ("EIA") that showed draws in crude and fuel stockpiles. The commodity was also boosted by the major international forecasters’ encouraging view on oil demand growth next year.Natural gas climbed too, buoyed by the slow restoration of hurricane-affected operations, late-season hot weather and strong LNG export demand.Recap of the Week’s Most-Important Stories1.  At its recent environment-themed presentation titled Energy Transition Spotlight, Chevron said that it will invest 200% more in lower-carbon businesses in the next seven years but stopped short of committing any timeline toward achieving net-zero operations.The U.S. oil major set clear targets to ramp up renewable natural gas output to 40,000 million British thermal units (MMBtu) per day by 2030, while growing hydrogen production to 150,000 tons annually. Besides, the company is rapidly expanding its renewable fuels footprint with daily production capacity estimated to reach 100,000 barrels by the end of this decade, in addition to increasing carbon offsets to 25 million tons per year.As part of this plan, the American energy giant will invest $10 billion in clean energy through 2028, more than triple the $3 billion earmarked earlier. Of the total, $3 billion each will be spent on renewable fuels and carbon capture/storage/offsets, $2 billion on hydrogen, while $2 billion is planned to be used to reduce the emissions intensity of the company’s portfolio. (Key Highlights From Chevron's ESG Investor Day)2.   Shares of Diamondback Energy gained more than 3% on Sep 17, a day after the energy player stated that its plans to distribute 50% of free cash flow to investors were expedited. Beginning fourth quarter of this year, this Permian producer’s business will return free cash flow through its basic dividend and additional shareholder return methods.In order to support this return promise, the Midland, TX-headquartered independent energy firm’s board approved a new share repurchase program worth $2 billion, which was implemented with immediate effect. The move underscores the company’s sound financial position and its commitment to reward its shareholders.A much-improved commodity price scenario and the economic recovery contributed to the balance sheet strength of the energy companies like Diamondback. Benefiting from their robust fundamentals, their cash from operations is now covering capital spending. This provides a sustainable financial framework for these firms to increase cash returns to their shareholders. (Diamondback Shares Gain on $2B Buyback Acceleration)3.  Royal Dutch Shell (RDS.A) has made a final investment decision to construct an 820,000-tonne-per-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands. When completed, the plant will be one of the largest in Europe for producing sustainable aviation fuel (SAF) and renewable diesel from trash.The new plant will help the Netherlands and the rest of Europe in meeting the globally mandated carbon reduction goals. It will also assist the Zacks Rank #2 (Buy) Europe-based energy multinational in meeting its objective of becoming a net-zero emissions energy firm by 2050, in line with society's progress toward the Paris Agreement's climate targets.You can see the complete list of today’s Zacks #1 Rank stocks here.The biofuels plant in Rotterdam is anticipated to start producing in 2024. Using innovative technology created by Shell, it will manufacture low-carbon fuels such as renewable diesel from waste in the form of used cooking oil, waste animal fat, and other agricultural and manufacturing residual items. (Shell to Build Dutch Biofuels Facility to Cut Emissions)4.   Helmerich & Payne HP recently announced a strategic collaboration with The Abu Dhabi National Oil Company (“ADNOC”) and its subsidiary ADNOC Drilling Company wherein ADNOC Drilling will purchase eight FlexRig land rigs from the contract drilling services provider for $86.5 million. Following this buyout, the company will make a $100-million cornerstone investment in ADNOC Drilling's recently announced initial public offering (“IPO”).Earlier, ADNOC expressed its plan to list a 7.5% minority stake in ADNOC Drilling on the Abu Dhabi Securities Exchange in an IPO, reflecting the continuous development, strength and relevance in the Middle Eastern capital city's financial market. ADNOC, a renowned diversified energy and petrochemicals company, and Helmerich & Payne will remain ADNOC Drilling's dedicated, long-term stockholders.The above agreement will help Helmerich & Payne achieve its goal of deploying capital worldwide, especially in the MENA (Middle East and North Africa) area, by boosting its entry into the lucrative and rapidly-rising Abu Dhabi market as a vital platform for further regional expansion. (Helmerich & Payne to Pump $100M Into ADNOC Drilling IPO)5.  Suncor Energy SU recently reached agreements with eight indigenous communities in the Regional Municipality of Wood Buffalo to buy the entire 15% equity stake in Canada's Northern Courier Pipeline Limited Partnership held by TC Energy TRPThe partnership, which comprises Suncor, three First Nations, and five Métis communities will hold a 15% interest in this pipeline asset worth roughly C$1.3 billion, which will generate long- term, consistent earnings that will aid the communities for decades ahead.Suncor will run the pipeline that connects its Fort Hills oil production in Alberta to its East Tank Farm asset after the acquisition is completed. Canada's premier integrated energy company stated that the collaboration is projected to generate gross revenues of around C$16 million per year for its partners and offer stable income. Subject to usual closing conditions and regulatory clearances, the deal is expected to be completed in the fourth quarter of 2021. (Suncor, Indigenous Partners Buy Canadian Pipeline Stake)Price PerformanceThe following table shows the price movement of some major oil and gas players over the past week and during the last six months.Company    Last Week    Last 6 MonthsXOM              +2.2%                -4.1%CVX               +0.7%               -7.5%COP              +5.7%               +13.6%OXY               +7.8%               -7.4%SLB               +5.7%               -2.6%RIG                -4%                   -11.9%VLO               +3.5%               -12.5%MPC              +3.5%               +8.4%The Energy Select Sector SPDR — a popular way to track energy companies — was up 3.2% last week. The best performer was oil and gas producer Occidental Petroleum OXY whose stock climbed 7.8%.Over the past six months, the sector tracker has inched up 0.6%. Upstream biggie ConocoPhillips (COP) was the major gainer during the period, experiencing a 13.6% price appreciation.What’s Next in the Energy World?As the global oil consumption outlook strengthens amid tightening fundamentals, market participants will be closely tracking the regular releases to watch for signs that could further validate the upward momentum. In this context, the U.S. government’s statistics on oil and natural gas — one of the few solid indicators that come out regularly — will be on energy traders' radar. Data on rig count from the oilfield service firm Baker Hughes, which is a pointer to trends in U.S. crude production, is closely followed too. News related to coronavirus vaccine approval/rollout/distribution will be of utmost importance. Finally, investors will be keeping an eye on the health of China’s economy following the Evergrande crisis. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report Helmerich & Payne, Inc. (HP): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report Suncor Energy Inc. (SU): Free Stock Analysis Report TC Energy Corporation (TRP): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 23rd, 2021

Canadian National (CNI) Stock Gains on Buyback Announcement

Canadian National (CNI) aims to improve its operating ratio to 57% next year owing to reduced costs and improved efficiencies. Shares of Canadian National Railway Company CNI were up 2.17% on Sep 17, closing the trading session at $118.31. The uptick followed the railroad operator’s decision to resume its share buyback plan that was cleared by its board in January, 2021.Canadian National aims to complete its remaining share repurchases (C$1.1 billion) by the end of Jan 31, 2022. In a further shareholder-friendly move, the company intends to expand its buyback program to as much as C$5 billion next year.Management also announced that it intends to reduce the capital spending owing to the “current good condition of its network and the company’s continued absolute commitment to safety and customer service”. To this end, the railroad operator aims to lower capex to 17% of its revenues next year. Unless there are significant market shifts, Canadian National looks to maintain its capital budget for the 2023-2024 forecast period at 2022 level. Retaining its efforts to control costs and increase efficiencies, Canadian National aims to achieve an operating ratio (operating expenses as a percentage of revenues) of 57% next year. Adjusted operating ratio was 61.6% in the June quarter. Lower the ratio, the better.The company still anticipates earnings per share to grow in double digits during 2021 from the adjusted earnings of C$5.31 reported in 2020. Earnings per share for 2022 are expected to grow approximately 20%, courtesy of its above-value creation plan. The company is targeting C$700 million of additional operating income in 2022 by virtue of its initiatives.The above announcements came shortly after Canadian National, currently carrying a Zacks Rank #4 (Sell), abandoned its efforts to buy Kansas City Southern KSU. Following its withdrawal, the path is now clear for another bidder Canadian Pacific Railway Company CP to acquire the same.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Even though Canadian National’s takeover bid collapsed, shareholders remain unperturbed as they believe that the company will continue to flourish even without the Kansas City Southern deal.TCI Management Ltd, which is one of Canadian National’s stakeholders with more than 5% interest, is reportedly leading a shareholders’ revolt as it is not happy with the company’s performance and its decision to pursue the Kansas City Southern buyout deal before it eventually fell through following a regulatory setback. TCI Management is looking to replace CEO Jean-Jacques Ruest and four other board members. TCI is looking to get Ruest replaced by Jim Vena, who was recently at the helm of Union Pacific UNP. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Union Pacific Corporation (UNP): Free Stock Analysis Report Canadian National Railway Company (CNI): Free Stock Analysis Report Kansas City Southern (KSU): Free Stock Analysis Report Canadian Pacific Railway Limited (CP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 21st, 2021

Cereal maker launches $400M stock buyback program

Post Holdings Inc., the Brentwood-based maker of cereal and other consumer packaged goods, has launched a new $400 million share repurchase plan, effective Wednesday, following approval by its board of directors. The new plan replaces the company's pr.....»»

Category: topSource: bizjournalsSep 4th, 2019

Jagran Prakashan rebounds from 52-week low on share buyback plan

The stock opened 5% higher at Rs 164 on the BSE after the company said its board scheduled to meet on Friday, 27th April, 2018 to consider the proposal for buy-back of shares......»»

Category: topSource: business-standardApr 18th, 2018

Vistra Energy board authorizes $500M share buyback plan

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallJun 12th, 2018

Allergan (AGN) Beats on Q2 Earnings, Unveils Buyback Plan

Allergan (AGN) beats second-quarter estimates for earnings and sales and raises its full-year outlook for both the metrics. The board authorizes a new $2.0 billion share buyback plan. Allergan plc’s AGN second-quarter 2018 earnings .....»»

Category: smallbizSource: nytJul 26th, 2018

Berkshire Hathaway could reveal share buy back plan Saturday

After Berkshire Hathaway's board changed its share buyback policy in July, investors have awaited word on a formal plan. They may hear about one as early as Saturday......»»

Category: topSource: moneycentralAug 3rd, 2018

Boeing raises its dividend 20%, boosts buyback plan to $20B

Despite growing concerns that the global economy is slowing down, Boeing sent a big message to shareholders it remains upbeat about its business. The board voted Monday to raise its quarterly dividend 20 percent to $2.05 per share in 2019......»»

Category: topSource: moneycentralDec 17th, 2018

Best Buy announces $3 billion buyback plan, shares spike to 3-month high (BBY)

Associated Press/Bebeto Matthews Best Buy's holiday quarter beat on the top and bottom lines.  The big-box retailer's board approved a new $3 billion share buyback plan.  Shares surged nearly 1.....»»

Category: topSource: businessinsiderFeb 27th, 2019

James Gorman: We’re Seeing Fruits Of Long-Term Strategy

Following is the unofficial transcript of a CNBC interview with Morgan Stanley (NYSE:MS) Chairman & CEO James Gorman on CNBC’s “Squawk on the Street” (M-F, 9AM-11AM ET) today, Thursday, October 14th. Following is a link to video on CNBC.com: Q3 2021 hedge fund letters, conferences and more Morgan Stanley CEO Gorman: We’re Seeing Fruits Of […] Following is the unofficial transcript of a CNBC interview with Morgan Stanley (NYSE:MS) Chairman & CEO James Gorman on CNBC’s “Squawk on the Street” (M-F, 9AM-11AM ET) today, Thursday, October 14th. Following is a link to video on CNBC.com: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Morgan Stanley CEO Gorman: We’re Seeing Fruits Of Long-Term Strategy JIM CRAMER: Chairman and CEO James Gorman. Welcome to “Squawk on the Street,” thank you for, for coming in to talk about how well your, your bank is doing. JAMES GORMAN: Happy to do it as long as you don't ask me to go on Jeopardy, Jim. CRAMER: No, we're gonna hold off on that. That's a different, different subject. But, you know what, you deserve to be on because, you know, what is the best wealth management business in the world. 300 billion in new money this year, what is happening that people can bring in 300 billion in wealth management? GORMAN: Yes, it's amazing. I mean the team's done an unbelievable job. The reality is we're managing, you know, over four trillion, nearly four and a half trillion and with success comes success. We have a lot of clients who feel very comfortable with the brand, the platform. The technology we've invested in through E*TRADE. I mean it's just, it's all come together. This has sort of been our dream for over a decade and finally we're seeing the fruits but I mean, 12 years ago or so, I think our assets were about 500 billion. So, they've gone up, eight, nine times in that period and as you know, this is very sticky money. It's a great business so we're thrilled. CRAMER: Well that's what we're going to talk about. At one point, Morgan Stanley before you came in, had what I regarded as episodic earnings. They’d be good, and then bad and good and bad and therefore it's very hard to give a price earnings multiple. The business that you're bringing in, including by the way E*TRADE, is really sticky and steadily growth, growth, secular growth. And I'm wondering what you when you sit around your board meetings, doesn't someone say, you know what, how come we're still at 12 times earnings because this is a secular growth story, it's not cyclical, I'm trying to understand why you're not given a greater price. GORMAN: Yeah, well it's getting there. I mean to be fair we were, you know, we were sub 10 and I thought that was just nuts. We’re now managing if you put wealth and asset management together, which gives us the balance, that's about six and a half trillion on that we're generating revenues of over 30 billion. Just that, and that's very sticky but on the other hand the investment bank and what it's done the resurgence of fixed income after it was restructured dramatically in 2015. You know, equities is number one, the investment bank itself and M&A is on fire, the equity underwriting. So, Jim, it’s this balance and speed concept that I've talked about, and, you know, we're starting to get the multiple. I mean we're getting the recognition, you look at some of the other pure wealth players in the marketplace, they're trading at, you know, 20, 30 times earnings, you know, we'd love a piece of that and I think our investors are starting to understand that so it's getting there. CRAMER: Well I think it is. I mean if you added buy now, pay later, I guess we get 30 times earnings. I’m always struggling about the love of Robinhood and how important it is and I want to stack that up against you and I want you to include a company that you bought at the time was called Solium but it's a company that you've made into Shareworks, who is a younger investment base and whose base is larger? GORMAN: Well first I have a lot of respect for Robinhood. I mean what they do introducing a lot of young investors to the marketplaces. I know you've said this and I believe that that's a good thing and as long as they’re prudently investing they understand the markets go up but they also go down then, you know, we're, they've got ,they've got a real winner so a lot of respect for what those guys have done. But, you know, we've sort of done the same thing but we've done it within the Morgan Stanley platform and brands so maybe it doesn't get that kind of recognition solely as a technology company. I mean that's basically 300 programmers they gave us an opportunity to get into the workplace space between Solium and E*TRADE and our existing business, we're touching over 30 million households and they’re wealthy households, right. There's significant money and by the way they want to borrow and they want to park their cash there, they're taking out mortgages, so it's got multiple verticals so if we can, we can go after to help these people find financial stability and that's what I'm really excited about. It's the combination of the traditional advisor model, the E*TRADE direct model and the solely Morgan Stanley workplace model. We're getting people at work, you're getting them online and you're getting them through an advisor and that to me is the magic mousetrap. DAVID FABER: James, it’s David. You know, I’m looking at your stock price which is not doing much of anything right now and I'm wondering, is it the perhaps because people think when it comes to capital markets, this thing just can't keep going at this rate. You pointed it out, of course, whether it's fixed income or now equities, you know, the outperformance of expectations, the percentage gains, year over year or from ’19. I don't know if you've ever seen anything like this in your career but can it continue at this rate? GORMAN: Oh, sure, sure it can and listen the market, you know, I don't have a problem when I see the market if our stock is at $100 I don’t know I haven't, I can’t look at the screen right now because I'm looking at your camera but we’re at that or about that, you know, we were $50 a year ago, the stock was up 34% I think in 2020 during COVID. We’re up 40 plus percent this year already. I mean it's, it's, you know, the market cap is over 180 billion it's had a phenomenal run, but there's a whole lot more to go. I mean if you, if you take that thread that Jim was pulling on about the mobile expansion and you take the fact that we built these enormous businesses that have huge scale advantages and, and to operate on a global basis, as you know, David in M&A and capital markets across borders, that's not an easy lift. You don't just turn up one day and say that's the business I want to be in. You got to build that over decades. So, I think they're incredibly resilient, the share gains that we've done through the institutional side, you know, have worked out great and I think it's gonna keep going. I'm really positive on the story— FABER: You do I mean because— GORMAN: We brought a market environment so— FABER: Right but we watch it no I mean, we're here at the New York Stock Exchange. We see the listings happen for a long time it was Chinese companies then it was SPACs then it was now it's just straight IPOs. That's one part of capital markets activity but you really expect that you're always, I mean that you're going to maintain these kinds of growth rates when it comes to equities under a fixed income for the next year or two? GORMAN: You know, yeah, we're not going to compound at this level but look at some of the other things going on, I mean you've got global GDP growth in pretty much every major economy in the world is going through global GDP growth. We've got enormous fiscal stimulus. We've got record low interest rates, people want to transact, you've got the, you know, the move from commercial lending to capital markets across all of Europe is still in the very early days so, you know, I'm not uncomfortable in saying we've got we clearly have a growth platform out there, whether it will be at the level we're seeing right now in M&A, obviously not. That's our pipeline suggests that's with us for a while to come, but that's not going to be, you know, over the next five years. We're not going to maintain that kind of growth, but the resilience of the model, the scale advantages, we've got the efficiency ratio now under 70%. I mean all these things are real, then when you double the dividend which we did, you're giving investors, you know, a 2.8% yield at 100 bucks. I mean that's not for nothing, right, and you're buying back about 3% of stocks so investors are getting a return of 7% before we get any of that through. CARL QUINTANILLA: James, one of the headlines from the call was about crypto where you said it's not a huge part of the business demand from our clients. Is that because it's early days, do you expect that to change? GORMAN: You know, Carl, you know, I’ve said this before I think crypto, you know, it's not a fad. It's not going away and obviously the blockchain technology supporting it is a real innovation. We're not seeing among very wealthy clients they might put, you know, I talked to people maybe 1% of their portfolio in it. Nobody's putting 10% of their portfolio into it. So, it's an interesting thing I mean a lot of people want to participate, they don't know how crypto is all really going to play out. I see, you know, Bitcoin this morning I think it's trading. I don't know 55,000, 60,000. So, a lot of people made a lot of money on it but it's not, it's not a core part of their diversification strategy. It's an option that they're playing out and with very wealthy people. Now with some of the younger folks, it's it's different. They, they're using, they've got less money at risk and frankly they're at a stage in life they can take more risks so you're seeing more, more interest at that level. E*TRADE had much more interest than the traditional Morgan Stanley client base. CRAMER: That makes sense. James, you have drawn a line in the sand with people coming to work, people showing up, being able to judge someone as a first-year associate, second year, third, very traditional and I've always felt very right. Pushback? People think that you're wrong, people not wanting to go to Morgan Stanley versus other places, what is the culture right now on this issue? GORMAN: Yeah, I don't think there's been a decision I've made that I haven't had some pushback it's, I tell people you don't get just the good bits of being a leader, you get the good and bad bits and some of it is people don't like it when you make decisions. And by the way that counts for everything from what you put in programming on the show to, you know, what's going on in politics. So that's okay, I can deal with that and, you know, fundamentally what I said was and, you know, the quote I use which got a lot of attention was, “If you can go to a restaurant, you can go to the office.” What I didn't say Jim was and you've got to be in the office five days a week forever. Clearly, we've moved to a more flexible work environment but we'd like to see people in and around their colleagues at least several days a week. I mean, let's that's how we do our best work, that's where our best innovation happens from bringing people together and training and developing them. I mean it's okay for me working from home. I've, I'm at the tail end of my career. For the kids who are 25, they want to be in and around and learn from the seniors so again we'll be flexible and we are being flexible, but we still want to see you in the office some of the time job dependent, etc. We've had some folks as you would imagine on the trading floor they’ve been in five days a week from the get go and that's what their job demanded. Client facing people have to do what the clients want, so we'll be flexible, but we're certainly intentional. I think it's very important to share your learning and development skills with the young kids. FABER: Yeah, I think there's no doubt. I do sense frustration from some of your peers, James, though in terms of people not showing up on Fridays and yet knowing at this point as you say flexibility is part of the allure for other employers and seems to be something that you simply have to provide regardless of whether you want to. Do you agree? GORMAN: I don't know. I mean, David, you know, it's interesting some of the early companies that came out and said, you can absolutely do whatever you like in terms of working, they've retracted from that. I mean it's not every employee gets to choose exactly how they work in the same way they don't choose how they get paid or when they get promoted. Now there's got to be a balance in this so you're not going to please everybody on this topic. What I've said is between now and the end of the year, we're still in the category of what can we do from a health and safety. In New York City, for example, we require you to be vaccinated to come into the buildings. Guess what? 96% of our employees are vaccinated and they showed us their attestation cards. Other parts of the world, they're not even open. Now, you know, Australia, where I grew up, I mean they've barely opened the economy up yet they're still, you know, in lockdown phases in different parts of the country. By 2022, ‘23, then we'll really see what the right model is by business group and then by individual. CRAMER: Well, I've got to tell you James, the stock is down which is a rare opportunity because this was a great quarter. My charitable trust owns it. We talk about it a lot when it comes to the CNBC Investing Club and I just can't thank you enough for coming on and explaining why your bank is different and positive and I think much better than almost everybody else in the industry. James Gorman, CEO of Morgan Stanley. GORMAN: Thanks, thanks guys and by the way, the stock being down it's not all bad news. We are in the middle of a big buyback program so I’m okay— FABER: There you go. Alright. Updated on Oct 14, 2021, 12:20 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 14th, 2021

Commercial Metals stock gains after dividend raised 17%, new $350 million stock buyback plan announced

Shares of Commercial Metals Co. tacked on 0.6% in premarket trading Wednesday, after the steel and metal products maker said it raised its dividend by 17% and announced a new $350 million stock repurchase program. The company said its new quarterly dividend of 14 cents a share, up from 12 cents a share, will be payable Nov. 10 to shareholders of record on Oct. 27. Based on Tuesday's stock closing price of $32.21, the new annual dividend rate implies a dividend yield of 1.74%, compared with the implied yield for the S&P 500 of 1.39%, according to FactSet. The new stock buyback program replaces the existing plan which had $27 million remaining as of Aug. 31. The new program represents about 9% of CMC's market capitalization of $3.88 billion as of Tuesday's close. The stock has run up 56.8% year to date through Tuesday, while the S&P 500 has gained 15.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 13th, 2021

Futures Reverse Losses Ahead Of Key CPI Report

Futures Reverse Losses Ahead Of Key CPI Report For the second day in a row, an overnight slump in equity futures sparked by concerns about iPhone sales (with Bloomberg reporting at the close on Tuesday that iPhone 13 production target may be cut by 10mm units due to chip shortages) and driven be more weakness out of China was rescued thanks to aggressive buying around the European open. At 800 a.m. ET, Dow e-minis were up 35 points, or 0.1%, S&P 500 e-minis were up 10.25 points, or 0.24%, and Nasdaq 100 e-minis were up 58.50 points, or 0.4% ahead of the CPI report due at 830am ET. 10Y yields dipped to 1.566%, the dollar was lower and Brent crude dropped below $83. JPMorgan rose as much as 0.8% in premarket trading after the firm’s merger advisory business reported its best quarterly profit. On the other end, Apple dropped 1% lower in premarket trading, a day after Bloomberg reported that the technology giant is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units due to prolonged chip shortages. Here are some of the biggest U.S. movers today: Suppliers Skyworks Solutions (SWKS US), Qorvo (ORVO) and Cirrus Logic (CRUS US) slipped Tuesday postmarket Koss (KOSS US) shares jump 23% in U.S. premarket trading in an extension of Tuesday’s surge after tech giant Apple was rebuffed in two patent challenges against the headphones and speakers firm Qualcomm (QCOM US) shares were up 2.7% in U.S. premarket trading after it announced a $10.0 billion stock buyback International Paper (IP US) in focus after its board authorized a program to acquire up to $2b of the company’s common stock; cut quarterly dividend by 5c per share Smart Global (SGH US) shares rose 2% Tuesday postmarket after it reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate Wayfair (W US) shares slide 1.8% in thin premarket trading after the stock gets tactical downgrade to hold at Jefferies Plug Power (PLUG US) gains 4.9% in premarket trading after Morgan Stanley upgrades the fuel cell systems company to overweight, saying in note that it’s “particularly well positioned” to be a leader in the hydrogen economy Wall Street ended lower in choppy trading on Tuesday, as investors grew jittery in the run-up to earnings amid worries about supply chain problems and higher prices affecting businesses emerging from the pandemic. As we noted last night, the S&P 500 has gone 27 straight days without rallying to a fresh high, the longest such stretch since last September, signaling some fatigue in the dip-buying that pushed the market up from drops earlier this year. Focus now turn to inflation data, due at 0830 a.m. ET, which will cement the imminent arrival of the Fed's taper.  "A strong inflation will only reinforce the expectation that the Fed would start tapering its bond purchases by next month, that's already priced in," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Yet, a too strong figure could boost expectations of an earlier rate hike from the Fed and that is not necessarily fully priced in." The minutes of the Federal Reserve's September policy meeting, due later in the day, will also be scrutinized for signals that the days of crisis-era policy were numbered. Most European equities reverse small opening losses and were last up about 0.5%, as news that German software giant SAP increased its revenue forecast led tech stocks higher. DAX gained 0.7% with tech, retail and travel names leading. FTSE 100, FTSE MIB and IBEX remained in the red. Here are some of the biggest European movers today: Entra shares gain as much as 10% after Balder increases its stake and says it intends to submit a mandatory offer. Spie jumps as much as 10%, the biggest intraday gain in more than a year, after the French company pulled out of the process to buy Engie’s Equans services unit. Man Group rises as much as 8.3% after the world’s largest publicly traded hedge fund announced quarterly record inflows. 3Q21 net inflows were a “clear beat” and confirm pipeline strength, Morgan Stanley said in a note. Barratt Developments climbs as much as 6.3%, with analysts saying the U.K. homebuilder’s update shows current trading is improving. Recticel climbs 15% to its highest level in more than 20 years as the stock resumes trading after the company announced plans to sell its foams unit to Carpenter Co. Bossard Holding rises as much as 9.1% to a record high after the company reported 3Q earnings that ZKB said show strong growth. Sartorius gains as much as 5.9% after Kepler Cheuvreux upgrades to hold from sell and raises its price target, saying it expects “impressive earnings growth” to continue for the lab equipment company. SAP jumps as much as 5% after the German software giant increased its revenue forecast owing to accelerating cloud sales. Just Eat Takeaway slides as much as 5.8% in Amsterdam to the lowest since March 2020 after a 3Q trading update. Analysts flagged disappointing orders as pandemic restrictions eased, and an underwhelming performance in the online food delivery firm’s U.S. market. Earlier in the session, Asian stocks posted a modest advance as investors awaited key inflation data out of the U.S. and Hong Kong closed its equity market because of typhoon Kompasu. The MSCI Asia Pacific Index rose 0.2% after fluctuating between gains and losses, with chip and electronics manufacturers sliding amid concerns over memory chip supply-chain issues and Apple’s iPhone 13 production targets. Hong Kong’s $6.3 trillion market was shut as strong winds and rain hit the financial hub.  “Broader supply tightness continues to be a real issue across a number of end markets,” Morgan Stanley analysts including Katy L. Huberty wrote in a note. The most significant iPhone production bottleneck stems from a “shortage of camera modules for the iPhone 13 Pro/Pro Max due to low utilization rates at a Sharp factory in southern Vietnam,” they added. Wednesday’s direction-less trading illustrated the uncertainty in Asian markets as traders reassess earnings forecasts to factor in inflation and supply chain concerns. U.S. consumer price index figures and FOMC minutes due overnight may move shares. Southeast Asian indexes rose thanks to their cyclical exposure. Singapore’s stock gauge was the top performer in the region, rising to its highest in about two months, before the the nation’s central bank decides on monetary policy on Thursday. Japanese stocks fell for a second day as electronics makers declined amid worries about memory chip supply-chain issues and concerns over Apple’s iPhone 13 production targets.  The Topix index fell 0.4% to 1,973.83 at the 3 p.m. close in Tokyo, while the Nikkei 225 declined 0.3% to 28,140.28. Toyota Motor Corp. contributed the most to the Topix’s loss, decreasing 1.3%. Out of 2,181 shares in the index, 608 rose and 1,489 fell, while 84 were unchanged. Japanese Apple suppliers such as TDK, Murata and Taiyo Yuden slid. The U.S. company is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter Australian stocks closed lower as banks and miners weighed on the index. The S&P/ASX 200 index fell 0.1% to close at 7,272.50, dragged down by banks and miners as iron ore extended its decline. All other subgauges edged higher. a2 Milk surged after its peer Bubs Australia reported growing China sales and pointed to a better outlook for daigou channels. Bank of Queensland tumbled after its earnings release. In New Zealand, the S&P/NZX 50 index rose 0.2% to 13,025.18. In rates, Treasuries extended Tuesday’s bull-flattening gains, led by gilts and, to a lesser extent, bunds. Treasuries were richer by ~2bps across the long-end of the curve, flattening 5s30s by about that much; U.K. 30-year yield is down nearly 7bp, with same curve flatter by ~6bp. Long-end gilts outperform in a broad-based bull flattening move that pushed 30y gilt yields down ~7bps back near 1.38%. Peripheral spreads widen slightly to Germany. Cash USTs bull flatten but trade cheaper by ~2bps across the back end to both bunds and gilt ahead of today’s CPI release. In FX, the Bloomberg Dollar Spot Index fell by as much as 0.2% and the greenback weakened against all of its Group-of-10 peers; the Treasury curve flattened, mainly via falling yields in the long- end, The euro advanced to trade at around $1.1550 and the Bund yield curve flattened, with German bonds outperforming Treasuries. The euro’s volatility skew versus the dollar shows investors remain bearish the common currency as policy divergence between the Federal Reserve and the European Central Bank remains for now. The pound advanced with traders shrugging off the U.K.’s weaker-than-expected economic growth performance in August. Australia’s sovereign yield curve flattened for a second day while the currency underperformed its New Zealand peer amid a drop in iron ore prices. The yen steadied after four days of declines. In commodities, crude futures hold a narrow range with WTI near $80, Brent dipping slightly below $83. Spot gold pops back toward Tuesday’s best levels near $1,770/oz. Base metals are in the green with most of the complex up at least 1%. To the day ahead now, and the main data highlight will be the aforementioned US CPI reading for September, while today will also see the most recent FOMC meeting minutes released. Other data releases include UK GDP for August and Euro Area industrial production for August. Central bank speakers include BoE Deputy Governor Cunliffe, the ECB’s Visco and the Fed’s Brainard. Finally, earnings releases include JPMorgan Chase, BlackRock and Delta Air Lines. Market Snapshot S&P 500 futures up 0.1% to 4,346.25 STOXX Europe 600 up 0.4% to 459.04 MXAP up 0.2% to 194.60 MXAPJ up 0.4% to 638.16 Nikkei down 0.3% to 28,140.28 Topix down 0.4% to 1,973.83 Hang Seng Index down 1.4% to 24,962.59 Shanghai Composite up 0.4% to 3,561.76 Sensex up 0.8% to 60,782.71 Australia S&P/ASX 200 down 0.1% to 7,272.54 Kospi up 1.0% to 2,944.41 Brent Futures down 0.4% to $83.12/bbl Gold spot up 0.5% to $1,768.13 U.S. Dollar Index down 0.23% to 94.30 German 10Y yield fell 4.2 bps to -0.127% Euro little changed at $1.1553 Brent Futures down 0.4% to $83.12/bbl Top Overnight News from Bloomberg Vladimir Putin wants to press the EU to rewrite some of the rules of its gas market after years of ignoring Moscow’s concerns, to tilt them away from spot-pricing toward long-term contracts favored by Russia’s state run Gazprom, according to two people with knowledge of the matter. Russia is also seeking rapid certification of the controversial Nord Stream 2 pipeline to Germany to boost gas deliveries, they said. Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week. The EU will offer a new package of concessions to the U.K. that would ease trade barriers in Northern Ireland, as the two sides prepare for a new round of contentious Brexit negotiations. U.K. Chancellor of the Exchequer Rishi Sunak is on course to raise taxes and cut spending to control the budget deficit, while BoE Governor Andrew Bailey has warned interest rates are likely to rise in the coming months to curb a rapid surge in prices. Together, those moves would mark a simultaneous major tightening of both policy levers just months after the biggest recession in a century -- an unprecedented move since the BoE gained independence in 1997. Peter Kazimir, a member of the ECB’s Governing Council, was charged with bribery in Slovakia. Kazimir, who heads the country’s central bank, rejected the allegations A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks were mixed following the choppy performance stateside with global risk appetite cautious amid the rate hike bets in US and heading into key events including US CPI and FOMC Minutes, while there were also mild headwinds for US equity futures after the closing bell on reports that Apple is set to reduce output of iPhones by 10mln from what was initially planned amid the chip shortage. ASX 200 (unch.) was little changed as gains in gold miners, energy and tech were offset by losses in financials and the broader mining sector, with softer Westpac Consumer Confidence also limiting upside in the index. Nikkei 225 (-0.3%) was pressured at the open as participants digested mixed Machinery Orders data which showed the largest M/M contraction since February 2018 and prompted the government to cut its assessment on machinery orders, although the benchmark index gradually retraced most its losses after finding support around the 28k level and amid the recent favourable currency moves. Shanghai Comp. (+0.4%) also declined as participants digested mixed Chinese trade data in which exports topped estimates but imports disappointed and with Hong Kong markets kept shut due to a typhoon warning. Finally, 10yr JGBs were steady with price action contained after the curve flattening stateside and tentative mood heading to upcoming risk events, although prices were kept afloat amid the BoJ’s purchases in the market for around JPY 1tln of JGBs predominantly focused on 1-3yr and 5-10yr maturities. Top Asian News Gold Edges Higher on Weaker Dollar Before U.S. Inflation Report RBA Rate Hike Expectations Too Aggressive, TD Ameritrade Says LG Electronics Has Series of Stock-Target Cuts After Profit Miss The mood across European stocks has improved from the subdued cash open (Euro Stoxx 50 +0.5%; Stoxx 600 +0.3%) despite a distinct lack of newsflow and heading into the official start of US earnings season, US CPI and FOMC minutes. US equity futures have also nursed earlier losses and trade in modest positive territory across the board, with the NQ (+0.5%) narrowly outperforming owing to the intraday fall in yields, alongside the sectorial outperformance seen in European tech amid tech giant SAP (+4.7%) upgrading its full FY outlook, reflecting the strong business performance which is expected to continue to accelerate cloud revenue growth. As such, the DAX 40 (+0.7%) outperformed since the cash open, whilst the FTSE 100 (-0.2%) is weighed on by underperformance in its heavyweight Banking and Basic Resources sectors amid a decline in yields and hefty losses in iron ore prices. Elsewhere, the CAC 40 (+0.3%) is buoyed by LMVH (+2.0%) after the luxury name topped revenue forecasts and subsequently lifted the Retail sector in tandem. Overall, sectors are mixed with no clear bias. In terms of individual movers, Volkswagen (+3.5%) was bolstered amid Handelsblatt reports in which the Co was said to be cutting some 30k jobs as costs are too high vs competitors, whilst separate sources suggested the automaker is said to be mulling spinning off its Battery Cell and charging unit. Chipmakers meanwhile see mixed fortunes in the aftermath of sources which suggested Apple (-0.7% pre-market) is said to be slashing output amid the chip crunch. Top European News The Hut Shares Swing as Strategy Day Feeds Investor Concern U.K. Economy Grows Less Than Expected as Services Disappoint Man Group Gets $5.3 Billion to Lift Assets to Another Record Jeff Ubben and Singapore’s GIC Back $830 Million Fertiglobe IPO In FX, the Dollar looks somewhat deflated or jaded after yesterday’s exertions when it carved out several fresh 2021 highs against rival currencies and a new record peak vs the increasingly beleaguered Turkish Lira. In index terms, a bout of profit taking, consolidation and position paring seems to have prompted a pull-back from 94.563 into a marginally lower 94.533-246 range awaiting potentially pivotal US inflation data, more Fed rhetoric and FOMC minutes from the last policy meeting that may provide more clues or clarity about prospects for near term tapering. NZD/GBP - Both taking advantage of the Greenback’s aforementioned loss of momentum, but also deriving impetus from favourable crosswinds closer to home as the Kiwi briefly revisited 0.6950+ terrain and Aud/Nzd retreats quite sharply from 1.0600+, while Cable has rebounded through 1.3600 again as Eur/Gbp retests support south of 0.8480 yet again, or 1.1800 as a reciprocal. From a fundamental perspective, Nzd/Usd may also be gleaning leverage from the more forward-looking Activity Outlook component of ANZ’s preliminary business survey for October rather than a decline in sentiment, and Sterling could be content with reported concessions from the EU on NI customs in an effort to resolve the Protocol impasse. EUR/CAD/AUD/CHF - Also reclaiming some lost ground against the Buck, with the Euro rebounding from around 1.1525 to circa 1.1560, though not technically stable until closer to 1.1600 having faded ahead of the round number on several occasions in the last week. Meanwhile, the Loonie is straddling 1.2450 in keeping with WTI crude on the Usd 80/brl handle, the Aussie is pivoting 0.7350, but capped in wake of a dip in Westpac consumer confidence, and the Franc is rotating either side of 0.9300. JPY - The Yen seems rather reluctant to get too carried away by the Dollar’s demise or join the broad retracement given so many false dawns of late before further depreciation and a continuation of its losing streak. Indeed, the latest recovery has stalled around 113.35 and Usd/Jpy appears firmly underpinned following significantly weaker than expected Japanese m/m machinery orders overnight. SCANDI/EM - Not much upside in the Sek via firmer Swedish money market inflation expectations and perhaps due to the fact that actual CPI data preceded the latest survey and topped consensus, but the Cnh and Cny are firmer on the back of China’s much wider than forecast trade surplus that was bloated by exports exceeding estimates by some distance in contrast to imports. Elsewhere, further hawkish guidance for the Czk as CNB’s Benda contends that high inflation warrants relatively rapid tightening, but the Try has not derived a lot of support from reports that Turkey is in talks to secure extra gas supplies to meet demand this winter, according to a Minister, and perhaps due to more sabre-rattling from the Foreign Ministry over Syria with accusations aimed at the US and Russia. In commodities, WTI and Brent front-month futures see another choppy session within recent and elevated levels – with the former around USD 80.50/bbl (80.79-79.87/bbl) and the latter around 83.35/bbl (83.50-82.65/bbl range). The complex saw some downside in conjunction with jawboning from the Iraqi Energy Minster, who state oil price is unlikely to increase further, whilst at the same time, the Gazprom CEO suggested that the oil market is overheated. Nonetheless, prices saw a rebound from those lows heading into the US inflation figure, whilst the OPEC MOMR is scheduled for 12:00BST/07:00EDT. Although the release will not likely sway prices amidst the myriad of risk events on the docket, it will offer a peek into OPEC's current thinking on the market. As a reminder, the weekly Private Inventory report will be released tonight, with the DoE's slated for tomorrow on account of Monday's Columbus Day holiday. Gas prices, meanwhile, are relatively stable. Russia's Kremlin noted gas supplies have increased to their maximum possible levels, whilst Gazprom is sticking to its contractual obligations, and there can be no gas supplies beyond those obligations. Over to metals, spot gold and silver move in tandem with the receding Buck, with spot gold inching closer towards its 50 DMA at 1,776/oz (vs low 1,759.50/oz). In terms of base metals, LME copper has regained a footing above USD 9,500/t as stocks grind higher. Conversely, iron ore and rebar futures overnight fell some 6%, with overnight headlines suggesting that China has required steel mills to cut winter output. Further from the supply side, Nyrstar is to limit European smelter output by up to 50% due to energy costs. Nyrstar has a market-leading position in zinc and lead. LME zinc hit the highest levels since March 2018 following the headlines US Event Calendar 8:30am: Sept. CPI YoY, est. 5.3%, prior 5.3%; MoM, est. 0.3%, prior 0.3% 8:30am: Sept. CPI Ex Food and Energy YoY, est. 4.0%, prior 4.0%; MoM, est. 0.2%, prior 0.1% 8:30am: Sept. Real Avg Weekly Earnings YoY, prior -0.9%, revised -1.4% 2pm: Sept. FOMC Meeting Minutes DB's Jim Reid concludes the overnight wrap So tonight it’s my first ever “live” parents evening and then James Bond via Wagamama. Given my daughter (6) is the eldest in her year and the twins (4) the youngest (plus additional youth for being premature), I’m expecting my daughter to be at least above average but for my boys to only just about be vaguely aware of what’s going on around them. Poor things. For those reading yesterday, the Cameo video of Nadia Comanenci went down a storm, especially when she mentioned our kids’ names, but the fact that there was no birthday cake wasn’t as popular. So I played a very complicated, defence splitting 80 yard through ball but missed an open goal. Anyway ahead of Bond tonight, with all this inflation about I’m half expecting him to be known as 008 going forward. The next installment of the US prices saga will be seen today with US CPI at 13:30 London time. This is an important one, since it’s the last CPI number the Fed will have ahead of their next policy decision just 3 weeks from now, where investors are awaiting a potential announcement on tapering asset purchases. Interestingly the August reading last month was the first time so far this year that the month-on-month measure was actually beneath the consensus expectation on Bloomberg, with the +0.3% growth being the slowest since January. Famous last words but this report might not be the most interesting since it may be a bit backward looking given WTI oil is up c.7.5% in October alone. In addition, used cars were up +5.4% in September after falling in late summer. So given the 2-3 month lag for this to filter through into the CPI we won’t be getting the full picture today. I loved the fact from his speech last night that the Fed’s Bostic has introduced a “transitory” swear jar in his office. More on the Fedspeak later. In terms of what to expect this time around though, our US economists are forecasting month-on-month growth of +0.41% in the headline CPI, and +0.27% for core, which would take the year-on-year rates to +5.4% for headline and +4.1% for core. Ahead of this, inflation expectations softened late in the day as Fed officials were on the hawkish side. The US 10yr breakeven dropped -1.9bps to 2.49% after trading at 2.527% earlier in the session. This is still the 3rd highest closing level since May, and remains only 7bps off its post-2013 closing high. Earlier, inflation expectations continued to climb in Europe, where the 5y5y forward inflation swap hit a post-2015 high of 1.84%. Also on inflation, the New York Fed released their latest Survey of Consumer Expectations later in the European session, which showed that 1-year ahead inflation expectations were now at +5.3%, which is the highest level since the survey began in 2013, whilst 3-year ahead expectations were now at +4.2%, which was also a high for the series. The late rally in US breakevens, coupled with lower real yields (-1.6bps) meant that the 10yr Treasury yield ended the session down -3.5bps at 1.577% - their biggest one day drop in just over 3 weeks. There was a decent flattening of the yield curve, with the 2yr yield up +2.0bps to 0.34%, its highest level since the pandemic began as the market priced in more near-term Fed rate hikes. In the Euro Area it was a very different story however, with 10yr yields rising to their highest level in months, including among bunds (+3.5bps), OATs (+2.9bps) and BTPs (+1.0bps). That rise in the 10yr bund yield left it at -0.09%, taking it above its recent peak earlier this year to its highest closing level since May 2019. Interestingly gilts (-4.0bps) massively out-performed after having aggressively sold off for the last week or so. Against this backdrop, equity markets struggled for direction as they awaited the CPI reading and the start of the US Q3 earnings season today. By the close of trade, the S&P 500 (-0.24%) and the STOXX 600 (-0.07%) had both posted modest losses as they awaited the next catalyst. Defensive sectors were the outperformers on both sides of the Atlantic. Real estate (+1.34%) and utilities (+0.67%) were among the best performing US stocks, though some notable “reopening” industries outperformed as well including airlines (+0.83%), hotels & leisure (+0.51%). News came out after the US close regarding the global chip shortage, with Bloomberg reporting that Apple, who are one of the largest buyers of chips, would revise down their iPhone 13 production targets for 2021 by 10 million units. Recent rumblings from chip producers suggest that the problems are expected to persist, which will make central bank decisions even more complicated over the coming weeks as they grapple with increasing supply-side constraints that push up inflation whilst threatening to undermine the recovery. Speaking of central bankers, Vice Chair Clarida echoed his previous remarks and other communications from the so-called “core” of the FOMC that the current bout of inflation would prove largely transitory and that underlying trend inflation was hovering close to 2%, while admitting that risks were tilted towards higher inflation. Atlanta Fed President Bostic took a much harder line though, noting that price pressures were expanding beyond the pandemic-impacted sectors, and measures of inflation expectations were creeping higher. Specifically, he said, “it is becoming increasingly clear that the feature of this episode that has animated price pressures — mainly the intense and widespread supply-chain disruptions — will not be brief.” His ‘transitory swear word jar’ for his office was considerably more full by the end of his speech. As highlighted above, while President Bostic spoke US 10yr breakevens dropped -2bps and then continued declining through the New York afternoon. In what is likely to be Clarida’s last consequential decision on monetary policy before his term expires, he noted it may soon be time to start a tapering program that ends in the middle of next year, in line with our US economics team’s call for a November taper announcement. In that vein, our US economists have updated their forecasts for rate hikes yesterday, and now see liftoff taking place in December 2022, followed by 3 rate increases in each of 2023 and 2024. That comes in light of supply disruptions lifting inflation, a likely rise in inflation expectations (which are sensitive to oil prices), and measures of labour market slack continuing to outperform. For those interested, you can read a more in-depth discussion of this here. Turning to commodities, yesterday saw a stabilisation in prices after the rapid gains on Monday, with WTI (+0.15%) and Brent Crude (-0.27%) oil prices seeing only modest movements either way, whilst iron ore prices in Singapore were down -3.45%. That said it wasn’t entirely bad news for the asset class, with Chinese coal futures (+4.45%) hitting fresh records, just as aluminium prices on the London Metal Exchange (+0.13%) eked out another gain to hit a new post-2008 high. Overnight in Asia, equity markets are seeing a mixed performance with the KOSPI (+1.24%) posting decent gains, whereas the CSI (-0.06%), Nikkei (-0.22%) and Shanghai Composite (-0.69%) have all lost ground. The KOSPI’s strength came about on the back of a decent jobs report, with South Korea adding +671k relative to a year earlier, the most since March 2014. The Hong Kong Exchange is closed however due to the impact of typhoon Kompasu. Separately, coal futures in China are up another +8.00% this morning, so no sign of those price pressures abating just yet following recent floods. Meanwhile, US equity futures are pointing to little change later on, with those on the S&P 500 down -0.12%. Here in Europe, we had some fresh Brexit headlines after the UK’s Brexit minister, David Frost, said that the Northern Ireland Protocol “is not working” and was not protecting the Good Friday Agreement. He said that he was sharing a new amended Protocol with the EU, which comes ahead of the release of the EU’s own proposals on the issue today. But Frost also said that “if we are going to get a solution we must, collectively, deliver significant change”, and that Article 16 which allows either side to take unilateral safeguard measures could be used “if necessary”. Elsewhere yesterday, the IMF marginally downgraded their global growth forecast for this year, now seeing +5.9% growth in 2021 (vs. +6.0% in July), whilst their 2022 forecast was maintained at +4.9%. This masked some serious differences between countries however, with the US downgraded to +6.0% in 2021 (vs. +7.0% in July), whereas Italy’s was upgraded to +5.8% (vs. +4.9% in July). On inflation they said that risks were skewed to the upside, and upgraded their forecasts for the advanced economies to +2.8% in 2021, and to +2.3% in 2022. Looking at yesterday’s data, US job openings declined in August for the first time this year, falling to 10.439m (vs. 10.954m expected). But the quits rate hit a record of 2.9%, well above its pre-Covid levels of 2.3-2.4%. Here in the UK, data showed the number of payroll employees rose by +207k in September, while the unemployment rate for the three months to August fell to 4.5%, in line with expectations. And in a further sign of supply-side issues, the number of job vacancies in the three months to September hit a record high of 1.102m. Separately in Germany, the ZEW survey results came in beneath expectations, with the current situation declining to 21.6 (vs. 28.0 expected), whilst expectations fell to 22.3 (vs. 23.5 expected), its lowest level since March 2020. To the day ahead now, and the main data highlight will be the aforementioned US CPI reading for September, while today will also see the most recent FOMC meeting minutes released. Other data releases include UK GDP for August and Euro Area industrial production for August. Central bank speakers include BoE Deputy Governor Cunliffe, the ECB’s Visco and the Fed’s Brainard. Finally, earnings releases include JPMorgan Chase, BlackRock and Delta Air Lines. Tyler Durden Wed, 10/13/2021 - 08:13.....»»

Category: blogSource: zerohedgeOct 13th, 2021

The 5 best bed-in-a-box mattresses for every type of sleeper

Insider tested mattresses from all the major bed-in-a-box companies, including Casper and Leesa. These are the best for every type of sleeper in 2021. Table of Contents: Masthead Sticky A great bed-in-a-box offers comfort and support based on your body type and sleeping preferences. The DreamCloud Premier Hybrid is our top pick, with a 365-day risk-free trial and lifetime warranty. It performed well in all of our tests, offering great edge support, motion isolation, and cooling. DreamCloud As of 2019, bed-in-a-box companies accounted for 12% of all mattress sales. That share likely increased during the pandemic as most brick-and-mortar stores were closed to in-person shopping. Buying a bed online continues to be an attractive option. You can skip the high-pressure sales of the mattress showroom, and virtually all of the online retailers offer long risk-free trial periods so you can try your bed-in-a-box in your home with no commitment. Since the only way to tell if a mattress is right for you is to sleep on it, a long trial period is the most important factor to consider when shopping for a bed-in-a-box.I tested dozens of mattresses to help you pick the best bed in a box for your needs. While a bed's suitability is based on individual preferences, I developed many objective tests to determine which models are best for an array of sleeping styles and body types. Each bed I tested in this guide was queen size, the most popular size. The price listed for each mattress is for the queen.I'd also like to note that I mainly sleep on my back but will occasionally sleep on my back and stomach as well. My wife is mainly a back sleeper. We cover all of the major sleeping styles between us. In addition to our top picks, we list other models we recommend, our testing methodology, what we look forward to testing, and common FAQs at the end of the guide.Here are the best beds-in-a-box of 2021 Best bed-in-a-box overall: DreamCloud Premier Hybrid MattressBest budget bed-in-a-box: Zinus Cooling Gel Memory Foam MattressBest foam bed-in-a-box: Tempur-Pedic Cloud MattressBest ultra-firm bed-in-a-box: Airweave MattressBest soft bed in a box: Casper Nova Hybrid Mattress Best bed-in-a-box overall Maria Del Russo/Insider The DreamCloud Premier Hybrid Mattress performed well in all the tests we put it through, which makes it ideal for most sleeping types, couples, and people who tend to overheat at night.Best for: Side and back sleepersAvailable sizes: Twin, twin XL, full, queen, king, Cal kingMattress type: HybridFirmness (1 softest to 10 firmest): 5Motion isolation (1 awful to 10 best): 7Heat dissipation (1 traps heat to 10 stays cool): 6Edge support (1 awful to 10 best): 8Trial period: 365 nightsWarranty: LifetimeWeight: 99 poundsThickness: 15 inchesShipping and returns: Free shipping and returnsWhite-glove delivery and mattress removal: Unavailable due to pandemicShowroom availability: Yes, nationwidePros: Side handles help you move it, great motion isolation, made with CertiPUR-US certified foams, 365-night trial period, excellent edge support, good heat dissipation, lifetime warrantyCons: Stomach sleepers may find this doesn't offer the support they needThe DreamCloud Premier Hybrid Mattress is the top pick in our main guide to the best mattresses. Since it comes in a box, it's only natural that it's our top bed in a box, too. We also consider it to be the best hybrid/innerspring and mid-priced bed. As a bed-in-a-box, it has several benefits. Setup took about five minutes, and though it had an initial odor, it dissipated by bedtime. It's heavy, but you can move it around easily thanks to the sewn-in handles. If you decide the Dreamcloud Premier Hybrid isn't right for you during the first year of ownership, you can return it for a full refund. If you keep it, it's backed by a lifetime warranty.The Premier Hybrid is made of high-quality materials, including foams certified by CertiPUR-US to be free of common harmful chemicals. It sports an average firmness that will appeal to most sleeping styles and body types. Plus, it was one of two mattresses to perform well in all of our tests. It passed our bowling ball test, and when my dog or son jumped on the bed, I barely felt it. This means the bed has outstanding motion isolation. I had the same positive experience with the edge support. I felt supported while lying close to the edge, suggesting the bed is ideal for couples who share a bed.Lastly, in our heat-dissipation tests, the DreamCloud Premier Hybrid Mattress did an impressive job of cooling down. It showed the biggest temperature drop, falling 14 degrees within two minutes of me getting up from it.Maria Del Russo, a senior editor for Insider Reviews, has slept on the DreamCloud Premier for two months. After the break-in period, she found the mattress incredibly comfortable. She usually sleeps sweaty, but this mattress "keeps me cool as a cucumber," she said. Best budget bed-in-a-box James Brains/Insider Back and stomach sleepers looking for a budget-friendly bed should strongly consider the Zinus Cooling Gel Memory Foam Mattress.Best for: Back and stomach sleepers, hot sleepersAvailable sizes: Twin, full, queen, king, Cal kingMattress type: FoamFirmness (1 softest to 10 firmest): 7Motion isolation (1 awful to 10 best): 8Heat dissipation (1 traps heat to 10 stays cool): 8Edge support (1 awful to 10 best): 3Trial period: 100 nightsWarranty: 10 yearsWeight: 42.3, 51.9, 59.9, or 70.2 pounds depending on thicknessThickness: 8-, 10-, 12-, and 14-inch optionsShipping and returns: Free shipping and free returnsWhite-glove delivery and mattress removal: NoShowroom availability: NoPros: Ideal for back and stomach sleepers, excellent motion isolation, 10-year warranty, affordable, four thickness options, made of cooling gel memory foam, 100-night trialCons: Poor edge support, took a week to fully expandZinus is one of the top names in affordable boxed beds. The Cooling Gel Memory Foam Mattress is our budget pick because the gel-infused memory foam did a great job of keeping my hot-sleeping body cool. The Zinus mattress comes in four thicknesses: 8, 10, 12, and 14 inches. I tested the 14-inch-thick option and strongly recommend picking one of the thicker models since I've found in my testing that mattresses less than 10 inches thick generally aren't supportive enough.Unboxing the Zinus Cooling Gel Memory Foam Mattress was a fast, simple process, especially since it's on the lighter side at 70 pounds. However, out of the packaging, the bed was only about half the thickness it was supposed to be. The instructions said it should expand within 72 hours, but it was closer to a week. On the plus side, the initial odor dissipated quickly.The bed is firmer than average, and it slowly cradled the contours of my body as I lay down. I was most comfortable on my stomach, but I think the firmness will also appeal to back sleepers.In our objective tests, the Zinus mattress shined in the motion isolation test, and I remained undisturbed when my wife or dog moved around on it in the night. Yet, the edge support left a lot to be desired. When I lay on the edge of the bed, I felt like falling off. For its price, though, the many positives outweigh the few negatives. Best foam bed-in-a-box James Brains/Insider The Tempur-Pedic Cloud Mattress features contouring foam that cradles sleepers of all body types and sleeping styles while offering outstanding pressure relief and heat dissipation.Best for: All sleeping stylesAvailable sizes: Twin, twin long, full, queen, king, split king, California kingMattress type: FoamFirmness (1 softest to 10 firmest): 6Motion isolation (1 awful to 10 best): 7Heat dissipation (1 traps heat to 10 stays cool): 9Edge support (1 awful to 10 best): 3Trial period: 90 nightsWarranty: 10 yearsWeight: 58 poundsThickness: 10 inchesShipping and returns: Free shipping, $175 return feeWhite-glove delivery and mattress removal: UnavailableShowroom availability: Yes, nationwidePros: Caters to all sleep styles, features 10 inches and three layers of comfortable and supportive Tempur foam, great motion isolation, 90-night trial, outstanding heat dissipationCons: No white-glove delivery, there's a charge for shipping deducted from your refund if you return your mattress, poor edge supportTempur-Pedic is best known for its traditional mattresses that you pick out in a brick-and-mortar showroom and have delivered fully expanded to your home. The Cloud Mattress represents the brand's entrance into the bed-in-a-box space, and we think it did a terrific job.What sets Tempur-Pedic apart is the proprietary CertiPUR-US certified memory foam featured in all of its mattresses. The Tempur material contours to your body to offer an impressive balance of support, pressure relief, and comfort. The Cloud has three foam layers: a durable and supportive base, a firm middle support layer, and a top layer of responsive and soft foam. The cover is made of a polyester blend for breathability and moisture wicking.The Cloud arrives at your door in a reusable, 15-inch-diameter-by-43-inch-long canvas bag. The handles on the bag, along with the weight of the mattress — it only weighs 58 pounds — made it easy to carry up to my third-floor testing room and to unpackage it. By bedtime, the mattress had expanded to full size, and the initial odor had dissipated.This was one of the most comfortable mattresses I've ever tested, whether I slept on my side or stomach. I fell asleep within a few minutes of lying down each night. My back-sleeping wife also enjoyed the feel. Plus, the excellent heat dissipation kept me cool. In addition to passing my bowling ball motion-transfer tests, the Tempur-Cloud dampened the motion so much that I didn't notice when my rambunctious rat terrier jumped on board. Yet, the bed has poor edge support. When I lay or sat on the edge of the bed, there was significant sinkage. Read our full Tempur-Pedic Cloud Mattress review. Best ultra-firm bed-in-a-box James Brains/Insider The Airweave Mattress has a breathable and non-toxic polyethylene core that offers ultra-firm support to all parts of the bed, even the very edges.Best for: Back and stomach sleepersAvailable sizes: Twin, Twin XL, Full, Queen, King, California KingMattress type: FoamFirmness (1 softest to 10 firmest): 10 (9 with the soft insert)Motion isolation (1 awful to 10 best): 7Heat dissipation (1 traps heat to 10 stays cool): 7Edge support (1 awful to 10 best): 10Trial period: 100 nightsWarranty: 10 yearsWeight: 71.5 poundsThickness: 8 inchesShipping and returns: Free shipping within the contiguous US and free returnsWhite-glove delivery and mattress removal: $40 for white-glove delivery, $125 for all mattress removals outside the state of California, $0 for California-based removalsShowroom availability: Only one, located in BrooklynPros: Machine-washable cover, decent motion isolation, great heat dissipation, 100-night sleep trial, excellent edge support, comes with soft insert that transforms mattress from ultra-firm to just firmCons: Not recommended for side sleepers, hard to move around, some assembly requiredMost beds in a box come vacuum-sealed, and the setup process involves nothing more than removing the packaging. However, the Airweave Mattress bucks that trend. It comes fully expanded in two boxes.The bed consists of three polyethylene blocks that you zip up in a machine-washable cover. You can choose to add the included soft polyester insert to give the mattress a firm  — rather than ultra-firm — feel.The setup process took about 20 minutes, which is about 15 minutes more than most beds in a box, but the Airweave was ready to sleep on right away: There was no waiting for it to expand or for the odor to dissipate. When assembled, the mattress is hard to move. It only weighs 71.5 pounds, but the foam blocks flop around as you lift it. However, if you disassemble the mattress, it's much easier and you can fit it in tight spaces for storage or transport.I prefer a softer-than-average mattress, so the Airweave was not for me. Even with the soft insert added, it was firmer than I would have liked. Yet, I was surprisingly comfortable on both my stomach and back. Plus, the breathable core with its open structure kept it cool through the night. I've found that mattresses that are less than 10 inches thick usually aren't supportive enough. But the eight-inch-thick Airweave is the exception. The firm construction provided plenty of support. The firmness also continued to the very edges of the bed, which gave it excellent edge support. I didn't feel like I would fall off when sleeping on the periphery, and I didn't sink down when sitting on the edge.The motion transfer is good. In my bowling ball tests, the can would only fall over sometimes. Yet, it's so bouncy that subsequent bounces of the ball would cause the can to tumble over. The firmness and bounce suggest this would be a good mattress for sex. Best soft bed-in-a-box James Brains/Insider Casper's Nova Hybrid Mattress is a great option for people looking for a soft and plush yet supportive mattress.Best for: Side sleepersAvailable sizes: Twin, twin XL, full, queen, king, Cal kingMattress type: HybridFirmness (1 softest to 10 firmest): 4Motion isolation (1 awful to 10 best): 3Heat dissipation (1 traps heat to 10 stays cool): 8Edge support (1 awful to 10 best): 6Trial period: 100 nightsWarranty: 10 yearsWeight: 89 poundsThickness: 12 inchesShipping and returns: Free shipping and free returnsWhite-glove delivery and mattress removal: Yes, $149Showroom availability: Yes, nationwidePros: Plush comfort perfect for side sleepers, good edge support, made with eco-friendly materials, outstanding heat dissipation, 100-night risk-free trialCons: Failed motion transfer tests, held onto its new bed odor, may not be supportive enough for back or stomach sleepersIn addition to being the best soft mattress, we awarded the Casper Nova Hybrid Mattress the title of best mattress for side sleepers in our main mattress guide. (Also, check out our guide to the best mattresses for side sleepers.) Plus, because of its soft feel, it's the ideal solution for petite sleepers, who might not be able to sink into firmer mattresses, and older individuals, who may lack the natural cushioning they once had and need a little extra soothing comfort.After testing all of the top mattresses from Casper, one of the leading names in the bed-in-a-box industry, I found the Nova Hybrid was the most comfortable and best at cooling. The Nova Hybrid is appealing because of the high-quality materials used in its construction. The CertiPUR-US certified foams feature ergonomic zones that are softer under the shoulders and firmer around the lower back, hips, and waist. The pocket coils add durability and support. Lastly, thanks to a firm foam border, the mattress performed well in our edge-support tests. Unboxing the Casper Nova Hybrid was a quick process, taking less than five minutes. The mattress flops around, which makes it harder to move, but the handles built into each corner on the bottom helped. Unfortunately, it had a strong new bed smell that took several days to dissipate.The bed also has noticeable motion transfer. It failed our bowling ball test, and as my wife shifted positions in the night, I could feel her movements.Casper recently introduced a new version of this bed, the Nova Hybrid Snow, which costs $500 more and is supposed to offer a cooler sleep. I just wrapped up my testing of it, and I still prefer the Nova Hybrid. I found the new model doesn't have as good of edge support, and any heat dissipation improvements were minimal. What else we tested James Brains/Insider Over the last few years, we've tested dozens of boxed beds. Each has the potential to meet the needs of the right person, so there aren't any we don't recommend. Yet some models missed the cut for inclusion in our guide:What else we recommend and whyUnder $1,100Nest Bedding Flip Double-Sided Hybrid Mattress: This is a good, cheap alternative if our top budget pick isn't available or you're a side sleeper. You can flip it to cater to your firmness needs. One side is firmer than average and the other is medium firmness, which I preferred for side sleeping. The bed is made of CertiPUR-US foam, is easy to transport, and has great edge support. The poor motion dampening was the main downfall.Casper Original Mattress: We recommend the Casper Original to sleepers of all types because it has an average firmness, great motion isolation, outstanding heat dissipation, and is made of eco-friendly materials. Yet, its edge support falls short. Read our full Casper Original review.Under $2,000Bear Pro Mattress: I was comfortable on both my side and stomach while testing the Bear Pro. The slightly softer than average, all-foam construction works well for back sleepers too. The mattress features outstanding cooling properties thanks to the breathable Celliant cover, gel-infused foam, and copper-infused foam. The biggest negative is the poor edge support. Read our full Bear Pro review.Birch Mattress by Helix: The Birch earned accolades in our main mattress guide as our best latex mattress. It's also one of the most eco-friendly options, receiving certifications from several environmental organizations. The bed's firmness will appeal most to stomach and back sleepers, but I tested it with the optional plush organic mattress topper, which made it perfect for my side sleeping.Awara Organic Luxury Hybrid Mattress: Like our top pick, the Awara mattress comes with a 365-night risk-free sleep trial and lifetime warranty. It offers a supportive, slightly firm feel that is balanced by the plush Euro top. I also appreciated that it's made of eco-friendly materials and offers good heat dissipation. In our main mattress guide, it's the best mattress for stomach sleepers. It would also work well for back sleepers, but it's too firm for most side sleepers.Leesa Hybrid Mattress: I slept on the Leesa Hybrid mattress for about a year before my testing schedule made it impossible. It was my favorite, with its average firmness and outstanding heat dissipation. It also offers great edge support and motion isolation, which makes it ideal for couples. In our main mattress guide, we recommend it as the best mattress for back pain due to its combination of support and comfort. Read our full Leesa Hybrid review.Over $2,000Purple Hybrid Premier Mattress: Purple mattresses feature the patented Purple Grid, which is a series of small, open squares made of a hyper-elastic polymer gel. This mattress also features CertiPUR-US certified foams and pocket coils, giving it an average firmness. The heat dissipation was outstanding. We think it's the best mattress for hot sleepers. The Purple Hybrid Premier comes in 3- and 4-inch-thick grids. We tested both, and they performed similarly. The Purple 4 was slightly softer, so we'd recommend it for side sleepers.Visit our guide to the best mattresses for all of the mattresses we've tested. Our testing methodology James Brains/Insider I tested each of the beds-in-a-box found in this guide. I slept on all of the mattresses for a minimum of 14 days and put them through a battery of objective tests. Comfort, trial period, and setup are the most important factors to consider when buying a bed-in-a-box.Here are some of the test results for the main attributes we tested:AttributeDreamCloud Premier HybridZinus Cooling Gel Memory FoamTempur-CloudAirweaveCasper Nova HybridFirmness (1 softest to 10 firmest)57610 (9 with insert)4Motion Isolation (1 awful to 10 best)78773Edge Support (1 awful to 10 best)833106Heat Dissipation (1 traps heat to 10 stays cool)68978Trial Period365 days100 nights90 nights100 nights100 nightsWarrantyLifetime10 years10 years10 years10 yearsHere are the main attributes we look for and how we test them:Comfort: I evaluate the firmness of each mattress by comparing it to my experiences with dozens of other models over the years. My subjective experience also plays into my evaluations of how supportive and comfortable the beds are. I also note which sleeping positions my body gravitates towards. Heat dissipation is also important to comfort. I measure this using an infrared thermometer, taking measurements before, right after, and two minutes after lying on the bed for at least an hour.Trial and warranty: I look at if there's white-glove delivery and how much it costs, if the bed is available to test in showrooms, and the fine print of the home trial and warranty. We closely examine the return policy because this is what sets beds-in-a-box apart: You want a mattress that you can try out for months risk free before committing to it.Setup: If you don't get white-glove delivery, you want the setup to be as effortless as possible. I timed how long it took me to unbox the mattresses. I noted any strange or confusing steps. Most took less than five minutes. I also took a good whiff to see if there was a "new bed smell," and I checked again before going to bed (at least 10 hours later) to see if the odor dissipated. Motion isolation: You don't want your partner's tossing and turning to wake you up in the night, so it's important to find a bed-in-a-box with good motion isolation. In addition to tracking my subjective experience, I perform an objective test where I drop a 15-pound bowling ball onto the mattress from a height of four feet so that it lands 12 inches from a 12-ounce can of soda pop. If the can stays upright, the bed has good motion isolation. If it doesn't, the motion isolation is poor.Edge support: This is a somewhat subjective test. I lie on the very edge of the bed and slowly roll until I literally fall. I note how much I'm able to roll before I fall. I also sit on the side of the bed and put my shoes and socks on and observe how much the mattress sinks. Lastly, when sleeping on the bed, I pay attention to how I feel close to the edges. Does it feel like I'm going to fall off? I'm developing an objective edge support test, which I plan to roll out once I have more data.Portability: We don't weigh portability heavily, but it's useful to know how easy a mattress is to move around if you frequently redecorate or relocate, regularly rotate your bed to increase its longevity, or need to reposition it to put on fitted sheets. I move each mattress around several times during testing and note if it flops around, has handles, or is hard to move in general. What we're testing next James Brains/Insider We regularly test new mattresses and evaluate our top picks for long-term durability. Here are the mattresses we currently have lined up to test:Helix Midnight Mattress: Helix markets the Midnight, a hybrid bed, as an excellent solution for side sleepers. As someone who mainly sleeps on his side, I'm excited to see if it lives up to the hype. Bear Hybrid Mattress: I've tested the Bear Pro and Original and liked them both. This is supposed to be softer than the other two, which could make for stiff competition with the Casper Nova Hybrid for the best soft bed-in-a-box.Helix Midnight Luxe Mattress: The Midnight Luxe is an upgrade of the Midnight. It has a breathable Tencel cover, a quilted pillow top, and zoned lumbar support coils for pressure relief. The firmness is supposed to be similar to the Midnight, so I'm excited to see how it caters to my side-sleeping ways.Big Fig Mattress: I love that the Big Fig is specifically designed for full-figured individuals. It can hold up to 1,100 pounds, and a foundation is included with your purchase. I'm curious to see how the firm construction feels and if it dissipates heat well.Casper Wave Hybrid Snow Mattress: This is Casper's most expensive bed-in-a-box. It's supposed to be a cooler version of the Wave Hybrid, which I liked the least when I tested all of Casper's mattresses. One of the negatives of the Wave Hybrid was that it slept hot. I'm curious to see if this new version provides the cooling it claims to. FAQs James Brains/Insider What's the difference between a bed-in-a-box and a traditional mattress?The differences between the two types of mattresses keep getting hazier every day.When online mattresses were first introduced, they were mainly made of foam. The biggest benefit was the at-home trial period, where you could sleep on the mattress for several nights before deciding whether or not you wanted to keep it.However, these days, online retailers offer a range of mattress types, including hybrid or innerspring mattresses. Some brick-and-mortar stores now offer trial periods. Retailers on both sides are trying to neutralize the benefits of the other.For instance, many bed-in-a-box brands now let you test out their mattresses in showrooms across the country. You can go to a physical store, try out a mattress for 15 minutes or so, and then buy the bed online. "You get overall cost savings because you aren't paying the additional fees that come with the in-store shopping experiences, such as shipping, delivery, and setup," saud Russell Jelinek, the senior director of engineering, quality, and compliance at Casper.If you're concerned about a salesperson trying to pressure you into buying a mattress, going online and skipping the in-person experience is the way to go. What happens to mattresses that are returned?This varies by manufacturer. Once you sleep on a mattress, the manufacturer can't resell it. They may coordinate with a local organization to recycle your mattress or donate it to those in need. If you're concerned about the environmental impact your returned mattress might have, we encourage you to ask the manufacturer about what they do with returned mattresses in your area. How do you unbox a bed-in-a-box?First off, we recommend you unbox your mattress within a day or two of its arrival. The beds are not designed to stay in the box for long periods, and prolonged time spent in the vacuum seal (a month or more) could impact the structural integrity of the mattress. Jelinek said Casper mattresses can stay in the box for at least six months without experiencing structural damage. However, this is from the manufacture date, which could be months before you received your mattress.We recommend unboxing the mattress in the room where you will sleep on it. Some companies provide you with an envelope slitter to safely cut the packaging without cutting the mattress. If you don't have an envelope slitter, use extreme caution when removing the packaging and cut parallel to the mattress, not towards it. Also, have another person help you with the process since most mattresses weigh around 100 pounds. I've injured my back trying to do it on my own. Cut open one end of the box and tip it onto your foundation or bed frame. Lift the unopened end of the box and shake the sealed mattress onto the foundation. Take a second to look for any instructions or materials that may have come in the box. This is when you might find an envelope slitter.You can use the slitter or other cutting implement to cut through the first layer of plastic, but I've found it's easier to just unroll the plastic with a yanking motion. Once this plastic is removed, unfold the mattress onto your foundation. You may need to flip it so the top is facing up. If you can find the seam in the second plastic layer, you can pull at it, and the plastic should be easy to remove. I rarely find the right place to pull at the plastic and instead end up using my cutting implement to cut the plastic along the length and width.Then I push all of the plastic that's on top to the far end of the mattress. Lastly, I use a yanking motion while trying to keep the mattress in place so I can remove the plastic from the bottom of the mattress, kind of like a magician might pull the tablecloth off a table. This should be the final step.Jelinek says you can then sleep on the mattress right away. "However, we recommend giving it some time to acclimate to the room temperature," he said. He also warned that some mattresses may take longer to expand to their full size. I've found it rarely takes more than a few hours for a mattress to fully expand.For answers to general mattress questions, check out our guide to the best mattresses. Check out more mattress guides James Brains/Insider The best mattressesThe best mattresses for side sleepersThe best mattresses for back painThe best hybrid mattressesThe best foam mattressesThe best spring mattressThe best mattress protectorsThe best online delivery mattress companiesThe best mattresses for kids Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 12th, 2021