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☆ Macro disturbances have opened up opportunities in greater Europe, says Harris Associates' Herro
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacro disturbances have opened up opportunities in greater Europe, says Harris Associates' HerroDavid Herro, Harris Associates CIO of international equities and portfolio manager, joins 'Money Movers' to discuss if Europe successfully completed a soft landing from inflation, how strong performance in the United States affects stocks in Europe, and much more.

Persons: Harris, David Herro Organizations: Harris Associates Locations: Europe, United States

☆ Here's why Harris' Alex Fitch favors Kenvue
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Harris' Alex Fitch favors KenvueAlex Fitch, Harris Associates director of U.S. Research, joins 'Money Movers' to discuss Fitch's investment thesis towards Delta Air Lines, whether investors are not supposed to buy cyclical stocks at peak earnings, and more.

Persons: Harris, Alex Fitch, Kenvue Alex Fitch Organizations: Harris Associates, U.S . Research, Delta Air Lines

☆ Investors should approach Japan with caution despite market resurgence, says Harris' David Herro
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should approach Japan with caution despite market resurgence, says Harris' David HerroDavid Herro, Harris Associates portfolio manager, joins 'Closing Bell Overtime' to talk investing in Japan and why he thinks things might not be all they seem with the recent market resurgence.

Persons: Harris, David Herro David Herro Organizations: Harris Associates Locations: Japan

☆ Here's why Harris Associates' David Herro prefers the overseas market
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Harris Associates' David Herro prefers the overseas marketDavid Herro, Harris Associates portfolio manager, joins 'Squawk on the Street' to discuss if central banks around the world will begin cutting interest rates, what makes the current time different for European markets, and more.

Persons: Harris, David Herro Organizations: Harris Associates

☆ The geopolitical events have 'shock impact' on share prices, says Harris Associates' David Herro
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe geopolitical events have 'shock impact' on share prices, says Harris Associates' David HerroDavid Herro, Harris Associates portfolio manager, joins 'Squawk on the Street' to discuss how Herro is processing what's happening in the Israel-Hamas conflict, if Herro is rethinking allocations in international markets, and more.

Persons: Harris, David Herro David Herro Organizations: Harris Associates Locations: Israel

☆ German companies looking attractive because of depressed valuations, says David Herro
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman companies looking attractive because of depressed valuations, says David HerroHarris Associates' David Herro joins 'Squawk on the Street' to discuss why the strength of the dollar is hurting the return of foreign investment, how growing regulatory initiatives are leading to restrictions in the supply curve, and the state of undervalued European financials.

Persons: David Herro Harris, David Herro Organizations: David Herro Harris Associates

☆ Charles Schwab's accounts growing faster now than before the banking crisis, says Harris' Alex Fitch
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab's accounts growing faster now than before the banking crisis, says Harris' Alex FitchAlex Fitch, Harris Associates partner, joins 'Fast Money' to talk the bull case for Charles Schwab amid a banking crisis.

☆ Why value investor Bill Nygren calls this media spinoff the best trade of his career
▼ + stars: | 2023-05-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

More than three decades after the money-winning trade, Bill Nygren still calls buying up shares of Liberty Media as it was spun off from Tele-Communications Inc. one of the best stock moves of his career. When the spinoff occurred in 1991, the deal itself was complicated for investors to break down and analyze, Nygren explained. So they looked at an asset-by-asset valuation and determined that the assets inside Liberty were worth three times the cost of purchasing the TCI shares. The deal was structured so that TCI shareholders received the right to buy Liberty stock based on how much they owned. And, because Liberty came out a more levered company, the firm ended up owning about 15% of it, Nygren said.

☆ I don't believe the banking system itself is in crisis, says Harris Associates' David Herro
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI don't believe the banking system itself is in crisis, says Harris Associates' David HerroDavid Herro, Harris's chief investment officer for international equities, joins 'Squawk on the Street' to discuss his thoughts on the banking system and what is ahead for regional banks.

☆ Credit Suisse shares tumble more than 20%, leading a plunge in European bank stocks
▼ + stars: | 2023-03-15 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Credit Suisse shares fell 21% Wednesday after its Saudi backers ruled out more investment. Shares in Credit Suisse slid 21.91% to $1.96 in pre-market trading in US-listed shares. "If we go above 10%, all new rules kick in whether it be by our regulator or the Swiss regulator or the European regulator," he said. In a further sign of turmoil, the cost of insuring bonds of Credit Suisse against a default in the near term has surged. The five-year credit default swaps on Credit Suisse debt extended to 533 basis points from 549 basis points at last close, per Reuters.

☆ Credit Suisse was losing the faith of investors long before the SVB debacle. Here's why the situation came to a head this week.
▼ + stars: | 2023-03-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Credit Suisse shares tumbled more than 25% on Wednesday as fears grew of a banking crisis. Here's a closer look at why Credit Suisse is worrying investors. The latest slump in Credit Suisse stock can partly be explained by recent events in the US banking industry. Credit Suisse CEO Ulrich Koerner has also faced questions about his plans to cut costs, staunch losses, and turn around his company. There's no clear reason to believe Credit Suisse is at risk of failure.

☆ Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances
▼ + stars: | 2023-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Credit Suisse has delayed filing its annual report after a call from the US financial watchdog. "Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said. Credit Suisse ADRs have plunged 61% over the past year, with a restructuring plan announced on October 27 also failing to reassure markets of the bank's resilience. The SEC's late call isn't Credit Suisse's only regulatory worry. Read more: Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system.

At the Fontainebleau hotel, Credit Suisse bankers were puzzled by the announcements, and concerned about their jobs being on the line, said the executive, who declined to be named. In response to questions from Reuters for this article, a spokesperson for Credit Suisse in London said: "We never comment on rumours or speculation." 'A ROCK AND A HARD PLACE'Even after Credit Suisse stopped financing hedge funds following the Archegos implosion in March 2021, the equities business remained a key part of its investment bank revenue. One option Credit Suisse is considering is to move its equities research to CSFB, Reuters reported. Slimming down the equities business would draw a further line under Credit Suisse's investment bank ambitions.

☆ Stocks making the biggest moves midday: Snap, Apple, Boeing and more
▼ + stars: | 2023-03-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Apple — Shares advanced more than 3% after Goldman Sachs initiated coverage of the big technology stock as a buy. Credit Suisse — Shares were down about 1% after former top shareholder Harris Associates sold its entire stake in Credit Suisse, according to a Financial Times report. The Wall Street firm said the luxury housing market is struggling to stabilize, which will impact RH's business. The Wall Street firm said the derating of Emerson Electric is overdone. Domino's Pizza — Domino's Pizza shares advanced more than 4%.

☆ Former top Credit Suisse shareholder sells full stake in bank - FT
▼ + stars: | 2023-03-05 | by ( ) www.reuters.com time to read: +2 min

Harris started to cut its exposure in October after Credit Suisse raised 4 billion Swiss francs ($4.27 billion) from investors, and when Saudi National Bank supplanted it as the top investor, David Herro, deputy chairman of Harris Associates, told the Financial Times. Credit Suisse reported a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion). In an emailed statement to Reuters on Sunday, Credit Suisse said, "we are ahead of our plan and have clear strategic objectives." "We are laser focused on successfully executing our plan and on progressing toward our targets to ensure new Credit Suisse delivers sustainable value for all our stakeholders," the statement added. Credit Suisse last month reported its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned of a further "substantial" loss this year.

☆ Why investors don't expect a dividend check from Alphabet anytime soon
▼ + stars: | 2023-03-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Coming out of the Internet bubble in 2003, Microsoft implemented a dividend for the first time in its then nearly three-decade history. Over the next decade, the software giant slowly hiked that dividend annually, while its shares languished mostly in the 20s. But despite the recent struggle in Alphabet shares, and fears over what lies ahead for the dominant search engine, big investors say a dividend isn't the best use of cash to convince investors to stay the course. Like some of its tech peers, Alphabet could pay a small dividend to "check the box for institutional investors," Meeks said. "Last thing you want to do is commit yourself to a dividend and then all of a sudden retrench it."

☆ How big investors are playing the latest A.I. trend overtaking Wall Street
▼ + stars: | 2023-02-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

But not every company with AI in its title, or a stake in the race, may be worth investors' hard earned cash. Given these recent developments, many investors recommend staying long Microsoft, including Sid Choraria, a portfolio manager at SC Asia. Microsoft's AI developments and the reported blunder of Google's chatbot during a promotional video have fueled concerns in recent weeks that Alphabet may be losing the AI war . "Stay focused on Alphabet," he said, adding that more AI developments should create additional revenue opportunities. Integrating an AI tool into Alibaba's business and more AI content generation should improve efficiency and boost advertising effectiveness, he added.

☆ Hunt for value begins in Europe, says Harris Associates' David Herro
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHunt for value begins in Europe, says Harris Associates' David HerroDavid Herro, Harris Associates, joins 'Squawk on the Street' to discuss international markets and why the 'hunt for value' starts in the European markets.

☆ This fund manager says there's a 'value gap' in European markets. Here's how he's playing it.
▼ + stars: | 2023-02-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

There's a "value gap" in European markets, and that's creating a unique opportunity for investors to buy up top-notch financial and industrial names at a bargain, according to David Herro, chief investment officer of international equities at Harris Associates. European markets dropped sharply last year as war concerns mounted in Ukraine, energy prices surged, and the Chinese economy struggled. But even as share prices dropped, earnings continued improving, opening up what Herro calls a value gap. When it comes to international markets, Herro's got the credentials to support this type of declaration. "Just about every one of the major European financials is over capitalized, and distributing that money back to shareholders positions," Herro told CNBC.

The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover. The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer. David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further. Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.

The new shares bring the QIA's ownership in Credit Suisse to 6.87%, amounting to 272.25 million shares, from 5.57% as reported in its last SEC filing in November. Credit Suisse declined to comment when contacted by Reuters on Monday and the QIA did not immediately respond to a request for comment. Credit Suisse's shares rose 2.2% on Monday to close at 3.15 Swiss francs. SNB, along with the QIA and Olayan Group, account for about 20% of Credit Suisse shares. Credit Suisse outlined plans in October to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients.

☆ Harris Associates backs Credit Suisse handling of governance
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 11 (Reuters) - Credit Suisse (CSGN.S) shareholder Harris Associates backed the Swiss bank's handling of any potential conflicts of interest for Michael Klein, then board member, and director Blythe Masters when it implemented a sweeping overhaul last month. "We believe they have properly dealt with situations where there have been conflicts," Deputy Chairman David Herro said in an emailed comment. Reuters earlier reported the bank's recent decision to exit certain investment banking activities is drawing scrutiny from at least two investors and a proxy adviser worried about how Credit Suisse managed potential conflicts of interest. Reporting by Oliver Hirt, writing by Michael Shields, Editing by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Nagging U.S. Treasury liquidity problems raise Fed balance sheet predicament
▼ + stars: | 2022-11-08 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +5 min

The Fed's balance sheet though remains at a lofty $8.7 trillion, down modestly from a peak of nearly $9 trillion. Fed' balance sheetHowever, there are underlying liquidity and volatility problems in U.S. Treasuries amid the Fed's aggressive rate hike cycle. While the Fed is determined to reduce its balance sheet, if the problems facing investors get out of control, some analysts said the Fed may just halt or suspend it. UBS economists said last month the Fed's balance sheet runoff will face several complications through 2023, prompting the Fed to sharply slow or fully stop balance sheet reduction sometime around June 2023. BCA's Swift said while the Treasury market has grown dramatically since 2008, dealer intermediation, has remained low, noting that regulations made it less appealing for dealers to undertake such activity in the Treasury market.

☆ Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
▼ + stars: | 2022-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. The bank is reportedly set to become the second-largest shareholder of Credit Suisse, second to Harris Associates. It also aims to cut its cost base by 15%, or 2.5 billion Swiss francs, by 2025. The SNB chairman cited Credit Suisse's investment banking unit as the Achilles' heel of the company, accentuated by the current climate of increased market volatility. "The biggest overhang for Credit Suisse, over the past couple of years ... has been the volatility of the performance of their investment bank," he told CNBC.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

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