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☆ Larry Fink’s next M&A may go in surprise direction
▼ + stars: | 2023-11-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +8 min

Reuters GraphicsTIPPING THE SCALESThe shift to low-fee products helped BlackRock’s assets under management swell to more than $9 trillion at the end of September. BlackRock’s history with Blackstone means a reunion with Stephen Schwarzman’s $110 billion firm is a persistent Wall Street rumor. BlackRock’s funds operate under a single name, so uniting with Carlyle (CG.O) or Apollo Global Management (APO.N) would pose a branding challenge. Fink might covet MSCI (MSCI.N), the $38 billion firm which aggregates many of the benchmarks tracked by BlackRock’s ETFs. Given Fink’s long record of pulling off opportunistic and transformational deals, it would be foolish to bet against him springing one last surprise.

Persons: Larry Fink, Fink, Merrill, Rowe Price, Janus Henderson, Blackstone, Stephen Schwarzman’s, Carlyle, covet, MSCI, Michael Bloomberg, doesn’t, LSEG –, Peter Thal Larsen, Thomas Shum, Streisand Neto Organizations: CNBC, New York Stock Exchange, Reuters, BlackRock, Blackstone, Barclays Global Investors, Credit Suisse, UBS, nab, Graphics, Apollo Global Management, London Stock Exchange, Thomson Reuters, New, Bloomberg, Wall Street, New York Times, LSEG – Bloomberg, Thomson Locations: New York City, U.S, BlackRock, Boston, Swiss, New York, United States

☆ Here are Tuesday's biggest analyst calls: Tesla, SoFi, Pinterest, Roku, Boeing, Apple, Shopify, Chewy and more
▼ + stars: | 2023-10-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Baird downgrades ON Semiconductor to neutral from outperform Baird said it sees "pricing pressures" for the semiconductor maker. Morgan Stanley upgrades Chewy to overweight from equal weight Morgan Stanley said in its upgrade of the stock that share sell-off is overdone. " Morgan Stanley upgrades SoFi to equal weight from underweight Morgan Stanley said the risks to SoFi are more than priced in. Morgan Stanley initiates Celsius Holdings as equal weight Morgan Stanley said in its initiation of the stock that it sees a balanced risk/reward. Northcoast upgrades Boeing to buy from neutral Northcoast said in its upgrade of Boeing that it sees a "more promising long term earnings horizon."

Persons: Wells Fargo, Bernstein, Goldman Sachs, it's, Baird, Rowe Price, Tesla, Piper Sandler, Wells, Morgan Stanley, CHWY, Guggenheim, Tourmaline, AutoNation, Jefferies, underperform Jefferies, MoffettNathanson, D.A, Davidson, Northcoast, ABG, Wolfe, Phillips, PSX Organizations: Wells, MARA, Apple, Semiconductor, Citi, TROW, Deutsche Bank, Bank of America, of America, 4Q, Arista Networks, TAM, Lincoln Electric, Seaport, Guggenheim, JPMorgan, Susquehanna, WSM, D.A, Disney, Boeing, Boeing Company, Asbury Automotive Locations: Williams, Sonoma, CELH

☆ T. Rowe beats profit estimates on higher fee-based income
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 27 (Reuters) - T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. "However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter," CEO Rob Sharps said in a statement. Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier. Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.

Persons: Rowe Price, Toru Hanai, Rob Sharps, Rowe, Sri Hari, Shilpi Majumdar Organizations: REUTERS, Federal Reserve, Sri, Thomson Locations: Tokyo, Japan, Baltimore , Maryland, Bengaluru

☆ BlackRock’s Aramco embrace makes sense in a vacuum
▼ + stars: | 2023-07-18 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.

Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco

☆ I'm a CEO who wakes up at 3:45 a.m. without an alarm clock. These 11 sleep hacks helped me become a better leader.
▼ + stars: | 2023-07-16 | by ( Robin Madell | ) www.businessinsider.com time to read: +8 min

Now he typically wakes up around 3:45 a.m. well rested and without an alarm clock, he said. Ice baths help lower my core body temperature and also urge the release of melatonin, which is a hormone that helps us fall asleep quickly and remain asleep until we've completed all sleeping cycles. If I'm in a hotel, I'll unplug the coffee maker, TV, and the clock to create that dark environment. I solely focus on the optimization of sleep, not the lengthThe perfect night of sleep is two hours of REM and two hours of deep sleep. I can wear it on my finger, and it shows me the exact data I need to know about my REM, my deep sleep, my light sleep, and also my heart rate,.

Persons: Michael Koch, Koch, It's, I've, I'm, we've, trow, It's noninvasive Organizations: Service Locations: Wall, Silicon, New York City, Europe

☆ Man mixes risk and reward in private credit bet
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 6 (Reuters Breakingviews) - Man Group (EMG.L) is getting into the hot private credit market, by buying a majority stake in lender Varagon Capital Partners for $183 million. Private credit, which involves managers like Ares Management (ARES.N) or Blackstone (BX.N) making bilateral loans to mostly private equity buyouts, has been one of the hottest areas in fixed income. Low rates encouraged investors to hunt for yield, and has seen mainstream managers like T. Rowe Price (TROW.O)join the fray. They will be rewarded with further payments if they extend their commitments, and Man hopes to use its network to broaden Varagon’s investor base. Given private credit managers like Fortress have traded at more than double that multiple, it looks like a relatively savvy deal.

Persons: Rowe Price, Neil Unmack, Aimee Donnellan, Streisand Neto Organizations: Reuters, Man, Capital Partners, Ares Management, AIG, Fortress, Twitter, KKR, Thomson Locations: Varagon’s, China

☆ Too far, too fast: Wall Street sees Tesla and these other shares declining in the next 12 months
▼ + stars: | 2023-06-20 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The surge in Tesla stock comes despite concern over the company's new strategy , which prioritizes mass vehicle production over profit margin growth. Analysts are growing more weary of the electric vehicle giant, however, as only 39% of analysts polled by FactSet rate the stock a buy. Meanwhile, average analyst price targets imply a nearly 23% decline in Tesla's stock price from current trading levels. TSLA YTD mountain Tesla stock has surged more than 115% so far this year. TROW YTD mountain None of the analysts polled by FactSet rate T. Rowe Price stock as a buy.

Persons: Stocks, Tesla, Rowe Price, TROW Organizations: Nasdaq, Dow Jones, Wall, Tesla, Intel, CNBC Locations: Germany, Baltimore

☆ The Dad Canon (Circa Now)
▼ + stars: | 2023-06-16 | by ( Joseph Bernstein | June | ) www.nytimes.com time to read: +6 min

But to be honest, it didn’t really make me feel like a dad, let alone the number one dad. Neither had I), I’ve come to see the old dad ways a little more sympathetically, and with some measure of recognition. Still, the touchstones of Boomer dad culture have outlived their descriptive usefulness for younger generations. What, we might ask, is dad culture in 2023? Finally, the new dad culture has definitely not found it necessary to put away childish things.

Persons: gamely, didn’t, I’m, George W.S, Trow, I’ve, Boomer, —, There’s Organizations: Father’s, Star Locations: American

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India's nascent EV market. Aggarwal plans to meet investors, including BlackRock (BLK.N), Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price (TROW.O), the first source said. Ola Electric declined to comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the two sources said. Ola competes with other startups and bigger companies like TVS Motors (TVSM.NS), Ather Energy and Hero Electric, which are ramping up their EV scooter plans.

Persons: Ola, Bhavish Aggarwal, Rowe Price, Bhavish, Ola Electric, T Rowe Price, Goldman Sachs, Sriram, Scott Murdoch, Aditya Kalra, Jane Merriman Organizations: Blackrock, Bank of America, Temasek, BlackRock, Reuters, TVS Motors, Ather Energy, Hero, EV, Citi, ICICI Securities, Thomson Locations: Singapore, UK, U.S, GIC, MUMBAI, United States, United Kingdom, India

☆ Arrowstreet, Coatue Management among big hedge funds buying Meta in first quarter
▼ + stars: | 2023-05-15 | by ( David Randall | ) www.reuters.com time to read: +1 min

NEW YORK, May 15 (Reuters) - Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent’s stock. Arrowstreet Capital added about 5 million shares during the quarter, brining its total position to slightly more than 7 million shares, while Coatue more than doubled its position in the company by buying 4.2 million shares. Winslow Capital Management, meanwhile, initiated a new position in the firm by buying about 927,000 shares, and D1 Capital Partners bought slightly more than 1 million shares. Norges Bank, the central bank of Norway, was the largest seller among all firms, unloading more than 35 million shares during the quarter. Two Sigma Investments sold its entire stake of about 569,000 shares, while Glenview Capital Management, run by billionaire Larry Robbins, sold its entire stake of about 526,000 shares, according to filings.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

Some are turning to startups who are pivoting to using powerful chips to run quantum-inspired software on regular computers as they bide their time. In the past 18 months, quantum software startups including SandBoxAQ - an Alphabet spinoff - raised about $1 billion, according to data firm PitchBook. Ultimately, the software inspired by quantum physics won't perform well on quantum computers without some changes, said William Hurley, boss of Austin-based quantum software startup Strangeworks. Still, he said companies that start using them will have engineers "learning about quantum and the phenomenon and the process, which will better prepare them to use quantum computers at the point that they do so." Strangeworks, which also operates a cloud with over 60 quantum computers on it, raised $24 million last month from investors including IBM (IBM.N).

☆ Explainer: How are money market funds preparing for a potential debt ceiling crisis?
▼ + stars: | 2023-04-06 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

HOW BIG ARE MONEY MARKET FUNDS? Assets under management in U.S. money market funds, which include Treasury-only funds, prime funds, and government funds, totaled a record $5.2 trillion as of March 29, Investment Company Institute data showed. WHY IS THE DEBT CEILING A CONCERN FOR MONEY MARKET FUNDS? Fitch Ratings warned in February that the potential for investor redemptions and volatility in Treasury-only money market funds – as opposed to prime and government money market funds, which have other sources of funding – would rise if investors believed the government were to default. Runs on money market funds have been rare.

Three sources familiar with the matter said News Corp was in talks to sell its stake in Move to CoStar for about $3 billion. The deal would have recombined the media empire Murdoch split nearly a decade ago. No offer was exchanged between News Corp and Fox Corp before merger deliberations were abandoned, according to sources familiar with the process, who said pushback from News Corp shareholders played a role in those plans being scrapped. News Corp currently has a market capitalization of about $11 billion, while Fox is valued at a shade over $17 billion. Rupert Murdoch and his family trust control about 40% of News Corp and Fox.

Jan 24 (Reuters) - Rupert Murdoch reversed course on Tuesday and withdrew a proposal to re-unite News Corp (NWSA.O) and Fox Corp as the company is also exploring a sale of its stake in Move Inc., which operates the Realtor.com website, according to a regulatory filing and sources familiar with the process. Several top shareholders had publicly said they opposed the proposed plan, and on Tuesday News Corp said in a statement that the combination was "not optimal for shareholders of News Corp and Fox at this time." The deal would have reunited the media empire Murdoch split nearly a decade ago. No offer was exchanged between News Corp and Fox Corp before merger deliberations were abandoned, according to sources familiar with the process, who said pushback from News Corp shareholders played a role in those plans being scrapped. "Looking ahead, News Corp has an opportunity to create substantial value for its owners."

☆ News Corp shareholder T Rowe Price raises concerns over Fox merger - NYT
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

Nov 25 (Reuters) - T. Rowe Price (TROW.O), a major shareholder in News Corp (NWSA.O), said it had strong reservations about Rupert Murdoch's plan to reunite News Corp and Fox Corp (FOXA.O), The New York Times reported on Friday, joining other investors in dissent over the plan. T. Rowe Price told the newspaper that a merger of the two companies would probably undervalue News Corp, which it believes is trading for less than it is worth. T. Rowe Price owns about 17.88% of News Corp, according to Refinitiv data, and is the largest shareholder after the Murdoch family. Fox and News Corp declined to comment, while T. Rowe Price did not immediately respond to Reuters requests for comment. Independent Franchise Partners owns about 7% of News Corp's Class A shares and 6.4% in Fox Corp.

☆ These 13 sell-rated global stocks have serious downside risk, Wall Street analysts say
▼ + stars: | 2022-10-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results. Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data. Global stocks Other stocks with price targets below current trading levels include Japanese multinational retailer AEON , U.S.-listed Clorox , and U.K. financial services company Abrdn plc. Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results. Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data.

☆ Demand for Porsche AG listing strong as retail investor subscription period begins
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said. It was too early for visibility on retail demand, they added. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive. Register now for FREE unlimited access to Reuters.com RegisterReporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

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