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☆ Analysis: Investors shelve China assets before bigger stimulus
▼ + stars: | 2023-06-23 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

[1/2] A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most "crowded" trade in June, after going long on big tech. "I can't believe that there is anymore bad news to absorb," said Andy Maynard, head of equities at China Renaissance. Restoring confidence is looking increasingly like a long-term project and investors are positioning for a longer game and a slower rebound. "We are all looking for something a bit more decisive in helping to restore animal spirits, investor confidence and market confidence, and I think that hope may be still at risk of being disappointed."

Persons: Aly, Morgan Stanley, Hong, Dong Chen, Andy Maynard, Morgan, James Liu, Guan Yi, Summer Zhen, Jason Xue, Tom Westbrook, Jacqueline Wong Organizations: National People's Congress, REUTERS, BofA Securities, Pictet Wealth Management, China, Reuters, G Investments, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Asia, Singapore, Hong Kong, Pacific

☆ Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has entered into an agreement to sell its urban datacenter portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion). The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West. Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said. Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI. ($1 = 1.3222 Canadian dollars)(This story has been corrected to change to Canadian dollar from U.S. dollar throughout and adds conversion)Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya Ann Thoppil and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Berlis, Borden Ladner Gervais, Pratyush Thakur, Dhanya Ann Thoppil, Pooja Desai Organizations: Real, Investment Trust, KDDI Corporation, King Street, West, Scotiabank, BofA Securities, Borden Ladner Gervais LLP, Nishimura, Asahi, Thomson Locations: CBRE, Bengaluru

☆ BofA’S Savita Subramanian delivers her bull case for stocks
▼ + stars: | 2023-06-20 | 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 EmailBofA’S Savita Subramanian delivers her bull case for stocksSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' as a special guest trader to discuss her bull case for stocks, top market plays, and more.

Persons: Subramanian Organizations: BofA Securities

☆ 'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlook
▼ + stars: | 2023-06-20 | 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 Email'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlookSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' as a special guest trader to discuss her bull case for stocks, top market plays, and more.

Persons: BofA's Savita Subramanian, Savita Subramanian Organizations: BofA Securities

☆ Blanch: There's a battle royale going on in the oil market between the Saudis and the Fed
▼ + stars: | 2023-06-13 | 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 EmailBlanch: There's a battle royale going on in the oil market between the Saudis and the FedFrancisco Blanch, global head of commodity & derivatives strategy at BofA Securities, discusses the case for WTI crude to average $75/bbl this year and Brent $80/bbl.

Persons: Fed Francisco Blanch, Brent Organizations: Fed, BofA Securities, bbl

☆ BofA Securities is still bullish on retail despite the sector's recent lag
▼ + stars: | 2023-06-08 | 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 EmailBofA Securities is still bullish on retail despite the sector's recent lagLiz Suzuki of BofA Securities explains the outlook for retail stocks.

Persons: Liz Suzuki Organizations: BofA Securities

☆ Charles Schwab to raise $2.5 bln through debt offering
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Brokerage firm Charles Schwab Corp (SCHW.N) said on Thursday it was looking to raise up to $2.5 billion through a debt offering. The company will raise the debt in two parts via notes due in 2029 and 2034. The disclosure comes a day after another filing with the U.S. Securities and Exchange Commission, in which the brokerage firm said it would use the proceeds for "general corporate purposes." Last month, Schwab reported first-quarter profit ahead of analysts' expectations, boosted by growth in interest income. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering.

☆ Brokerage Charles Schwab joins corporate debt rush with $2.5 billion offering
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Charles Schwab Corp (SCHW.N) is looking to raise up to $2.5 billion through a debt offering, the brokerage said on Thursday as more companies aim to benefit from investors trying to capitalize on a spike in yields. The Texas-based company will raise the debt in two parts, via notes due in 2029 and 2034 and will use it for its corporate needs. If held to maturity, the 2029 notes would yield 205 basis points more than the benchmark, risk-free U.S. 5-year Treasury , while the yield on 2034 notes would be 227 bps above the U.S. 10-year Treasury yield. On Wednesday, Pfizer Inc (PFE.N) announced its largest debt offering of $31 billion to fund its proposed acquisition of Seagen Inc (SGEN.O). BofA Securities, Citigroup, Credit Suisse Securities, Goldman Sachs, J.P. Morgan Securities and Wells Fargo Securities are the joint book-running managers for the offering.

☆ You don't want to buy mega-cap tech stocks, says BofA’s Savita Subramanian
▼ + stars: | 2023-05-18 | 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 EmailYou don't want to buy mega-cap tech stocks, says BofA’s Savita SubramanianSavita Subramanian, BofA Securities head of U.S. equity and quantitative strategy, joins 'Squawk Box' to discuss the latest market trends, and where the market could be headed for the rest of the year and beyond.

☆ Charles Schwab to raise $2.5 bln in long-term debt - WSJ
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Charles Schwab Corp (SCHW.N) is looking to raise $2.5 billion in long-term debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The financial services firm will issue $1.2 billion in debt due in 2029 and $1.3 billion due in 2034, the report added. Shares of the company, which have lost about 38% of their value so far this year, fell 1.5% in extended trading. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs & Co. LLC, J.P. Morgan and Wells Fargo Securities are the joint book-running managers for the offering. Reporting by Manya Saini in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer to raise $31 bln for Seagen takeover in largest debt offering
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Pfizer Inc (PFE.N) is planning to raise $31 billion through its largest debt offering to finance its proposed acquisition of Seagen Inc (SGEN.O), the drugmaker said late on Tuesday. Rival Abbvie Inc (ABBV.N) had in 2019 made a $30 billion debt offering, which was used to finance its $63 billion buyout of Botox maker Allergan. The amount is more than double that of Pfizer's 2009 debt raise of $13.5 billion. The debt offering, which would be in eight tranches, is expected to close on May 19. Yield to maturity on Pfizer's 10-year bonds would be 125 basis points higher than the benchmark risk-free U.S. 10-year Treasury .

☆ Pfizer plans $31 bln debt offering to fund Seagen takeover
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Pfizer Inc (PFE.N) said on Tuesday it plans to raise $31 billion from a debt offering to finance its proposed acquisition of Seagen Inc (SGEN.O). Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in COVID-19 sales and generic competition for some top-selling drugs. The company has been pumping billions of dollars into research and acquisitions to mitigate an anticipated $17 billion hit to revenue by 2030 from patent expirations for top drugs, and a decline in demand for COVID products. The debt offering, which would be in eight tranches, is expected to close on May 19, the company said, adding that BofA Securities, Citigroup (C.N), Goldman Sachs (GS.N) and J.P. Morgan (JPM.N) are acting as the joint lead managers and joint book-running managers. Reporting by Kanjyik Ghosh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Bullish view on Indian rupee thwarted by wall of cenbank intervention
▼ + stars: | 2023-05-17 | by ( Nimesh Vora | ) www.reuters.com time to read: +3 min

MUMBAI, May 15 (Reuters) - The bullish outlook on the Indian rupee that several foreign banks have is facing a tough test from the Reserve Bank of India's persistent intervention to shore up reserves. Barclays projected the rupee to hit 80 per dollar by next March, while BofA Securities expected a move to 79.5 by then. The rupee currently is down slightly from its March 31 level, at 82.34 to the dollar. There is little doubt that the RBI will persist with its two-way intervention strategy to keep a check on the rupee volatility, chief dealer at another public sector bank said. "Broadly, I agree with what the public sector banks are saying, that RBI reckons the need to continue intervention and build reserves," said Abheek Barua, chief economist at HDFC Bank.

☆ China's economic data misses expectations as economy continues to show uneven recovery
▼ + stars: | 2023-05-16 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

YANGZHOU, CHINA - MAY 02: Aerial view of tourists visiting the Dongguan street during the May Day holiday on May 2, 2023. China's economic data for April broadly missed expectations as the economy continued to show an uneven path of recovery from the impact of its stringent Covid restrictions. Industrial production for April rose by 5.6% year-on-year, compared to the 10.9% expected by economists surveyed in a Reuters poll. "It's not good enough to meet with investors' expectations – that's a problem," Wu said, adding that the momentum from China's pent-up demand seems to be fading away. "The recovery of income, of job security, and confidence will take time," she said.

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

☆ A stock picker's market is forming for the first time since 2008 as investors ditch ETFs and pile into single shares, Bank of America says
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Bank of America said it seeing the first sign of a stock picker's market since 2008. So far this year, $25 billion has flowed into single stocks while ETF outflows have reached $9 billion. The figures point to the "first sign of a stock picker's market since 2008," Jill Carey Hall, who leads BofA's small and mid-cap strategy, said in a weekly update capturing activity among its clients. While more money is flowing to stock pickers, their actual performance versus the rest of the market is another matter. Single stock inflows with ETF outflows from 2008 to 2023.

☆ J&J's Kenvue eyes $47 billion valuation in biggest US IPO since 2021
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Kenvue Inc. Johnson & Johnson's consumer-health business, is displayed on a screen during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermidMay 4 (Reuters) - Johnson & Johnson's (JNJ.N) consumer health unit Kenvue Inc (KVUE.N) was set to fetch a valuation of about $47 billion on Thursday, in what would be the biggest U.S. initial public offering since late 2021. Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange. While the Kenvue deal is the largest IPO to launch since electric-vehicle maker Rivian Automotive Inc (RIVN.O) listed its shares on the Nasdaq in late 2021, deal advisers have warned that equity capital markets may not recover in a meaningful way any time soon. Reporting by Manya Saini and Bhanvi Satija in Bengaluru; Editing by Shounak Dasgupta and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC's full interview with Bank of America's Savita Subramanian
▼ + stars: | 2023-05-01 | 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 EmailWatch CNBC's full interview with Bank of America's Savita SubramanianSavita Subramanian, BofA Securities, joins 'Squawk on the Street' to discuss Subramanian's thoughts on the earnings season thus far, if there will still be a 'reckoning' in corporate earnings and more.

☆ Stock market bulls hard to find amid high rates and banking fallout, says BofA's Subramanian
▼ + stars: | 2023-05-01 | 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 EmailStock market bulls hard to find amid high rates and banking fallout, says BofA's SubramanianSavita Subramanian, BofA Securities, joins 'Squawk on the Street' to discuss Subramanian's thoughts on the earnings season thus far, if there will still be a 'reckoning' in corporate earnings and more.

☆ GM raised guidance, but its stock fell. Why Wall Street isn't buying in
▼ + stars: | 2023-04-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – When a company beats Wall Street's earnings expectations and raises guidance amid recessionary fears and other economic concerns, you would expect the stock to rally. Wall Street analysts say eroding pricing power, labor concerns and challenges in producing electric vehicles, will make it harder for GM to perform at the profitability levels it has been. Record-high vehicle profits and prices, achieved during historically low vehicle inventory levels and resilient consumer demand, are starting to normalize. GM CFO Paul Jacobson said Tuesday that the company expects flat pricing compared to last year. He said consumers paid an average of $50,263 per vehicle in the U.S. during the quarter, off 1% from a year earlier.

☆ BofA's Stephen Suttmeier: We have a lot of stability for equities
▼ + stars: | 2023-04-21 | 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 EmailBofA's Stephen Suttmeier: We have a lot of stability for equitiesStephen Suttmeier, chief equity technician at BofA Securities, joins 'The Exchange' to discuss the potential for a bullish breakout, trends in stocks versus bonds, and the April technicals.

Nearly 90% - 94 of 105 - of the economists who participated in the latest Reuters poll, predicted the U.S. central bank would hike its key policy rate by 25 basis points to the 5.00%-5.25% range at a May 2-3 meeting, in line with market pricing. Beyond that, 59 of 100 economists expected the Fed to keep its policy rate unchanged through at least this year. Only 26 respondents with an end-2023 view forecast a cut, similar to market expectations. "We maintain the first rate cut in March 2024. In an exclusive interview with Reuters this week, St. Louis Fed President James Bullard called for a much higher peak policy rate than currently expected, as inflation remains stubbornly high.

☆ Nvidia shares could pop up another 23% as surging AI workloads stokes stronger demand for specialized hardware, Bank of America says
▼ + stars: | 2023-04-19 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Nvidia shares could rise 23%, Bank of America said in raising its price target on the chipmaker. AI workloads are rising and Nvidia's specialized hardware should benefit from stronger sales. Nvidia shares have jumped 90% in 2023 as interest in AI is fueled by ChatGPT. The note from the BofA analysts come after Nvidia shares have already soared this year on the back of the ChatGPT craze. The bank said sales of specialized accelerators in 2023 could overtake those of worldwide standard x86 processors.

☆ Nvidia will compete for chip market share with the cloud players, says BofA's Vivek Arya
▼ + stars: | 2023-04-19 | 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 EmailNvidia will compete for chip market share with the cloud players, says BofA's Vivek AryaVivek Arya, BofA Securities senior semiconductor analyst, joins 'The Exchange' to discuss Microsoft's chip manufacturing pursuit, the early stages of generative A.I. and large data models, and more.

☆ Expect another 10% downside to full-year earning estimates, says BofA's Subramanian
▼ + stars: | 2023-04-13 | 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 EmailExpect another 10% downside to full-year earning estimates, says BofA's SubramanianSavita Subramanian, BofA Securities head of U.S. equity and ESG strategy, joins 'Squawk Box' to discuss what the strategist is looking for in earnings season, how investors can think about which theme to act on and more.

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