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☆ Retail sales in China aren't good enough, strategist says
▼ + stars: | 2023-04-11 | 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 EmailRetail sales in China aren't good enough, strategist saysWinnie Wu of BofA Securities, however, says China's luxury market and hotpot restaurants have had good recovery.

☆ Inside Disney it's 'Revenge of the Creatives' and 'Shields Up!' against outside foes as returned CEO Bob Iger is taking no prisoners
▼ + stars: | 2023-04-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

Since returning as Disney CEO, Bob Iger has vanquished foes and dumped many of predecessor Bob Chapek's hires. But it's a supercharged Bob Iger who is really taking command. "If I'm inside Bob's head coming back, after the downfall of Bob Chapek, this is all about taking no prisoners," said Will Schutte, a high-level executive coach. Disney World is scheduled to host a major conference on gay rights in September, according to the Miami Herald. Even if he wants to be the Bob Iger of old he can't be.

☆ Unstable markets drag Canadian M&A, debt issuance to four-year low
▼ + stars: | 2023-04-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact of rapid interest rates hikes, bankers are, however, betting that appetite for dealmaking would return. Canadian M&A volumes totalled $34.7 billion in the first quarter, down 52.3% from a year ago, with dealmaking off to the worst start since the same period in 2020. Some market participants noted the second quarter is already off to a stronger start, with the mining sector gathering momentum. Abeed Ramji, head of Canadian Debt Capital Markets at TD, said the lack of issuance from banks impacted the corporate debt market, adding that global markets had become more expensive for financing.

☆ Bob Iger has handled himself incredibly well since he's been back to Disney: BofA's Ehrlich
▼ + stars: | 2023-04-04 | 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 EmailBob Iger has handled himself incredibly well since he's been back to Disney: BofA's EhrlichJessica Reif Ehrlich, senior U.S. media and entertainment analyst at BofA Securities, joins 'Squawk Box' to discuss how Ehrlich is considering Disney's stock, Disney's theme park business, and more.

The flow may be signalling a shift in sentiment among foreign investors who have been notably absent while China's markets and economy roared back to life after Beijing abruptly lifted its stringent zero-COVID policy in December. Alibaba's shares (9988.HK) are up more than 14% in the five days since the company's announcement and some 11.7 billion yuan ($1.7 billion) in foreign cash has flowed into China's markets. That's already more than the net 9.2 billion yuan in inflows in February and drove March flows to 35.4 billion yuan and the quarter's inflow to a record of 186 billion yuan. Premier Li Qiang assured foreign investors that China would unswervingly adhere to reform and opening up, expanding market access and optimising the business environment. Ernest Yeung, a portfolio manager at U.S. asset manager T. Rowe Price, anticipated "a gradual process of stabilisation" of private enterprises and the internet sector.

☆ GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

GM CFO Paul Jacobson said Tuesday the automaker expects to take a roughly $1 billion charge during the quarter as a result of the program. The headcount reduction was part of the company's plans to cut $2 billion in structural costs over the next two years. The voluntary buyouts were offered to a majority of the company's 58,000 U.S. white-collar employees. To qualify for the program, salaried employees needed to have worked at the company for five years as of June 30 this year. GM announced the $2 billion cost-cutting program in January, saying between 30% and 50% of the savings were expected during 2023.

☆ Extra Space to buy Life Storage for $12.7 bln in self-storage mega deal
▼ + stars: | 2023-04-03 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Real estate investment trust Extra Space Storage (EXR.N) said on Monday it will acquire Life Storage (LSI.N) for $12.7 billion in a deal that will result in the combined company becoming the largest U.S. self-storage space operator by store count. Life Storage, which operates more than 1,150 storage facilities in 37 states and the District of Columbia, in February turned down a $11 billion all-stock takeover bid from Public Storage (PSA.N). Life Storage shares were up 3.5%, while Extra Space shares were down 5.1%. On deal close, Extra Space and Life Storage shareholders are expected to own about 65% and 35% of the combined company. The board of Extra Space will be expanded from 10 directors to 12 and consist of three directors from Life Storage.

In a filing on Thurday, JD.com said it would continue to hold a stake of more than 50% in the units, JD Industrials and JD Property, upon completion of the proposed spin-off. JD.com said the size and structure of its units' initial public offerings had not yet been finalised. Two sources with knowledge of the floats said the two JD units are seeking to raise $1 billion each in the IPO. In their listing prospectuses filed later on Thursday, JD Industrials and JD Property disclosed annual revenues of 14.1 billion yuan ($2.05 billion) and 2.3 billion yuan, respectively. UBS and Citic Securities are the financial advisers for JD Industrials, while UBS is the financial adviser for JD Property.

☆ We're only halfway done with the chip rally based on historical trends: BofA's Vivek Arya
▼ + stars: | 2023-03-31 | 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 EmailWe're only halfway done with the chip rally based on historical trends: BofA's Vivek AryaVivek Arya, BofA Securities senior semiconductor analyst, joins 'Squawk Box' to discuss why semiconductor stocks have been up, geopolitical risks associated with chip investing, and more.

☆ Watch CNBC's full interview with Bank of America's Vivek Arya
▼ + stars: | 2023-03-31 | 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 Vivek AryaVivek Arya, BofA Securities senior semiconductor analyst, joins 'Squawk Box' to discuss why semiconductor stocks have been up, geopolitical risks associated with chip investing, and more.

☆ FedEx earnings will likely be significantly impacted by cost-cutting
▼ + stars: | 2023-03-16 | 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 EmailFedEx earnings will likely be significantly impacted by recent cost-cutting measuresBofA Securities' Ken Hoexter explains what to expect from FedEx earnings.

☆ These 23 bank stocks offer upside after Silicon Valley Bank's stunning collapse sent the whole sector plummeting, according to Bank of America
▼ + stars: | 2023-03-14 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

The sudden collapse of Silicon Valley Bank has caused panic in the banking sector. One of the biggest scares for the banking sector since the financial crisis came late last week when Silicon Valley Bank (SIVB), which was the 16th-largest bank in the nation just days ago, imploded nearly overnight. Stocks swooned and market volatility spiked when it became clear that Silicon Valley Bank was going under. Although the US government pledged to protect individuals and businesses who made deposits at Silicon Valley Bank, fears about the potential for widespread collapse carried into this week. Shares of small- and mid-sized regional banks got crushed on Monday in what seemed to be a crisis of confidence.

☆ India's Tata Technologies, a unit of Tata Motors, files for IPO
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 10 (Reuters) - Tata Technologies, a unit of Indian carmaker Tata Motors (TAMO.NS), filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator. However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares. The spend on digital services in these industries is expected to rise from $1.64 trillion in 2021 to $2.28-2.33 trillion by 2025, Tata Tech said, citing a report by Zinnov Management Consulting. Tata Motors said in December it was exploring the possibility of selling part of its stake in Tata Tech through a public float.

Asia is falling far behind its regional peers in terms of female boardroom representation, analysis from MSCI and BofA Securities showed. An average of 20% of Asia's boardrooms are made up of women, according to research by BofA Securities – that's merely a 7% improvement from 12 years ago. Female boardroom representation remains a key metric to track the global progress on gender equality. However, the gap in wage, employment, and boardroom representation between men and women remains large. "The proportion of companies reporting employee diversity is 67% but only 35% of those employees are females," they said.

☆ Lithium prices likely to drop in the first quarter of 2023, says BoFA
▼ + stars: | 2023-03-02 | 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 EmailLithium prices likely to drop in the first quarter of 2023, says BoFAMatty Zhao of BofA Securities says it expects lithium supply will grow by 38% this year and that it will be a "surplus year" for the commodity.

☆ Lowe's is seeing weakness in DIY sales but strength in pro housing
▼ + stars: | 2023-03-01 | 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 EmailLowe's is seeing weakness in DIY sales but strength in pro housing servicesBofA Securities' Liz Suzuki explains what to expect from Lowe's earnings.

☆ Belgium to sell part of its stake in BNP Paribas in deal worth over $2 bln - SFPI
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - Belgium is preparing a partial sale of its 7.8% equity stake in French lender BNP Paribas (BNPP.PA), the euro-zone's biggest bank, the Belgian state participation agency SFPI said on Tuesday. The SFPI will dispose of a chunk of around 2.7% in the French bank, it said in a statement. Lazard is advising Belgium on the move, while BNP Paribas Fortis, BofA Securities and Goldman Sachs International are acting as joint bookrunners, it added. The sale would mean Belgium will no longer hold the biggest stake in BNP Paribas. BNP Paribas did not immediately respond to a request seeking comment.

☆ CD&R to take Focus Financial private in over $7 bln deal
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Focus Financial Partners Inc (FOCS.O) has agreed to be taken private by affiliates of buyout firm Clayton, Dubilier & Rice (CD&R) in an all-cash transaction valued at more than $7 billion including debt, the companies said on Monday. The buyout firm's offer highlights how private equity firms are pouncing on the plunge in valuations to snap up companies. CD&R and Stone Point will fund the deal, which is expected to close in the third quarter of this year, with fully-committed equity financing. Stone Point and fellow private equity firm KKR & Co (KKR.N) owned New York-based company Focus prior to its listing in 2018. Jefferies LLC and Goldman Sachs are financial advisers to Focus, while Moelis & Co, Truist Securities Inc and BofA Securities are among advisers to CD&R.

☆ Natural Gas is close to a bottom, says BofA Securities Francisco Blanch
▼ + stars: | 2023-02-22 | 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 EmailNatural Gas is close to a bottom, says BofA Securities Francisco BlanchFrancisco Blanch, BofA Securities, joins 'Squawk on the Street' to discuss his thoughts on natural gas bottoming and the overall market.

While law firms sometimes negotiate fixed fees on transactions, market participants said such deals would be unlikely on transactions that faced the amount of legal uncertainty of Rogers-Shaw. The Rogers-Shaw deal is expected to be the tenth-largest deal in Canadian history since 1995, according to data from Dealogic. Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw. None of the law firms responded to Reuters queries on the legal fee. Rogers and Shaw on Friday extended the closing deadline for the fourth time to March 31.

But retail investors are haunted by the regulatory purges, volatility and losses since 2021. With 212 million retail investors, equal to Brazil's population, the conservatism of China's retail army has implications for the viability of the rally. Individual retail investor transactions accounted for about 60% of the total A-shares turnover in late 2022, China Securities Regulatory Commission Chairman Yi Huiman said in November. But data shows barely any investor accounts being opened and the margin financing that retail investors typically use has plateaued. Retail investors are waiting for clearer policy signals, said Lei Meng, China equities strategist at UBS Securities.

☆ Watch CNBC's full interview with Bank of America's Jessica Reif Ehrlich
▼ + stars: | 2023-02-09 | 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 Jessica Reif EhrlichJessica Reif Ehrlich, senior U.S. media and entertainment analyst at BofA Securities, joins 'Squawk on the Street' to break down her buy rating on Disney.

Feb 8 (Reuters) - Shares of solar-tracking business Nextracker Inc soared 26% in their U.S. market debut on Thursday, suggesting that the IPO market was showing signs of emerging from a prolonged freeze. "It's yet another sign that the 2023 IPO market is thawing. So it's a breath of fresh air," said Matthew Kennedy, senior IPO market strategist at Renaissance Capital. Nextracker raised $638 million from 26.6 million shares in its IPO on Wednesday, higher than its original plan of $534.9 million. Founded in 2013 by Chief Executive Officer Dan Shugar, Nextracker provides solar tracker and software solutions for solar power plants.

☆ Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Solar technology firm Nextracker raised $638 million in its U.S. IPO, pricing it slightly higher than its indicated target range, parent company Flex Ltd (FLEX.O) said in a statement on Wednesday, adding that the number of shares sold was increased. Nextracker sold 26.6 million shares of its Class A common stock at $24 apiece, according to the statement, giving the Fremont, California-based company a valuation of over $3.5 billion. This comes at the upper-end of their indicated range of $20 to $23 per share. The decision to increase the deal size comes at a challenging time for the U.S. IPO market, where activity has come to a standstill due to heightened volatility in a rising interest rate environment. Nextracker has also granted the underwriters an option to purchase up to about additional 4 million shares, it added.

☆ BofA Securities' Jessica Reif Ehrlich discusses her buy rating on Disney
▼ + stars: | 2023-02-09 | 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 EmailBofA Securities' Jessica Reif Ehrlich discusses her buy rating on DisneyJessica Reif Ehrlich, senior U.S. media and entertainment analyst at BofA Securities, joins 'Squawk on the Street' to break down her buy rating on Disney.

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