Category: أخبار الاستثمار

Kentucky steel plant to expand with $244M investment

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A Kentucky stainless steel plant is spending $244 million to expand its facility in Carroll County, one of several economic development projects announced by Gov. Andy Beshear this week.

North American Stainless will add space to its 4 million square foot plant and add 70 new jobs, Beshear said at a Thursday news conference. The company handles about half the stainless steel made in North American, according to its CEO, Cristobal Fuentes.

LOUISVILLE JUVENILE DETENTION CENTER DEEMED UNSAFE SET TO REOPEN AFTER REPAIRS


A Kentucky steel plant is paying $244 million to expand their facility by 4 million square feet. This investment will create over 70 new jobs.

A Kentucky steel plant is paying $244 million to expand their facility by 4 million square feet. This investment will create over 70 new jobs.

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Another company, LioChem e-Materials, will renovate a building in Simpson County with a $104 million investment, the governor said. The new plant will support electric vehicle battery production and create 141 jobs, according to a news release from the governor’s office.

The plant will produce a liquid dispersion of carbon nanotubes that improves the performance of lithium-ion batteries used in electric vehicles.

The governor also announced the expansion of Carter Lumber Co. in Bowling Green. The $8 million investment will add 86 jobs.

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Source: https://www.foxnews.com/us/kentucky-steel-plant-expand-244m-investment

Boeing’s Terrible Earnings Have Left Wall Street More Bullish. Here’s Why.

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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

https://www.barrons.com/articles/boeing-earnings-stock-airbus-ge-flight-travel-51674832545



Jan. 27, 2023 10:19 am ET



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Free cash flow at commercial aerospace giant Boeing has stabilized. Earnings, however, are all over the place. That isn’t bothering Wall Street, though—the stock remains attractive and target prices are moving higher.


On Wednesday Boeing (ticker: BA) reported a loss of $1.75 a share. Wall Street was looking for a 20 cent loss. It was a big miss, but shares finished up 0.3% on the day. Investors are inured to big misses from the company.


reported

Source: https://www.barrons.com/articles/boeing-earnings-stock-airbus-ge-flight-travel-51674832545

Why Southwest Airlines Stock Is Falling Today

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What happened

The high-profile meltdown Southwest Airlines (LUV -3.17%) experienced over the December holiday season impacted the company’s fourth quarter a lot more than analysts had predicted, causing results to miss expectations. Investors don’t like surprises, and shares of Southwest were down 5% as of 11:27 a.m. in the wake of the company’s Q4 report.

So what

We knew going into earnings season that Southwest had a difficult quarter. A winter storm that hit much of the United States during the holiday travel period caused a system meltdown at the carrier, leading to the cancellation of more than 16,000 flights. In early January, Southwest updated its guidance for Q4 as a result of the storm. But analysts still underestimated the impact.

Southwest reported a loss of $0.38 per share in the quarter, significantly worse than the $0.09-per-share loss that analysts had forecast, on revenue of $6.17 billion that slightly missed expectations. The airline said that the “operational disruption” that occurred in December impacted results by about $800 million before taxes.

Southwest is still trying to pick up the pieces and figure out what went wrong.

“We have swiftly taken steps to bolster our operational resilience and are undergoing a detailed review of the December events,” CEO Bob Jordan said in a statement. “In addition, our board of directors has established an operations review committee that is working with the company’s management to help oversee the company’s response.”

Now what

Southwest anticipates posting a loss in the first quarter, which is historically the quietest period of the year for airline stocks, but the company has seen an uptick in demand heading into March and the beginning of spring break season.

The airline is hardly the first to run into operational issues, and if past experience is any indication, consumers have a short memory when it comes to events like this, and traffic typically rebounds rather quickly. But Southwest has positioned itself as a more customer-friendly airline, and it remains possible that consumer blowback could be pronounced due to Southwest’s unique status in the industry.

There is already a lot at stake heading into Southwest’s first-quarter earnings presentation in April. Until we know more, it appears a lot of investors would rather watch from the sidelines.

Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool recommends Southwest Airlines. The Motley Fool has a disclosure policy.

Source: https://www.fool.com/investing/2023/01/26/why-southwest-airlines-stock-is-falling-today/

US stocks jump as investors cheer upbeat GDP data and strong Tesla earnings

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Jennifer Sor



trader nyse celebrate happy fist bump

Reuters / Brendan McDermid


  • US stocks jumped Thursday as investors cheered strong GDP data and Tesla earnings.


  • GDP grew 2.9% over the fourth quarter, above estimates of 2.8%.


  • Tesla rallied almost 11% after posting record results after the bell on Wednesday.



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US stocks jumped on Thursday as investors cheered a surprise upside in fourth quarter GDP, bucking some fears of a looming recession.


All three indexes ended the day in the green, with a gain in the Nasdaq Composite led by Tesla, which jumped almost 11% on Thursday after beating earnings estimates and posting record revenue figures.


GDP grew 2.9% annualized over the fourth quarter, according to the Commerce Department, above the 2.8% estimated by economists.


Tesla, meanwhile, reported a record revenue of $24.32 billion over the last quarter, above estimates of $24.16 billion.


Analysts from Goldman Sachs and Wedbush reiterated their “Buy” rating for the EV maker, and predicted shares would rally 38% this year to $200. JPMorgan, though, rated Tesla as “Underweight,” citing disappointing profit margins. The bank predicted shares would slide 24% to $120 this year.


Here’s where US indexes stood at the 4:00 p.m. closing bell on Thursday:





Despite the positive surprise in GDP, some economists warned that the US is not out of the woods when it comes to a recession.


“The economy grew decently in 2022 — the fears of a recession underway in the first half of last year were misplaced. However, the picture is different looking forward. The trend in real GDP weakened into year-end, and other economic indicators suggest the economy was on the cusp of contracting at the turn of the year,” Comercia Bank chief economist Bill Adams said in a statement on Thursday. “Financial indicators like the inverted yield curve also signal a strong likelihood of a recession ahead,” he added.


“Headline GDP was very strong beating consensus suggesting robust economic activity and if recession were to materialize a softer recession. However, the drivers behind this growth are far from ideal,” Ash Alankar, the head of global asset allocation at Janus Henderson Investors said in a statement.


Alankar noted that personal consumption came in below expectations and the personal savings rate came in above expectations, a sign that consumers are already pulling back from spending out of caution.


Here’s what else is going on:



In commodities, bonds, and crypto:



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Source: https://markets.businessinsider.com/news/stocks/stock-market-news-today-tesla-rally-gdp-economic-outlook-recession-2023-1?op=1

Wisconsin advisor pulled $1.9 million fraud on clients

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The Securities and Exchange Commission Tuesday charged a Wisconsin financial advisor with defrauding 13 clients of $1.9 million and also misrepresenting the risk of GWG bonds and other investments, claiming those investments were low risk.


The advisor, Anthony B. Liddle, 40, was barred from the securities industry last June by the Financial Industry Regulatory Authority Inc. after he failed to cooperate with Finra’s investigation into the matter. Calls to Liddle’s firm, Prosper Wealth Management, or PWM, Wednesday morning could not be completed. The firm had $15.7 million in client assets, according to its most recent Form ADV.


GWG Holdings Inc., which sold $1.6 billion in bonds backed by life settlements through a network of independent broker-dealers, said in April it had voluntarily filed for Chapter 11 bankruptcy protection. Investors don’t know what the L bonds are worth.


From at least June 2019 and continuing through May 2022, Liddle “conducted a fraudulent scheme that defrauded at least 13 of his advisory clients, most of whom were senior citizens,” according to the SEC. “As part of the scheme, Liddle also made misrepresentations to advisory clients. Liddle followed a common pattern during the scheme.”


Liddle directed clients to sell positions in securities and then to invest in the GWG bonds and other riskier investments, according to the SEC.


“First, Liddle misrepresented the risk of GWG L Bonds and other similar investments, and claimed the offered security was lower-risk than existing client investments,” according to the SEC’s complaint. “Based on Liddle’s misrepresentations, certain of his advisory clients were induced to sell, or directed Liddle to sell, existing securities holdings.”


Liddle would then tell clients to send their newly available funds, including some who held funds not managed by his firm, to the Prosper Wealth Management, under the guise that Liddle would use the funds to purchase the new, allegedly lower-risk security on the clients’ behalf.


In the end, he stole the money, according to the SEC.


“Instead, Liddle misappropriated the approximately $1.9 million clients sent directly to PWM, never purchasing any investments as they requested,” according to the SEC complaint. “Further, in order to
maintain the scheme, Liddle fabricated statements and made ‘interest payments’ purporting to be returns on client investments, but were in fact made by Liddle using client funds.”


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“First, Liddle misrepresented the risk of GWG L Bonds and other similar investments, and claimed the offered security was lower-risk than existing client investments,” according to the SEC’s complaint. “Based on Liddle’s misrepresentations, certain of his advisory clients were induced to sell, or directed Liddle to sell, existing securities holdings.”

Source: https://www.investmentnews.com/wisconsin-advisor-pulled-1-9-million-fraud-on-clients-233112

IARs in 10 states, D.C. must complete continuing education by year-end

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IARs continuing education

The CE requirements are the first for investment advisors, who must take 12 credit hours of courses in products and practice as well as ethics.

Investment advisor representatives in several states will have continuing education requirements for the first time.


The states have adopted a regulation that requires all IARs registered in their jurisdiction to complete 12 credit hours of courses — six hours in products and practice and six hours of ethics — by the end of the year. The states where the rule went into effect as of Jan. 1 are Arkansas, Kentucky, Maryland, Michigan, Mississippi, Oklahoma, Oregon, South Carolina, Vermont and Wisconsin. The rule’s also in effect in Washington, D.C.


The regulation is based on a model rule released by the umbrella group for state securities regulators — the North American Securities Administrators Association — in late 2020. Each state must approve the measure either through the legislative or regulatory process.


“NASAA’s IA Representative Continuing Education Committee is working to assist jurisdictions [with] the adoption process and we are pleased to see adoption of IAR CE continue to grow,” Linda Cena, chair of the NASAA committee and licensing manager in the Michigan Department of Licensing and Regulatory Affairs, said in a statement. “Currently 11 states have continuing ed requirements on the books and at least four other states are in the process of adopting a CE framework.”


The CE rule applies to all registered IARs of investment advisory firms that registered with a state as well as those that are registered on the federal level with the Securities and Exchange Commission, according to NASAA background on the rule.


Broker-dealers, who are overseen by the Financial Industry Regulatory Authority Inc., have long had CE requirements. Thanks to the NASAA model rule, IARs are now getting CE obligations as well.


“I think it’s terrific for Oregon and ultimately for anybody in Oregon who works with an investment advisor,” said Jeremy Solomon, president and co-founder of Solomon Exam Prep, which is located in Portland, Oregon, and owned by CeriFi. “It adds to the professionalization of the investment advisory business.”


Advisors in Oregon will have to sign up for and complete 12 credit hours of approved courses offered by firms that are approved by NASAA. Solomon Exam Prep is one of them.


A course that lasts one hour in real time will qualify for one credit hour of CE, Solomon said. Advisors taking the course must score 100% on a quiz taken during or at the end of the course to obtain the credit. No pre-course preparation is required.


“Everything that is tested is in the course,” Solomon said.


The courses can be taken online at the pace the advisor prefers.


Under the model rule, IARs who are dually registered as brokers would meet their state CE obligation if they obtain the CE that Finra requires for registered representatives. States also would accept CE required for certain financial advice credentials — such as the certified financial planner and chartered financial analyst marks — if the educational material is approved for IAR CE.


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The states have adopted a regulation that requires all IARs registered in their jurisdiction to complete 12 credit hours of courses — six hours in products and practice and six hours of ethics — by the end of the year. The states where the rule went into effect as of Jan. 1 are Arkansas, Kentucky, Maryland, Michigan, Mississippi, Oklahoma, Oregon, South Carolina, Vermont and Wisconsin. The rule’s also in effect in Washington, D.C.

Source: https://www.investmentnews.com/iars-in-10-states-d-c-must-complete-continuing-education-by-year-end-232997

Where Will Disney Stock Be in 3 Years?

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The clock is ticking on Bob Iger. The former Walt Disney (DIS 2.00%) CEO that figured he’d enjoy a happy retirement of writing books and potentially pursuing political ambitions is back at the helm of the media giant. There’s a lot to fix at the company, and it’s easy to wonder if he’ll be able to get everything done in two-year timeline he has established before stepping down again.

I’ll cut to the chase: I think Iger will still be CEO three years from now. Let me make an even more brazen market call, predicting that Disney stock will more than double in three years. The shares are down to roughly half of where they were at their peak two years ago, so let’s see why I think that the House of Mouse can be hitting new highs by early 2026 (if not sooner).

Person wearing purple mouse ears admiring Disney World's Magic Kingdom castle.

Image source: Disney.

What might the future hold?

Let’s assume what many market watchers consider to be obvious right now. The global economy will get worse before it gets better, and that’s going to be hit to the gut of Disney as a consumer-facing titan. Advertisers will pare back their marketing budgets for the company’s TV and streaming businesses. The iconic theme parks segment that set new records in fiscal 2022 will be challenged. Box office returns will continue the systemic decline that’s been happening for two decades.

Thankfully, the horizon is brighter than the pothole-filled road that lies immediately ahead. Let’s start with Disney’s media and entertainment distribution segment. Revenue rose 8% in fiscal 2022, as a 20% surge in its premium streaming business was enough to lift flat results at its legacy linear networks.

Disney+ — along with Hulu and ESPN+ — now account for nearly a quarter of the company’s total revenue. The sticking point here is that the direct-to-consumer streaming business served up an operating deficit of more than $4 billion in the last fiscal year. The red ink at Disney+ is the main reason why Iger is here and dismissed CEO Bob Chapek is not. When the platform launched three years ago, the goal was for Disney+ to become profitable by the end of fiscal 2024. With losses widening, it didn’t seem likely. As Iger’s primary objective, you have to like his chances of getting the balance right on the streaming end. It may not happen in two years, but three years from now we could be there. A recent price hike and the addition of an ad-supported tier should help Disney+ in the quest to add to the media giant’s bottom line instead of subtract from it by early 2026.

Ads will naturally come back to the market once consumers are spending again, and Disney’s unmatched content catalog and franchises will continue to make it a desirable market for advertisers to reach. Despite Avatar: The Way of Water becoming the first film since 2019 to top $2 billion in worldwide ticket sales, theatrical distribution will continue to be a challenge for Disney and its peers. The good news is that the company already has strong and established streaming platforms that will help offset any weakness at the local multiplex.

Turning to Disney’s theme parks business, the segment saved it over the past year as “revenge travel” became a thing. Folks paid a premium to get back to the leading theme park operator after scrapping vacation plans in 2020 and at least globally in 2021. This segment will see turnstile clicks slow this year if not next year if there isn’t a soft landing to the mounting economic pressures, but Disney’s gated attractions always bounce back.

The interesting year for the theme parks will be 2025, when its largest rival in Florida opens Epic Universe at Universal Orlando. Disney will need a response if it doesn’t want to squander market share at its largest resort. Iger hasn’t said a lot about the future of Disney’s theme parks business, but if he really wants to cement his legacy — and be able to stay away for good this time — it will have to be about more than just turning Disney+ around. It’s too late for Disney to have a new park in Florida to compete against Epic Universe when it opens, but the plans will likely be in place by then to keep patrons close and shareholders even closer.

Disney continues to be the class act of media stocks. Trailing revenue already exceeds its pre-pandemic peak of fiscal 2019. Analysts see adjusted earnings surpassing the all-time high of $7.08 a share it posted in fiscal 2018 by fiscal 2026. Getting the stock back above $200 in three years seems more than reasonable if Iger is largely successful this time.

Rick Munarriz has positions in Walt Disney. The Motley Fool has positions in and recommends Walt Disney. The Motley Fool recommends the following options: long January 2024 $145 calls on Walt Disney and short January 2024 $155 calls on Walt Disney. The Motley Fool has a disclosure policy.

Image source: Disney.

Source: https://www.fool.com/investing/2023/01/25/where-will-disney-stock-be-in-3-years/

أعلنت Microsoft عن استثمار جديد بمليارات الدولارات في شركة OpenAI لصناعة ChatGPT

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يتحدث الرئيس التنفيذي لشركة Microsoft ، ساتيا ناديلا ، في حدث Ignite Spotlight التابع للشركة في سيول في 15 نوفمبر 2022.

سيونغ جون تشو | بلومبرج | صور جيتي

أعلنت شركة Microsoft يوم الاثنين عن استثمار جديد متعدد السنوات بمليارات الدولارات مع شركة OpenAI ، صانع ChatGPT.

رفضت مايكروسوفت تقديم مبلغ محدد بالدولار ، لكن سيمافور ذكرت في وقت سابق من هذا الشهر أن مايكروسوفت تجري محادثات لاستثمار ما يصل إلى 10 مليارات دولار.

تمثل الاتفاقية المرحلة الثالثة من الشراكة بين الشركتين ، بعد استثمارات Microsoft السابقة في عامي 2019 و 2021. وقالت Microsoft إن الشراكة المتجددة ستسرع من اختراقات الذكاء الاصطناعي وتساعد الشركتين على تسويق التقنيات المتقدمة في المستقبل.

قال ساتيا ناديلا ، الرئيس التنفيذي لشركة Microsoft ، في منشور على مدونة: “لقد شكلنا شراكتنا مع شركة OpenAI حول طموح مشترك لتطوير أبحاث الذكاء الاصطناعي المتطورة بشكل مسؤول وإضفاء الطابع الديمقراطي على الذكاء الاصطناعي كمنصة تقنية جديدة”.

يعمل OpenAI بشكل وثيق مع خدمة السحابة Azure من Microsoft. في يوليو 2019 ، دعمت Microsoft شركة OpenAI بمليار دولار ، وجعل الاستثمار من Microsoft المزود “الحصري” لخدمات الحوسبة السحابية لشركة OpenAI. قالت Microsoft يوم الاثنين أن Azure سيواصل العمل كمزود حصري لـ OpenAI.

وقال البيان إن استثمار Microsoft سيساعد الشركتين على الانخراط في الحوسبة الفائقة على نطاق واسع وإنشاء تجارب جديدة مدعومة بالذكاء الاصطناعي.

صنف باحثو الذكاء الاصطناعي OpenAI كأحد أفضل ثلاثة مختبرات للذكاء الاصطناعي في جميع أنحاء العالم ، وقد طورت الشركة برنامجًا للذكاء الاصطناعي للعب الألعاب يمكنه التغلب على البشر في ألعاب الفيديو مثل Dota 2 . ومع ذلك ، يمكن القول إنها حظيت بمزيد من الاهتمام لمولد نصوص الذكاء الاصطناعي GPT-3 ومولد الصور الملتوي AI Dall-E .

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يقوم ChatGPT تلقائيًا بإنشاء نص بناءً على المطالبات المكتوبة بطريقة أكثر تقدمًا وإبداعًا من روبوتات الدردشة في ماضي وادي السيليكون. ظهر البرنامج لأول مرة في أواخر تشرين الثاني (نوفمبر) ، وسرعان ما تحول إلى ضجة كبيرة حيث اندفعت حوله المديرين التنفيذيين في مجال التكنولوجيا وأصحاب رؤوس الأموال المغامرة على تويتر ، بل وقارنوها مع ظهور Apple لأول مرة في iPhone في عام 2007.

جذبت هذه التقنية أيضًا انتباه المديرين التنفيذيين في Google ، الذين قالوا في اجتماع مشترك مؤخرًا إنه على الرغم من أن Google تتمتع بقدرات مماثلة في الذكاء الاصطناعي ، إلا أن سمعتها قد تتأثر إذا تحركت بسرعة كبيرة في تقنية الدردشة بالذكاء الاصطناعي.

كان من بين مؤسسي شركة OpenAI سام ألتمان ، وتيسلا ، والرئيس التنفيذي لشركة SpaceX ، إيلون ماسك ، وجريج بروكمان ، وإيليا سوتسكيفر ، ووجسيخ زاريمبا ، وجون شولمان. تعهدت المجموعة باستثمار أكثر من مليار دولار في المشروع عند إطلاقه. استقال ماسك من مجلس الإدارة في فبراير 2018 لكنه ظل مانحًا.

– ساهم جوناثان فانيان من قناة سي إن بي سي وجينيفر إلياس في هذا التقرير.

Source: https://www.cnbc.com/2023/01/23/microsoft-announces-multibillion-dollar-investment-in-chatgpt-maker-openai.html

تقترب البنوك الاستثمارية من عام صعب: هل يمكنها التعافي في عام 2023؟

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لقد كان عامًا صعبًا بالنسبة للبنوك الاستثمارية مثل JPMorgan Chase ( JPM -0.33٪) ، و Goldman Sachs ( GS -0.71٪) ، و Morgan Stanley ( MS -0.95٪). لا أحد يريد طرح أسهمه للاكتتاب العام في هذا السوق – على الأقل ليس في ظل الظروف التي واجهوها في العام الماضي. أعلن بنك Goldman Sachs مؤخرًا أنه سوف يستغني عن 3200 عامل مع تراجع قسم البنك الاستثماري.

كان للتضخم وأسعار الفائدة وعدم اليقين الجيوسياسي دور في خلق بيئة غير مواتية للبنوك الاستثمارية. في مناخ يصعب التنبؤ به ، تحجم الشركات عن طرح أسهمها للاكتتاب العام. لكن الأمل قد يلوح في الأفق – إليك ما يجب أن يحدث حتى تعود البنوك الاستثمارية إلى الارتفاع قريبًا.

كيف تسبب تكتيكات مكافحة التضخم لمجلس الاحتياطي الفيدرالي آثارًا مضاعفة في السوق

لقد كان سوقًا مليئًا بالتحديات وله تأثيرات بعيدة المدى على الشركات التي تجمع الأموال. جذر المشكلة هو التضخم وإجراءات الاحتياطي الفيدرالي لتقليصه.

ظل التضخم ساخنًا منذ ما يقرب من عامين ، ولم يبدأ الاحتياطي الفيدرالي في اتخاذ الإجراءات إلا في العام الماضي. تتمثل إحدى الطرق التي ينظر بها بنك الاحتياطي الفيدرالي في كبح جماح التضخم في رفع أسعار الفائدة . الفكرة الكامنة وراء ذلك هي أن ارتفاع أسعار الفائدة من شأنه أن يشجع على المزيد من الادخار وإنفاق أقل ، وإزالة النقد من الاقتصاد ومكافأة المدخرين بعائدات أعلى.

تؤثر أسعار الفائدة المرتفعة على إصدار الديون ، خاصة إذا كانت الشركات لا ترغب في الاقتراض بهذه المعدلات الأعلى. تؤثر المعدلات المرتفعة أيضًا على تقييمات الشركات ، حيث تصبح الاستثمارات ذات الدخل الثابت أكثر جاذبية بسبب عوائدها المرتفعة منخفضة المخاطر.

تأثر اكتتاب حقوق الملكية مع انخفاض نشاط الاكتتاب العام

ارتفعت أسعار الفائدة بوتيرة لم نشهدها منذ عقود. نتيجة لذلك ، شهدنا عمليات إعادة تقييم جذرية للأسعار عبر الأسهم ، بما في ذلك الشركات المملوكة للقطاع الخاص. وقد أدى ذلك إلى خلق ظروف تجعل الشركات غير مرتاحة بشأن إصدار الديون أو طرحها للاكتتاب العام من خلال الاكتتابات العامة الأولية .

يمكننا أن نرى التأثير من خلال النظر إلى الأرباح الأخيرة من بعض البنوك الاستثمارية الأمريكية الكبرى. انخفضت عائدات الخدمات المصرفية الاستثمارية لبنك جي بي مورجان تشيس بنسبة 52٪ خلال العام. وفي الوقت نفسه ، شهد كل من Morgan Stanley و Goldman Sachs انخفاض عائدات IB بنسبة 49٪ و 48٪ على التوالي.

كان الدافع الأكبر لهذه الانخفاضات هو عدم وجود الاكتتاب في الأسهم تقريبًا بسبب انخفاض نشاط الاكتتاب العام. وفقًا لشركة EY ، وهي شركة خدمات مهنية عالمية ، سجلت الاكتتابات العامة الأولية في الولايات المتحدة أدنى مستوى لها منذ 20 عامًا من حيث إجمالي الأموال التي تم جمعها. في Morgan Stanley ، انخفضت إيرادات الاكتتاب في الأسهم بنسبة 81٪ ، وشهدت JPMorgan انخفاض إيراداتها بنسبة 69٪.

تعتبر المشاعر والتوقعات عاملين أساسيين في تعافي صناعة الخدمات المصرفية الاستثمارية

لكي تنتعش الأعمال المصرفية الاستثمارية ، يقول المدير المالي لبنك جي بي مورجان تشيس ، جيريمي بارنوم ، إن الناس بحاجة إلى “الارتياح مع التقييم ومستوى السوق”. كان هناك الكثير من التقلبات في العام الماضي ، وترغب الشركات في رؤية أسواق أكثر استقرارًا قبل اتخاذ أي إجراء.

إذا استقرت الأسواق ، يمكن أن تشعر الشركات براحة أكبر في التقييمات ، حتى أقل من المستويات السابقة ، وفي النهاية تتخذ خطوة. يقول بول غو ، رئيس الاكتتاب العالمي في EY ، أن البنوك الاستثمارية من المرجح أن تبدأ ببطء في عام 2023.

ومع ذلك ، يمكن أن تنشأ ظروف أكثر ملاءمة في النصف الثاني من العام. ما يمكن أن يؤدي إلى هذه الظروف هو تضخم أبطأ ورفع أسعار الفائدة بشكل أقل – أو حتى أفضل من ذلك ، تعليق الاحتياطي الفيدرالي لزيادات الأسعار. أخيرًا ، يجب أن يتحسن الشعور العام بينما تنتظر الشركات الفرصة المناسبة للاكتتاب العام أو رفع الديون.

وفقًا لبارنوم ، فإن خط أنابيب JPMorgan للصفقات قوي ، وتريد العديد من الشركات زيادة رأس المال. عندما تتحسن الظروف ، ستكون هناك رياح خلفية جيدة لصناعة الخدمات المصرفية الاستثمارية ، مما يعزز أسهم هذه الشركات في هذه العملية.

JPMorgan Chase هو شريك إعلاني لشركة The Ascent ، وهي شركة Motley Fool. كورتني كارلسن لديها مناصب في مورجان ستانلي. لدى Motley Fool مناصب في Goldman Sachs Group و JPMorgan Chase وتوصي به. لدى Motley Fool سياسة إفشاء .

ارتفعت أسعار الفائدة بوتيرة لم نشهدها منذ عقود. نتيجة لذلك ، شهدنا عمليات إعادة تقييم جذرية للأسعار عبر الأسهم ، بما في ذلك الشركات المملوكة للقطاع الخاص. وقد أدى ذلك إلى خلق ظروف تجعل الشركات غير مرتاحة بشأن إصدار الديون أو طرحها للاكتتاب العام من خلال الاكتتابات العامة الأولية .

Source: https://www.fool.com/investing/2023/01/25/investment-banks-are-coming-off-a-tough-year-can-t/

تستغل وزارة الخزانة صناديق التقاعد لتجنب تجاوز حد الدين

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حد ديون الخزينة

كانت وزيرة الخزانة جانيت يلين قد قدرت في السابق أن مثل هذه الخطوات من المرجح أن تبقي الحكومة تعمل على الأقل حتى أوائل يونيو.


بدأت وزارة الخزانة في استخدام تدابير خاصة لتجنب التخلف عن السداد في الولايات المتحدة ، بعد الوصول إلى حد الدين الفيدرالي يوم الخميس.


تعمل الوزارة على تغيير الاستثمارات في صندوقين تديرهما الحكومة للمتقاعدين ، في خطوة ستمنح وزارة الخزانة مجالًا لمواصلة سداد المدفوعات الفيدرالية بينما هي غير قادرة على تعزيز المستوى العام للديون.


أبلغت وزيرة الخزانة جانيت يلين قادة الكونجرس من كلا الحزبين بالخطوة في خطاب يوم الخميس. كانت قد أخطرتهم بالفعل بالخطة الأسبوع الماضي ، عندما أشارت إلى أنه سيتم بلوغ حد الدين في 19 يناير.


Yellen reiterated that the period of time that the extraordinary measures will avoid the government running out of cash is “subject to considerable uncertainty,” and urged Congress to act promptly to boost the debt limit. Last week she said the steps wouldn’t likely be exhausted before early June.


[More: Advisors downplay prospects for debt default, comfort clients]


The specific funds affected by the Treasury’s move are:



  • The Civil Service Retirement and Disability Fund, or CSRDF, which provides defined benefits to retired and disabled federal employees


  • The Postal Service Retiree Health Benefits Fund, or PSRHBF, which provides postal service retiree health-benefit-premium payments.



The two funds invest in special-issue Treasury securities that count under the debt limit. After the debt limit is increased, they will be “made whole,” with participants unaffected.


It’s far from the first time the Treasury has resorted to these moves: Since 1985, the agency has used such measures more than a dozen times.


For the CSRDF, Yellen said that the Treasury is entering a “debt-issuance suspension period” starting Thursday and lasting through June 5. The Treasury will suspend additional investments credited to the fund and redeem a portion of the investments held by it, she said.


As for the PSRHBF, the Treasury will suspend additional investments of amounts credited to that fund, Yellen said.


Last week, Yellen had advised that the Treasury also anticipated tapping — this month — the resources of a third fund, the Government Securities Investment Fund of the Federal Employees Retirement System Thrift Savings Plan. The so-called G Fund is a defined-contribution retirement fund for federal employees, and also invests in special-issue Treasury securities that count under the debt limit. Yellen’s letter on Thursday made no mention of the G Fund.


Yellen’s letter didn’t specify the amount of headroom under the debt ceiling that would be created by the extraordinary measures she listed.


The Treasury probably now has $350 billion to $400 billion of headroom available in all, said Gennadiy Goldberg, a senior U.S. rates strategist at TD Securities. That, along with the influx of revenue that will come from individual income taxes due in April, should let the Treasury go until sometime in the July to August window without running out of cash, he said.


Other measures the Treasury has taken in the past to conserve headroom under the debt limit include suspending the daily reinvestment of securities held by the Exchange Stabilization Fund. That’s a special vehicle that dates back to the 1930s, over which the Treasury secretary has wide discretion.


كما قامت وزارة الخزانة في السابق بتعليق إصدار سندات الخزانة الحكومية والمحلية. هذه الأوراق المالية هي مكان حيث يمكن لحكومات الولايات والحكومات المحلية إيقاف النقود ، ويتم احتسابها ضمن حد الدين الفيدرالي. تحتاج تلك الحكومات إلى الاستثمار في أصول أخرى عندما يتم تعليق إصدار SLGS.


“في المكتب” مع راج بهاتاشاريا ، الرئيس التنفيذي لروبرتسون ستيفنز


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Source: https://www.investmentnews.com/treasury-taps-retirement-funds-to-avoid-breaching-debt-limit-232942