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Kering sells 5.9% stake in Puma for $772 million By Reuters

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© Reuters. FILE PHOTO: The logo of German sports goods firm Puma is seen at the entrance of one of its stores in Vienna

PARIS (Reuters) – French luxury group Kering (PA:) said on Tuesday it had completed the sale of a 5.9% stake in Puma (DE:) for approximately 656 million euros ($772 million).

The company, which had announced its plan the sell the stake on Tuesday, said the transaction corresponded to a selling price of 74.50 euros per share.

The sale reduces Kering’s in the German sportswear company to 9.8%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Goldman Sachs expects rejection of SEC plan to raise 13F reporting threshold By Reuters

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© Reuters. FILE PHOTO: To match Special Report SEC/INVESTIGATIONS

By Chuck Mikolajczak

NEW YORK (Reuters) – A plan by the Securities and Exchange Commission (SEC) to lift the reporting threshold for a minimum of assets under management from $100 million to $3.5 billion has been soundly rejected by the public, according to Goldman Sachs (NYSE:).

A 13F filing is a quarterly report required to be submitted by all institutional investment managers within 45 days of the end of a calendar quarter that discloses their equity holdings.

As the public comment period for the rule has recently ended, Goldman reviewed the 2,262 letters filed with the SEC and found 99% of those to be opposed to the changes, with only 24 in favor.

According to Goldman Sachs, if the new rule were to be adopted the number of hedge funds required to disclose their long stocks positions would be cut by 89%.

However, the firm now expects the proposal to be withdrawn given the stiff opposition, which included submissions by “one of the five SEC Commissioners, the Chair of the House of Representatives Financial Services Committee, the CFA Institute, the Business Roundtable, the Investment Company Institute, NYSE, and Nasdaq, along with many companies.”

Goldman said it has used the data disclosed in 13F filings since 2007 to help identify crowded positions along with portfolio and market concentration risk.

Should the proposal be installed, the new threshold would go into effect with positions at year-end, which would require those positions held on Sept. 30 to be filed by Nov. 15.

Goldman noted that in an unusual move, SEC Commissioner Allison Herren Lee released a statement of her own against the proposed change, alongside the public comments.

In a prior note in August, Goldman said the proposed requirement was justified as “the assets covered under the new threshold would reflect proportionally the same market value as $100 million represented in 1975.” In addition, the firm said it amounted to regulatory relief related to compliance costs.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Opens Higher on Last-Ditch Stimulus Hope; Dow up 150 Pts By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets opened higher on Monday, buoyed by hopes for a last-minute agreement on a comprehensive fiscal stimulus package before the elections on November 3.

House Speaker Nancy Pelosi said at the weekend that there were still two days to bridge what appear to be still-wide differences with the Republican administration and Senate over a package, while Senate Leader Mitch McConnell said he would schedule votes on a suite of individual relief measures. While that is unlikely to be enough in itself to get any such measures enacted, it keeps the two sides at least superficially moving towards each other.

By 9:35 AM ET (1335 GMT), the was up 78 points, or 0.2%, at 28,676 points. The was also up 0.5% and the was up 0.8%. 

Oil and gas stocks were supported somewhat by the confirmation of ConocoPhillips (NYSE:) agreeing to buy shale producer Concho Resources (NYSE:) for $9.7 billion, the biggest acquisition in the sector this year.  However, a fourth straight quarterly loss and grim outlook from Halliburton (NYSE:) underlined the problems the sector continues to face. ConocoPhillips stock was down 1.0%, on perceptions that it may have overpaid. Concho stock, which had risen over 10% last week on reports of the deal happening, gave up 0.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street set to rise on renewed hopes of stimulus deal By Reuters

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© Reuters. FILE PHOTO: A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York

By Medha Singh

(Reuters) – Wall Street’s main indexes were set to inch higher at the open on Monday on hopes of a coronavirus vaccine by the year-end, while investors were also encouraged by signs an agreement in Washington on a fiscal package could be reached soon.

Last week the White House proposed a $1.8 trillion stimulus but House Speaker Nancy Pelosi had stuck to her demand for a $2.2 trillion aid.

Pelosi said on Sunday she wanted a bill passed before the Nov. 3 presidential election, but acknowledged an agreement would have to come within 48 hours for that to happen.

“Today, stimulus has come to the front of the conversation without question,” said Tom Mantione, managing director of UBS Private Wealth Management.

“(The Republicans and Democrats) closed a $2 trillion gap to $500 billion in 6 weeks. May be in 36 hours we can close the other $500 billion.”

Meanwhile, President Donald Trump and his Democratic challenger Joe Biden will debate for a final time on Thursday with about two weeks left until Election Day.

U.S. planemaker Boeing Co ‘s (N:) shares rose about 0.8% in premarket trading as American Airlines Group (O:) announced plans to return its 737 Max jets to service by the end of 2020 depending on certification of the aircraft from the Federal Aviation Administration.

Wall Street’s main indexes logged slight gains last week — the third in a row for the benchmark S&P 500 () and the blue-chip Dow () — as news that a COVID-19 vaccine could be available by November helped offset worries about the elusive federal aid bill.

After the financial sector set a mixed tone to the start of third-quarter earnings season, investors will look to results from about 91 S&P 500 companies this week including International Business Machines Corp (N:) and Netflix Inc (O:).

Oilfield services provider Halliburton Co (N:) dipped 0.4% after posting its fourth consecutive quarterly loss as this year’s slump in oil prices due to the COVID-19 pandemic hit demand for its services.

At 08:19 a.m. ET, Dow E-minis were up 0.64% at 28,588 points and S&P 500 e-minis rose 0.77% to 3,488.75. E-minis were up 110.5 points to 11,907 points.

Chipmaker Microchip Technology Inc (O:) gained about 3%following Morgan Stanley (NYSE:) upgraded the stock to “overweight”.

American Equity Investment Life Holding Co (N:) dropped 9% as it said it had entered into a strategic partnership with Brookfield Asset Management Inc (TO:) and rejected an unsolicited acquisition proposal from Athene Holding Ltd (N:) and Massachusetts Mutual Life Insurance Co.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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