Author Topic: STOCK CASUALTIES  (Read 1519 times)

Online king

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Re: STOCK CASUALTIES
« Reply #50 on: June 27, 2017, 10:49:34 AM »




 
主页 > 商业 > 商业新闻 > 【独家】董事部管理层纠纷频传上市公司陷困4先兆
【独家】董事部管理层纠纷频传
上市公司陷困4先兆
217点看 2017年6月27日
独家报道:姚思敏


近期我国频频爆发上市公司董事部及管理层纠纷,让机构投资者避之唯恐不及,而投资专家也建议散户,可避则避,以免烧伤手。


为了避开因相关纠纷引起的投资风险,投资者应该睁大双眼,好好留意每一家公司的发展,因为从中就可看出端倪。

特别是上市公司若出现以下4种先兆,爆发董事部及管理层纠纷的风险几率较高。


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纷争影响股价  没必要淌浑水  投资者应趋吉避凶

在过去1个月,除了海外市场有多项重大事件,如英国大选、美联储升息等之外,大马股市也相当热闹,特别是不少上市公司,出现董事部及管理层纠纷。尤其注目的是土展创投(FGV,5222,主板种植股)及亿尊机构(STONE,7143,主板工业产品股),董事部及管理层,甚至大股东之间的纠纷,更进一步白热化。

投资者如何避免在这类纠纷下“中枪”呢?投资专家指,须留意爆发董事部及管理层纠纷的4大先兆!

今年至今,有5家上市公司出现董事部及管理层纠纷。

这分别是土展创投(FGV,5222,主板种植股)、亿尊机构(STONE,7143,主板工业产品股)、WINTONI(WINTONI,0141,创业板)、爱尔德斯(IRETEX,7183,主板工业产品股)和一家面(EKA,7182,主板消费产品股)。

而土展创投和亿尊机构更闹得沸沸扬扬,把公司纠纷全搬上台面。

投资专家认为,上市公司上演董事部及管理层纠纷,将影响公司营运及股价,所以,投资者尽可能避开这类公司。


潘力克:优质股那么多,何必投资在风险高的股项呢?

辉立基金信托公司首席策略员潘力克接受《南洋商报》电访时指,虽然不排除出现这类纠纷的公司,之后或有很大转变,如业绩显著改善。

然而,机构投资者一般都专注于良好基本面、管理层、企业监管及透明度高的公司。

“出现董事部及管理层纠纷的公司,不会是我们的首选投资目标。”

丰隆投行研究主管兼经济学家徐克宇指,一般上,若是新旧董事部或管理层达到共识后,股价或会回升,但投资者也必须承担斗争风险,因为最终谈判结果或许达不到预期。

更重要的是,他认为,斗争时间可能比想象中更长,也不确定斗争的转捩点在哪里。

他说:“大马市场有那么多优质股,为何要投资在有风险的股票呢?”

投资专家根据以往所观察到的细节,点出上市公司出现董事部及管理层纠纷的4大先兆,避免投资者掉入陷阱。


徐克宇:官企需由真正的管理人才经营。

团队不齐心策略难执行

徐克宇指,董事部及管理层纠纷,肯定是一件负面事情,因为这意味着公司团队不齐心,无法执行营运方针及策略。

“因此,短期动向会受到影响,这不利于投资情绪。”

他指,一般上,机构投资者及基金经理将会避开这些公司,因为他们必须确保熟知董事部方向,才会投资在这类公司。

不过,徐克宇认为,这非新鲜事,其他国家也会发生类似的纠纷。

黄德明则指,上市公司出现董事部及管理层纠纷,对个别公司营运和股价不好。

他说:“随着更换董事部成员及管理层,公司的短期营运方针将会改变,这会使到股价动荡。更重要的是,这关系到企业监管问题。”

因此,投资专家皆建议,避开投资在出现相关纠纷的公司。

除了避开投资之外,对于仍投资在这类公司的股东,黄德明认为,小股东应该行使投资权利,自己作出决定。

“小股东不要盲目地跟随大股东的决定,而是必须经过了解之后,作出自己认为是对的决定。”

4大先兆看出端倪1 拥有控制权的大股东持股在20%或以下

Areca资本总执行长黄德明认为,拥有控制权的大股东持股率不高,也会使到公司成为被争夺的目标。

“若是没有一位大股东掌控一家公司,如大股东持股率在20%或以下,也没有其他相关伙伴支持该名大股东,很容易会有新的股东敌意收购,出现股权争夺战。”

他认为,大股东持股率达50%,或有获得1、2个友好伙伴支持,那就最安全了。


黄德明:大股东持股率达50%最安全。

2 股权突变动新股东崛起

徐克宇指,须留意公司的股权变动,因为这或是掀起董事部及管理层纠纷的“火苗”。

他说:“新的大股东崛起,或带来不一样的发展方向。若是大股东与现有管理层的理念不同,双方就会起冲突。”

“冲突来自新和旧管理层之间。”

他进一步指,有些新股东的背景及涉及的业务,与入股的公司不同,所以,最终要看该名股东收购股权的目的。

不过,徐克宇认为,有些新崛起的大股东背景不详,所以投资者也很难作出推论。

3 董事或管理层不专业

大部分投资专家指,投资在委任非专业董事或管理层经营上市公司,特别是官联公司(GLC)是有风险的,因为会引起企业监管问题。

黄德明指,一般上涉及政治的公司,都会面对这样的问题。

他提到,土展创投发生的董事部及管理层纠纷,令外资担心该风险会扩散至其他官联公司。

Inter Pacific研究主管冯廷秀则指,企业监管问题会引起市场担心官联公司是否聘请到合适的人经营公司,或是否有能力经营公司等。

至今,有不少人认为,应该禁止政治人物经营官联公司。

今年2月,反贪会顾问局主席东姑阿都阿兹指,不应该委任政治人物经营官联公司,因为政治人物在官联公司担任管理职位,将会面对利益冲突、滥用权力及责任的问题。

冯廷秀指,先进国行事相当谨慎,会把政治人物和企业领导人的角色分得很清楚。

另外,不愿具名的研究主管指,若是投资者要避开出现这类纠纷的公司,就直接避开投资在官联公司,因为只有官联公司会面对相关风险。不过,徐克宇则不担心土展创投的问题,会扩散至其他官联公司,因为政府投资机构如国库控股(Khazanah)和国民投资机构(PNB)的管理团队很强稳,特别是在过去10年已加强管理团队。


国民投资机构管理团队强稳。

“国库控股和国民投资机构旗下的投资公司,委任真正的管理人才经营公司,而非委任有政治背景的人进入管理层或董事部。”

他指,特别是丹斯里阿都华希受委担任国民投资机构主席后,在筛选公司领导层会更严格。

徐克宇说,官联公司的企业监管肯定有进步,特别是大马对外开放,不仅依赖我国投资者,还包括海外投资者,所以也不断加强企业监管。

“目前,有不少官联公司已多元化到国外市场,如亚通(AXIATA,6888,主板贸服股)和实达集团(SPSETIA,8664,主板产业股)。”


冯廷秀:应把政治人物和企业领导的角色分开,避免利益纠纷。

4 业绩逊色财力弱如PN17和GN3公司

今年内,出现董事部及管理层纠纷的5家公司,有三家是业绩和财务出现问题的公司,如PN17公司一家面(EKA,7182,主板消费产品股)和亿尊机构,以及GN3公司WINTONI(WINTONI,0141,创业板)。

挑战派大股东是为了重振业务,加强未来业绩表现,而要求罢黜现任董事及委任新董事。

一家面和亿尊机构,分别因为股东基金不到缴足资本的50%和25%,而在去年陷入PN17,而WINTONI则因为少于缴足资本的25%,而在去年陷入GN3公司。

亿尊机构挑战派大股东,是因为证券监督委员会控诉副董事经理拿汀陈翠美导致公司蒙受不必要亏损一事,让他们对公司管理层失去信心,而决定罢黜董事。

同时,一家面挑战派股东罢免部分董事成员,则是为了让公司回到持续增长的轨道上。

值得注意的是,丹斯里陈坤海晋身为一家面大股东,并受委担任公司主席。

陈坤海是家具制造商SWS资本(SWSCAP,7186,主板消费产品股)执行主席,也是麻坡万利集团(MBL,5152,主板工业产品组)执行董事兼财务总监,和遍视利(PENSONI,9997,主板工业产品股)执行董事。

潘力克指,投资者可以从一家公司的业绩和财务状况,看出是否会出现纠纷的端倪,因为“冰冻三尺,非一日之寒”。

他说:“公司业绩及策略出问题,加上没有改善的方法,就像一颗计时炸弹一样。”

黄德明亦说,若一家公司做得好,将吸引到很多新投资者入股,但若是交不出好成绩,将会遭到股东弹劾。

5企业纠纷白热化

土展创投(FGV,5222,主板种植股):

2017年6月6日:勒令4名公司高层和要员无限期休假,包括总裁兼总执行长拿督扎卡利亚,因子公司涉及账目问题。

2017年6月7日:政府委任Pemandu Associates私人有限公司主席兼总执行长拿督斯里依德利斯贾拉调查土展创投管理层震荡事件。扎卡利亚被反贪污委员会传召录取口供。

2017年6月8日:反贪会去FGV充公文件。

2017年6月10日:董事部针对扎卡利亚两项“荒唐交易”的指控澄清。

2017年6月13日:公司发出要求解释信函给扎卡利亚及集团财务总监拿督阿末迪菲里,要求即日起7天内答复子公司涉及账目问题。

2017年6月14日:首相兼财政部长拿督斯里纳吉指出,土展创投风波的调查报告已出炉。

2017年6月19日:丹斯里莫哈末依沙辞去土展创投以及子公司大马糖厂的主席职务。

2017年6月22日:土展创投入禀法庭起诉扎卡利亚的行动展延。


反贪会传召扎卡利亚。

爱尔德斯(IRETEX,7183,主板工业产品股):

2016年12月28日:爱尔德斯宣布中止企业活动,其中包括削减面值、私下配售等。

2017年3月2日:新加坡大股东要求召开特大并罢黜5名董事,委3名新董事入局。

2017年4月27日:议案在特大中通过。

2017年4月28日:公司向吉隆坡高庭申请禁令,禁大股东执行在特大中通过的议案。

2017年6月5日:高庭裁定特大无效。

2017年6月8日:大股东要求再召开特大罢黜4名董事,和委任2名新董事。

2017年6月21日:爱尔德斯无法支付不可赎回可转换无担保债券(ICULS)的利息,可能构成违约。

一家面(EKA,7182,主板消费产品股):

2016年9月1日:列为PN17公司。

2017年1月3日:挑战派大股东要求开特大罢免主席兼独立非执行董事拿督苏海米和其他董事。

2017年1月13日:公司宣布关闭两家工厂。

2017年3月14日:董事经理拿督斯里秦祥发沽清所持的10.67%股权。

2017年5月2日:秦祥发和苏海米辞职。

2017年5月8日:丹斯里陈坤海崛起为大股东,并受委担任主席。

WINTONI(WINTONI,0141,创业板):

2016年2月26日:WINTONI陷入GN3公司。

2017年3月7日:接获Techway Engineering私人有限公司倒置收购献议。

2017年5月16日:大股东要求董事部召开特大,罢黜3名董事及委任另外3名新董事。

2017年6月20日:公司将持续停牌,直至另行通知,并将在7月4日除牌,除非在6月29日或之前上诉。

亿尊机构(STONE,7143,主板工业产品股):

2016年10月13日:证监会起诉陈翠美涉嫌侵占公司的1154万令吉。

2016年12月7日:股东基金不到缴足资本的50%,落入PN17。

2017年2月9日:截至2016年9月30日财年财报,遭到外部审计师发出“保留意见。

2017年5月2日:大股东要开特大罢黜董事经理许嵄智和执行董事拿督李华清,及委任8名新董事。

2017年5月29日:许嵄智和李华清申请禁令阻止召开特大,并为公司索赔13.8亿令吉。

2017年5月30日:罢免和委任新董事的议案在特大中获得通过。


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Re: STOCK CASUALTIES
« Reply #50 on: June 27, 2017, 10:49:34 AM »

Online king

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Re: STOCK CASUALTIES
« Reply #51 on: June 28, 2017, 06:32:08 AM »




 
主页 > 财经 > 国际 > 一半来自股坛长毛“死亡名单”香港仙股集体狂跌
一半来自股坛长毛“死亡名单”
香港仙股集体狂跌
1191点看 2017年6月27日
 
大卫韦伯

(香港27日讯)香港股市今日爆发罕见的“仙股”集体洗仓,数十只细价股以双位数跌幅急泻有一半来自知名股评人大卫韦伯(David Webb)“50只不能买的港股”的“死亡名单”,更有仙股短短一天就跌94%!


虽然恒生指数企稳在2万5839点,全日只跌0.1%,但“仙股”则爆出小股灾,从早上10点就开始接连“腰斩”,影响市场情绪,单日全场成交量就达700亿港元(384亿令吉)。

根据香港《信报》、《苹果日报》和Now财经网站,今次香港血洗仙股,市场猜测是因为“股坛长毛”之称大卫韦伯在上月15日发表的“50只不能买的港股”后,某庄家线融资出问题导致财政困难,最后在今天被迫斩仓,小股灾爆发。

大卫韦伯在文章中指出,该50只股相互持股,关系错综复杂。名单中部分仙股存在泡沫,并且证监会已发出关注警告。值得注意是,不少公司仍继续持有这些股权。

最重插水94%

大卫韦伯认为这些公司会持有股权至泡沫爆破,质疑这些行为并非为股东利益考虑,而是另有计划。

他又指出,部分是管理层为自身利益,刻意持有这些泡沫股。有部分股份因为有大量投资,但透明度不足。

其中,跌幅最大的是中国集成,大挫94.3%,成交额达4.22亿港元(2.32亿令吉);近日发出盈利警讯的汉华专业服务挫93.4%,成交额1.87亿港元(1.03亿令吉)。

在20大下跌股中,只有2只股不在死亡名单中。

大卫韦伯回应《苹果网》时表示:“我估计多米诺骨牌效应发作导致清仓,又或者是证监会付诸行动,导致仙股的持股者决定抛售。”



港交所否认强制“僵尸股”退市

市场也揣测,今日仙股股灾的原因,也可能是香港交易所有意强制1元以下的“僵尸股”退市,对此,港交所在闭市后强烈否认。

据中国传媒报道指,港交所早前提交方案,为了搞活香港小企业创新,须强制股价低于1元,兼交投不活跃的僵尸股退市,并限制借壳上市,鼓励新股上市活动。

港交所严正澄清,发言人指出,传闻完全没有事实根据。

另一个猜测是,市场消息指,证监会吊销贝格隆证券的牌照,它的母公司是在月初被证监会勒令停牌的隆成金融。

市场猜测,今日大跌的仙股除了共通点为大卫韦伯点名的股项,根据中央结算系统显示,中国集成控股、中国钱包及美捷汇控股等,持仓均集中存放于贝格隆证券中,汇隆控股及品质国际等,在贝格隆的持仓更逾10%。

有熟悉细价股运作的市场人士表示,一些今日大跌的仙股的股权,分散于不同人士手上,但其实他们均由同一集团所控制,相信早已有人建仓方便炒作,控制股份买卖价位及节奏。


Online king

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Re: STOCK CASUALTIES
« Reply #52 on: June 28, 2017, 08:36:18 AM »




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Home > Business > Business News
Tuesday, 27 June 2017 | MYT 4:29 PM
Hong Kong stocks slip, as start-up board tumbles most in nearly 2 years

image: http://www.thestar.com.my/~/media/online/2017/06/27/08/40/hong-kong-exchange-bull.ashx/?w=620&h=413&crop=1&hash=08F7226875DDBB4CD56B26FF2E16F6A89767CEF1

 
HONG KONG: Hong Kong stocks dipped on Tuesday, as any optimism from solid China industrial profit data was offset by the sour mood from a tumble in the growth enterprise market (GEM) for start-ups due to worries over potential policy changes.

The Hang Seng index fell 0.1 percent, to 25,839.99, while the China Enterprises Index lost 0.3 percent, to 10,498.07 points.

Investors largely looked past news that profits at China's industrial companies surged 16.7 percent in May from a year earlier.

A nearl-10 percent slump in GEM, the biggest drop in nearly two years, soured the mood. Over a dozen small-caps lost over 50 percent on Tuesday - some tumbling over 90 percent - amid speculation the Hong Kong stock exchange would delist thinly-traded stocks.

China Jicheng Holdings lost 94 percent, while Greaterchina Professional Services tumbled 93 percent.

Most sectors lost ground as the Hang Seng appears to be losing steam.

Investors are looking for new catalyst as Chinese President Xi Jinping will visit Hong Kong from June 29 to July 1 to mark the 20th anniversary of the handover of the city from British colonial rule to the mainland. - Reuters
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Read more at http://www.thestar.com.my/business/business-news/2017/06/27/hong-kong-stocks-slip-as-start-up-board-tumbles/#uE8uF61GEiBFrFY6.99

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Re: STOCK CASUALTIES
« Reply #53 on: June 29, 2017, 08:36:52 AM »




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China’s debt surpasses 300 percent of GDP, IIF says, raising doubts over Yellen’s crisis remarks
Silvia Amaro   | @Silvia_Amaro
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Global debt has hit a record level in the first quarter of this year, mainly driven by emerging markets, raising questions of whether there will be another financial crisis in the near future.

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Data from the Institute of International Finance showed that global debt reached $217 trillion in the first quarter of this year, or 327 percent of gross domestic product.

"The debt burden is not distributed evenly. Some countries/sectors have seen deleveraging while others have built up very high debt levels. For the latter, rising debt may create headwinds for long-term growth and eventually pose risks for financial stability," the IIF said in its Global Debt Monitor report on Tuesday.

 Fed Chair Janet Yellen: Major banks are very much stronger this year   Fed Chair Janet Yellen: Major banks are much stronger this year 
Tuesday, 27 Jun 2017 | 3:04 PM ET | 03:49
On Tuesday, U.S. Fed Chair Janet Yellen told an audience in London that banks are in a "very much stronger" position and another financial crisis is unlikely "in our lifetime."

The 2008 financial crisis began with high indebtedness levels by U.S. households.

But Yellen's remarks aren't' consensual.

"I think Yellen's comment -- if I am interpreting it correctly -- is a huge hostage to fortune. The words Titanic and unsinkable spring to mind," Erik Jones, professor of international political economy at Johns Hopkins University, told CNBC via email.

Casrten Brzeski, senior economist at ING said that "high debt levels mean that the debt crisis has not been solved, yet. Neither in the US, nor in the Eurozone. Increasing debt levels in Asia and other emerging market economies also show that a structural change has not yet taken place."

"All of this, however, does not mean that we are at the verge of a other financial crisis. Central banks and low interest rates have and should continue to limit this risk significantly," he added via email.

In the U.K., however, the Bank of England seems more cautious about the future. It instructed U.K. banks to raise their capital ratios as a precautionary step in the event of an economic slowdown. In its Financial Stability Report released Tuesday, the central bank noted that Brexit, high levels of indebtedness in China and an increase in consumer credit in the U.K. as potential risks.

According to the IIF, despite the fact that debt levels have slowed down in mature economies, emerging market debt rose 5 percentage points from a year ago.

"Total debt in emerging markets (excluding China) has increased by some $0.9 trillion to over $23.6 trillion in the first quarter of 2017—mainly driven by Brazil (up $0.6 trillion to $3.6 trillion) and India (up $0.2 trillion to 2.9 trillion)," the IFF said in its report.

China poses a great risk in itself with households accelerating their borrowing.

"The household debt-to-GDP ratio hit an all-time high of over 45 percent in the first quarter of 2017 —well above the Emerging Market average of around 35 percent. In addition, our estimates based on monthly data on total social financing suggest that China's total debt surpassed 304 percent of GDP as of May 2017," the IIF noted.

On the other hand, there's been a steady decline in euro area private sector debt, from $103.4 trillion in the first quarter of 2016 to $97.7 trillion in the first quarter of this year.

The IIF warned that there's over $1.9 trillion of emerging market bonds and syndicated loans maturing through to the end of 2017, with redemptions in USD making for about 15 percent of the total.

Follow CNBC International on Twitter and Facebook.


Silvia Amaro
Digital Reporter, CNBC.com

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Re: STOCK CASUALTIES
« Reply #54 on: June 29, 2017, 03:52:41 PM »




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Thursday, 29 June 2017 | MYT 11:59 AM
HK paper billionaires lose their fortunes amid small-cap stock rout

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Both companies are among more than 131 stocks featured in warnings from Hong Kong’s regulator, the Securities and Futures Commission.
Both companies are among more than 131 stocks featured in warnings from Hong Kong’s regulator, the Securities and Futures Commission.
 
HONG KONG: Three former billionaires who made their fortunes by taking their companies public in Hong Kong shed more than 91 percent of their wealth amid the market rout that’s roiling small-cap stocks in the city.

Huang Wenji suffered the biggest loss when his stake in China Jicheng Holdings Ltd. plunged $1.9 billion since the crash began during trading hours Tuesday.

Shares of the umbrella maker based in Jinjiang in China’s Fujian province tumbled 95 percent as a series of losses cascaded across a network of companies with cross-shareholdings, leaving the former billionaire with a stake in the business that the Bloomberg Billionaires Index values at $115 million.

Wong Wing-wah and Wong Che-kwo, two more ex-billionaires whose civil engineering business Luen Wong Group Holdings Ltd. is linked to the same network, lost a combined $1.1 billion in the rout.

The declines shrunk the value of their stakes by 91 percent.

Both companies are among more than 131 stocks featured in warnings from Hong Kong’s regulator, the Securities and Futures Commission, about high shareholding concentrations, thin turnover and small public floats.

The businesses were flagged along with 48 others by shareholder activist David Webb who said in a report six weeks ago that the operations were entwined in a complex web of cross-shareholdings that had pushed their valuations to unsustainable levels. - Bloomberg

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Re: STOCK CASUALTIES
« Reply #55 on: August 02, 2017, 12:10:31 PM »




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格老:美股没泡沫 当心债市危机
格林斯潘:如果利率开始快速上升,投资者应迅速放弃股票。
財经 最后更新 2017年08月1日 18时59分
格老:美股没泡沫 当心债市危机

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(纽约1日讯)联储局前主席格林斯潘表示,美国股市没有泡沫,真正的泡沫在债券市场,一旦破灭,每个人都会遭殃。

他在接受採访时指出,「以任何標准衡量,实际长期利率都过低,因而是不可持续的,当他们走高时,很可能会相当快。我们正在经歷一场泡沫,但不是股票价格,而是债券价格。市场並没有反映这一点。」

虽然华尔街仍然普遍预测低利率环境仍將持续,但並不是只有格林斯潘发出了警告,称隨著全球央行货幣宽鬆时代的终结,利率很快就会向上突破。

德意志银行的查达表示,美国国债实际殖利率远低於与实际经济成长率相应的水平。

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格林斯潘指出,「真正的问题在於,当债券市场泡沫破裂时,长期利率就会上升,我们正在进入一个不同的经济阶段--20世纪70年代以来未曾见过的滯胀。这对资產价格不利。」

根据格林斯潘的观点,如果利率开始快速上升,投资者应迅速放弃股票。

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Re: STOCK CASUALTIES
« Reply #56 on: August 21, 2017, 08:44:10 PM »




Ron Paul: 50% stock market plunge 'conceivable,' but it's not President Trump's fault
Stephanie Landsman   | @stephlandsman
Published 15 Hours Ago  | Updated 13 Hours Ago
CNBC.com
 Ron Paul predicts stocks will drop by 50%   Ron Paul predicts stocks will drop by 50% 
3:44 PM ET Thu, 17 Aug 2017 | 02:24
Ron Paul's sell-off prediction just got more severe.

The former Republican Congressman from Texas believes escalating dysfunction in Washington will create even more pain for Wall Street.

"A 50 percent pullback is conceivable," Paul said on "Futures Now" recently. "I don't believe it's ten years off. I don't even believe it's a year off. "

According to his calculations, it would cut the S&P 500 Index in half, to 1212, and the blue-chip Dow Jones Industrial Average would collapse to 10,837.

Paul noted that there's a lot of chaos in Washington right now, with an "unpredictable president" and those who are inclined to "tear him apart" but if the market takes that big of a tumble, he doesn't see it as Trump's fault.

"It's all man-made. It's not the fault of Donald Trump in the last week. If the market crashes tomorrow and we have a great depression, he didn't do it in six months. It took more like six or ten years to cause all these problems that we're facing," he said.

What's more, it would come at the expense of businesses who are counting on reforms such as tax cuts and fewer regulations, according to Paul.

Paul, who is also known for his presidential runs, originally made his case for a somewhat more benign 25 percent downturn on June 29 on "Futures Now." He argued Wall Street is overestimating the strength of the economy, and the Federal Reserve kept interest rates too low for too long. He said the situation for stocks could turn ugly as soon as October.

Stocks will try to bounce back on Monday from multiple losing weeks in a row. The Nasdaq just saw its fourth consecutive week of losses. Meanwhile, the Dow & S&P 500's losing streak now sits at two weeks.

If Paul's vision is right, the damage is bound to worsen.

"I see the foundation of our system built on sand, and a big wind comes along to blow it down," Paul said.

Do you believe a 50% stock market plunge is less than a year away?

Yes
29%
No
55%
Not sure
16%
Total Votes: 31223
Not a Scientific Survey. Results may not total 100% due to rounding.
Stephanie Landsman
Stephanie Landsman
Producer, CNBC’s "Fast Money"

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Re: STOCK CASUALTIES
« Reply #57 on: August 24, 2017, 07:03:20 AM »




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£1.7bn wiped off Provident Financial's value as shares plunge 68pc on huge profit warning

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Provident Financial's shares have plunged more than 68pc

 Lucy Burton, financial services editor
22 AUGUST 2017 • 3:42PM
Provident Financial's shares plunged more than 66pc as investors digested a fresh profit warning from the company as well as the shock departure of its chief executive and a scrapped dividend.

The fall wiped around £1.7bn off its value as its market capitalisation fell from around £2.58bn overnight to just £791m.

The FTSE 100 company announced that boss Peter Crook had left with immediate effect just a month after insisting it was on the "road to recovery". In a statement Provident warned that it could make losses of between £80m and £120m in its home credit business this year after it recently changed the way it collected loans.
 
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That compares to a £60m profit forecast announced just three months ago, when the Bradford-based group alerted shareholders that profits in the division were expected to halve from £115m in 2016.


Provident was set up in 1880 to provide affordable credit to poor families in Yorkshire, and its home credit business relies on agents to knock on customers' doors and offer them loans or ask for repayments.

Manjit Wolstenholme will assume the role of executive chairman immediately, making her responsible for fixing a unit in "rapid deterioration."

Ms Wolstenholme told The Telegraph that she would now review every part of the home credit business to find out why its change in debt collectors was executed so badly.


"My job is to get the announcement out there and crack on. It's just a matter of knuckling down," she said, adding that she would look externally as well as internally for any people she needs to bring in. "There's no-holds barred on what we're looking at here." 

The problems stem from a rejig of the company's door-to-door salesforce earlier this year, when it was left with fewer loan collectors than expected after deciding to employ 2,500 full-time agents who visit homes to make new loans or collect repayments, instead of 3,800 part-timers.

The shift saw its debt collection rates drop from 90pc a year ago to 57pc, with sales around £9m per week lower than the comparative weeks in 2016.

Investors were also told that they would not be receiving the half-year dividend they were promised only a month ago, with a full-year payout unlikely.

As the shares plunged, losses among the company's top investors were huge [see box]. Star fund manager Neil Woodford saw his 18pc holding fall £300m in value to £168m, although he issued a bullish outlook saying that while he was "hugely disappointed" he believed things would "ultimately get back on track."

"This business has been around for more than a century and I believe it will be around for many decades to come," he said. 

While the company said that performance in its other units - Vanquis Bank, Moneybarn and Satsuma - remained in line with internal plans, it also flagged in its trading update that Vanquis was facing an investigation by the Financial Conduct Authority over one of its products.

RBC Europe analyst Peter Lenardos said the "quadruple whammy" of bad news unveiled on Tuesday - a fresh profit warning, no dividend, an FCA investigation and the chief executive departure - led him to believe the shares "are not investible until greater clarity is received, which may not be until next year at the earliest".

Shares in the company closed down 66pc.

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Re: STOCK CASUALTIES
« Reply #58 on: August 29, 2017, 11:07:00 AM »




Wall Street Vets From Dalio to Gundlach Warn on Emerging Markets
By Ben Bartenstein
August 28, 2017, 12:00 PM GMT+8
Emerging-market valuations ‘fairly full,’ Janus Capital says
North Korea, Venezuela and U.S. debt ceiling all seen as risks
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Why Jeffrey Gundlach Believes It’s Time to De-Risk
Why Jeffrey Gundlach Believes It’s Time to De-Risk
More investors are joining the cast of Wall Street veterans from Jeff Gundlach to Ray Dalio in warning that risky assets are overvalued.

They point to rising global turmoil underscored by the recent terrorist attacks in Barcelona and the racially charged violence in Charlottesville, Virginia, as well as valuations that no longer compensate for potential flareups in North Korea and Venezuela. That’s not to mention the unpredictability in the U.S., where President Donald Trump is feuding with members of Congress before a critical vote to increase the country’s debt ceiling.

Among the assets under scrutiny are emerging-market bonds, which for only the third time in history are yielding less than U.S. junk debt. Some of the world’s largest money managers, from Pacific Investment Management Co. to T. Rowe Price Group Inc., are advising investors to reduce risk by trimming holdings of developing-nation assets.

“Geopolitical risk remains high, particularly in the U.S.,” said Chris Diaz, who oversees about $2 billion as a money manager at Janus Capital Management in Denver. “Valuations in all risk markets, including EM, are fairly full in our view and this would be a reasonable time to reduce risk.”


Gundlach, the co-founder and chief executive officer of DoubleLine Capital, said earlier this month that traders should be gradually “moving toward the exits” on riskier securities.

Dalio, founder of Bridgewater Associates, said Aug. 21 that he’s tactically reducing risk as a surge in populism around the world has helped intensify existing conflicts “to the point that fighting to the death is probably more likely than reconciliation.” The billionaire hedge fund manager, who has recommended gold as a hedge against rising political risk, compared the current economic and social divide to 1937, two years before the start of World War II.

"Populism emerges, democracies are threatened and wars can occur," Dalio wrote in a post on LinkedIn. "I can’t say how bad this time around will get. I’m watching how conflict is being handled as a guide, and I’m not encouraged."

Two years ago, Dalio also referenced 1937 when he cautioned that a rally in risk assets, spurred by low interest rates and loose monetary policy, would end in a “self-reinforcing downturn.” That preceded a 12 percent dip in the S&P 500 Index and 5 percent drop in emerging-market dollar bonds later in the year. (Although over the longer term, those assets have returned 18 percent and 19 percent, respectively, since then.)

Chase Muller, a portfolio manager who oversees about $600 million at One River Asset Management, said that the firm sees risk in South Africa, Brazil and Turkey, where the economies haven’t undergone the changes they need to improve potential growth.


Last month, Howard Marks, the co-chairman of Oaktree Capital Group, cautioned in a 22-page memo that markets have become heated and risky. When investor confidence declines, risks in developing nations such as coups, institutionalized corruption, devaluation and debt repudiation are exposed, he wrote. Marks scoffed at traders who are buying Argentine bonds that mature in 100 years despite the nation’s history as a chronic defaulter.

"It’s a sign of the times: ‘Something may go wrong, but probably not too soon,’" he said.

Before it's here, it's on the Bloomberg Terminal.

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Re: STOCK CASUALTIES
« Reply #59 on: September 08, 2017, 02:10:26 PM »




The Bubble Is Now So Massive Even Wall Street is Getting Nervous

Phoenix Capital Research's picture
by Phoenix Capital...
Sep 7, 2017 9:11 AM
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The market bubble has become so massive that even Wall Street is nervous.

To be clear, investment banks do best when stocks are in a bull market. And they love bubbles because it means more M&A, IPOs, dead offerings, stock issuance and other deals from which they derive their revenues.

So for Wall Street CEOs to openly start warning that the market is in a bubble… they have to be really REALLY nervous about what they’re seeing... and know that a stock market crash is coming

On that note this week, not one but TWO major bank CEOs warned about the markets.

First was Deutsche Bank CEO John Cryan with the following nugget:

“We are now seeing signs of bubbles in more and more parts of the capital market where we wouldn’t have expected them," Cryan said, adding that the interest-rate policy has been partly responsible for the decline in earnings at European banks. “I welcome the recent announcement by the Federal Reserve and now also from the ECB that they intend to gradually bring their loose monetary policy to an end.”

Source: Bloomberg.

This, in of itself, is extraordinary. But then we have Lloyd Blankfein, CEO of Goldman Sachs stating the following during the same week:

“When yields on corporate bonds are lower than dividends on stocks, that unnerves me," the Goldman Sachs chief executive said during an interview Wednesday that was broadcast at a European banking conference in Germany and on the internet.

Source: CNBC

So we have not one, but TWO Wall Street CEOs warning that the market is in a bubble. And we all know how those end: in a stock market crash./ This is truly staggering. And it indicates that those at the top of the financial system are actively preparing for what's coming.

A Crash is coming…

And smart investors will use it to make literal fortunes

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Re: STOCK CASUALTIES
« Reply #59 on: September 08, 2017, 02:10:26 PM »