|Bid||11.31 x 0|
|Ask||11.31 x 0|
|Day's range||11.30 - 11.45|
|52-week range||7.00 - 13.28|
|Beta (5Y monthly)||1.28|
|PE ratio (TTM)||8.92|
|Forward dividend & yield||0.35 (3.14%)|
|Ex-dividend date||06 May 2020|
|1y target est||17.63|
(Bloomberg) -- Netflix Inc. was downgraded to neutral from buy at UBS, which cited valuation after a pronounced rally in the video-streaming company.Thus far this year, Netflix is up nearly 60%, making it one of the best performers in the S&P 500, which is down 3% for 2020. The stock has also gained about 70% off a March low, a rally that has lifted it to repeated records and widened the company’s market cap lead over Walt Disney Co.Shares fell as much as 6.7% on Tuesday, Netflix’s biggest one-day intraday decline since March.UBS’s move comes just days before the July 16 release of Netflix’s second-quarter results, and while the firm expects to see “a widespread benefit” from the pandemic favoring indoor entertainment options, the benefit of this trend appears priced in at current levels, analyst Eric Sheridan wrote. He reiterated his $535 price target.At current levels, “investor fears seem to have disappeared and the current stock price increasingly reflects many of the long-term business moat dynamics,” he wrote. While the company’s long-term narrative remains intact, “we would rather be constructive at levels when a mix of potential subscriber volatility, FCF dynamics & competition are better reflected in the share price.”UBS is not the only firm to grow somewhat cautious about Netflix at current levels. Wedbush reiterated its underperform rating on Tuesday, warning that despite a tailwind from shelter-in-place orders, “we expect content spending to trigger substantial cash burn for many years.” The firm raised its price target to $220 from $198, but warned that “competition for both content and subscribers may slow growth and limit the potential for price increases.”Recently, Rosenblatt Securities wrote that it “struggle[s] to see the upside” from current levels given “uncertainty over how [long] this favorable environment will last.” Imperial Capital downgraded the stock last week.Currently, the average price target on Netflix shares stands near $476, implying downside of about 6% from current levels.(Updates trading to market open in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On June 30, 2020, Alerian announced an update to the methodology guide for the Alerian Midstream Energy Index (the "Index"). Effective as of the close of business on June 30, 2020, the Index began using the WM/Reuters USD/CAD foreign exchange rate as of 4:00 p.m. Eastern Time (rather than 4:00 p.m. London Time) to convert the value of Canadian index constituent securities, for purposes of determining the Index values.
(Bloomberg) -- A UBS Asset Management hedge fund beat peers in the first half with relative-value trades that shorted pandemic-struck stocks, and is now pouncing on the market’s next dislocations.The $2.2 billion UBS O’Connor multi-strategy fund gained 11.5% through the end of June, according to a person with knowledge of returns who declined to be identified as the data isn’t public. A spokesman for the firm declined to comment on performance. Funds that follow a multi-strategy relative value approach are down 0.7% over the same period, according to Hedge Fund Research Inc.Their relative-value trades offer a glimpse into survival strategies of hedge funds that rode the first half’s roller-coaster crisis markets. The UBS team paired securities of the same company up against one another, like shorting the stock of an airline while buying its credit. That paid off as the Federal Reserve dove into corporate bonds and stoked a rally that’s lifted the credit of the riskiest companies which are foundering in an uneven stock recovery.“We aggressively grossed up risk across all our credit strategies as the Fed embarked on its monetary policy support program,” Kevin Russell, the New York-based chief investment officer at UBS O’Connor which manages $6.1 billion overall, said in a phone interview. “Trades in credit versus equity in distressed corporates was a significant driver of performance,” he said, without detailing returns.Read more: Hedge Funds Lost a Record 7.9% in Pandemic-Plagued First HalfThe gains stand out in a first half that saw hedge funds overall plunge a record 7.9% on an asset-weighted basis, according to HFR data released Wednesday.Despite industry losses, the likes of Morgan Stanley Wealth Management have been touting the virtues of diversifying into hedge funds as an alternative to fixed income with dwindling yields.”We’re increasingly coming to the view that the opportunity set for us to do relative value trades tends to spike in periods of significant dislocation like this and subsequently the alpha profile of trades we’re able to put on can be very compelling,” said Russell.O’Connor is UBS AM’s direct investing hedge fund business, and became available to outside investors in June 2000. The multi-strategy fund’s returns last year were 9%, according to the person with knowledge of the fund, outperforming peers in an HFR index.Election RisksAfter the market’s turbulent first half, the team is assessing risks stemming from the U.S. election. The November vote topped worries in a survey of money managers last month by RBC Capital Markets.Russell, who ran Citigroup Inc. global equity trading desk until 2015, sees the possibility of a Democratic sweep and a regime of higher taxes knocking 10% to 15% off S&P 500 earnings.“The U.S. election is a very obvious and large risk that’s standing out there,” he said. “That’ll be a big story, probably in September, and that’s what we’re focused on.”More recently, Russell has been grabbing bonds going cheap on the new-issue market, where the riskiest U.S. companies have borrowed more than ever in June.“Routinely we see individual bonds that look very attractive relative to other bonds, and usually it’s just a function of the liquidity and issuance, and it’s been a big source of our returns,” he said.(Previous version of the story corrected the strategy’s assets under management in second paragraph.)(Adds color on investing style in seventh paragraph. A previous version of the story corrected the strategy’s assets under management.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
While traditional banks are bracing for more loan losses, wealth managers are benefiting from volatility.
UBS Investment Bank today announced coupon payments for 16 ETRACS Exchange Traded Notes (the "ETNs"), all traded on the NYSE Arca.
According to UBS Global Wealth Management’s latest Own Your Worth report, 74% of men and 82% of women see joint participation in long-term financial decisions as a necessary step to create gender equality. The report, which surveyed 1,825 high-net-worth investors in the US, found that a significant majority believe equal participation helps women to feel financially secure, avoid future financial surprises, and feel more secure about leaving bad relationships.
UBS has settled a lawsuit with a former junior trader who accused the Swiss bank of mishandling a complaint of rape and sexual assault by senior colleagues against her, representatives for the former employee said on Friday. "UBS and Ms A have reached a mutual resolution in relation to this matter as a result of which Ms A has withdrawn her claim," legal representatives for the claimant at Farore Law said. The claimant, who cannot be named for legal reasons, alleged that she faced gender discrimination and sexual harassment while working at the bank in London, and filed a claim in Britain for damages against the Swiss lender.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
(Bloomberg) -- UBS Group AG settled a lawsuit brought by a former trainee in London who said she was raped by a senior employee, according to her attorney.The Swiss lender agreed to settle the claim after the trainee, who was identified in court documents as Ms. A, alleged that UBS failed to protect her and that its investigation of her complaint was flawed. The female graduate, who worked on the trading floor, had also told former UBS investment-banking head Andrea Orcel of the “sexualized atmosphere” on the desk.“UBS and Ms. A have reached a mutual resolution in relation to this matter as a result of which Ms. A has withdrawn her claim,” her lawyer, Suzanne McKie, said in a statement.A representative for the bank declined to immediately comment. UBS said in a statement when the trainee brought her claim last year that it had conducted an independent investigation into sexual misconduct allegations and concluded that it had made no fundamental errors, but had recommended some changes. Terms of the settlement weren’t disclosed.The agreement comes as sexual harassment and discrimination comes under greater scrutiny in the wake of the MeToo movement and U.K. regulators step up efforts to hold financial firms and managers accountable.The trainee says she was compelled to sit near the employee whom she had accused of rape. The trainee had to take the fire escapes to avoid coming across the senior banker and raised this with the lender’s human-resources department, McKie said in a statement when she first brought her claim at the employment tribunal in March last year.The alleged rape was said to have taken place in September 2017 and is still being investigated by police.The alleged perpetrator resigned from the investment bank in March 2018, five months after he was suspended, two people familiar with the matter have previously said. UBS hadn’t started a formal disciplinary procedure by the time he departed the Swiss lender, the people said. The trainee, who can’t be identified for legal reasons, left the bank in June 2018.(Updates with scrutiny from regulators in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
UBS announced today that Gail Konstantin, a Senior Vice President and Financial Advisor in the Firm’s White Plains, NY Office, has been named to Forbes/SHOOK list of Top Women Wealth Advisors for 2020.
UBS announced today that two Financial Advisors in the Wayzata office, Becky Falk and Kelli Puhl of the Falk, Puhl & Guillaume Wealth Management Team, have been named to the Forbes/SHOOK list of Top Women Wealth Advisors for 2020. Within the list of 1,000 women, Becky achieved a ranking of 188 placing her in the top 20% of women advisors achieving this recognition.
UBS Wealth Management USA is pleased to announce that it will expand its offering of Separately Managed Accounts (SMA) with no additional investment manager fee to third party asset managers. Starting July 7, clients will have access to nine additional strategies in this innovative pricing model, including Natixis Investment Managers/AIA, Breckinridge Capital Advisors and Goldman Sachs Asset Management, across equity and fixed income asset classes. In August, another nine strategies are expected to join from Franklin Templeton, Invesco, Brandes Investment Partners and PIMCO. All SMA strategies will be made available via WM USA's ACCESS, Strategic Wealth Portfolio (SWP) and/or the recently launched Advisor allocation Program (AAP) platforms.
UBS Investment Bank today announced that the ETRACS Midstream Energy Index ETN (NYSE Arca®: AMNA) began trading on NYSE Arca®. AMNA is linked to the Alerian Midstream Energy Index (Bloomberg: "AMNA Index").
A significant proportion of UBS's staff could continue to work from home even after the coronavirus crisis has ended, the bank's Chief Operating Officer Sabine Keller-Busse said on Monday. "It is conceivable that in the future up to a third of the staff will work remotely on a rotating basis," a UBS spokeswoman said. The changes will be implemented globally, although the exact number of UBS's 70,000 staff has not yet been determined.
KlaymanToskes, www.klaymantoskes.com, continues to investigate and pursue claims to recover investment losses suffered by investors in UBS’s (NYSE:UBS) Yield Enhancement Strategy ("YES"). KT believes that investor claims are meritorious as they relate to the marketing, offer, and sale of the YES strategy, including the sales presentation that was provided to customers.
Economic and financial conditions for the Swiss banking sector have deteriorated markedly due to the COVID-19 pandemic, the Swiss National Bank said on Thursday, but big banks UBS <UBSG.S> and Credit Suisse <CSGN.S> are favourably placed to manage challenges. "The simultaneous deterioration in the economic situation in all regions of the world, together with the unusually high level of uncertainty, poses significant challenges for the two globally active Swiss banks, Credit Suisse and UBS," the central bank said in its 2020 financial stability report. UBS and Credit Suisse had until the end of 2019 to prepare so-called resolution plans that would prevent taxpayers from having to bail them out in the event of a crisis.
(Bloomberg) -- UBS Bank AG is no longer working on the U.S. initial public offering of the owner of Blued, China’s biggest LGBTQ dating app, after gauging the market, joining a number of other banks in curbing work on some U.S. listings by Chinese firms.The Swiss bank had been involved in the IPO until recently, people familiar with the matter said, who asked not to be identified as the information is private. However UBS’s name did not appear on BlueCity Holdings Ltd.’s filing on Tuesday with the U.S. Securities and Exchange Commission.The bank did not agree with the timing of the public filing after gauging initial investor interest, one of the people said. A spokesman for UBS declined to comment. Blued declined to comment in an emailed statement. There is no indication that the decision had anything to do with LGBTQ issues.Blued lost Credit Suisse earlier this year after the bank halted work on the IPO for unknown reasons, Bloomberg News reported. Major banks have been scaling back their work on some U.S. IPOs, particularly small ones, by Chinese firms as concerns mounted last year about investor demand and deal sizes shrank. Other companies to have lost banks working on their floats include Lizhi Inc., Canaan Inc. and EHang Holdings Ltd.The spectacular downfall of Luckin Coffee Inc, a poster child for Chinese startups, amid an accounting scandal in April added to the negative sentiment around Chinese listings in America. Rising tensions between the U.S. and China, which have extended to Chinese companies’ access to U.S. capital markets, have also cast a shadow on the flow of deals.However, the most recent U.S. IPOs by firms from the Asian nation have mostly done well. Burning Rock Biotech Ltd. has risen 48% from its offer price while crowd-sourced delivery platform Dada Nexus Ltd. is trading 5% above its IPO price. The gains stand in contrast to a string of lackluster U.S. debuts by Chinese firms last year.UPCOMING LISTINGS:JD.com Inc.Hong Kong exchangeSize $3.9bListing June 18Bank of America, UBS, CLSAChina Bohai BankHong Kong exchangeSize about $2bPre-marketing from June 22CCBI, Haitong, ABC International, CLSASK BiopharmaceuticalsKorea stock exchangeSize up to $805mPricing June 19, listing around July 2NH Investment & Securities, Citi, Morgan StanleyHygeia Healthcare Holdings Co.Hong Kong exchangeSize up to $286mPricing June 19, listing June 29Morgan Stanley, HaitongKangji Medical Holdings Ltd.Hong Kong exchangeSize up to $404mPricing June 19, trading June 29Goldman Sachs, Citic Securities, Bank of AmericaGenetron HoldingsNasdaq exchangeSize up to $176mPricing June 18, trading June 19Credit Suisse, CICCSmoore International HoldingsHong Kong exchangeSize at least $800mPre-marketing from June 15CLSAZhenro Services GroupHong Kong exchangePre-marketing from June 15CCB International, BNP ParibasShenzhen Hepalink Pharmaceutical GroupHong Kong exchangePre-marketing from June 15Goldman Sachs, Morgan StanleyMore ECM situations we are following:Far East Horizon Ltd. is seeking $300 million in convertible bonds due in 2025, according to terms of the deal obtained by Bloomberg NewsYes Bank Ltd. is planning to raise at least 80 billion rupees ($1 billion) in a public offering of shares to boost its capital, according to people familiar with the matterNoritsu Koki is offering 2.6m shares in JMDC, according to terms of the deal obtained by Bloomberg NewsChina Pacific Insurance Group Co. gained as much as 2.1% on its first day of trading on the London Stock Exchange, after raising $1.8 billion from investors in the biggest European stock offering ever from a Chinese companyInstitutional investors are bidding for JD.com’s Hong Kong shares before this week’s debut at slightly more than the listing priceLine Corp. is offering 2.093m shares in Freee KK, according to terms of the deal obtained by Bloomberg NewsSee also:Asia ECM Weekly AgendaIPO dataU.S. ECM WatchEU ECM WatchTo receive the ECM Watch in your inbox daily, click the “subscribe” button at the top of this article.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
UBS <UBSG.S> will look to increase productivity and gain a larger share of clients' business to grow its wealth management business in a low-yield environment of economic contraction, divisional co-head Iqbal Khan said on Thursday. Are those challenges for a wealth manager?
UBS Investment Bank today announced coupon payments for 5 ETRACS Exchange Traded Notes (the "ETNs"), all traded on the NYSE Arca.
UBS's <UBSG.S> appeal of a 4.5 billion euro French tax case penalty will start on March 8, 2021, the Swiss bank said on Tuesday, after coronavirus lockdowns postponed the hearing previously set to begin in June. "We take note of the new trial date of March 8, 2021, which will provide us with the opportunity to present our case based on the facts and the applicable law," the bank said in a statement.
A U.S. judge on Thursday said institutional investors, including BlackRock Inc <BLK.N> and Allianz SE's <ALVG.DE> Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision.