Panama Canal Authortiy
Global Insight report on world growth outlook.
The report was made in 2005
Download link for the report
http://www.pancanal.com/esp/plan/estudios/0303-exec.pdf
Worldwide Market Forecast
for
Commercial Air Transport
2006-2025
Download link for the report
http://www.jadc.or.jp/wmf06.pdf
Thursday, May 29, 2008
Tuesday, May 20, 2008
Merrill Lynch Introduces New Equity Research Rating System
NEW YORK, May 14, 2008 — Merrill Lynch Global Research announced today a new system of equity ratings, which is designed to provide clients with enhanced transparency into analysts' views, greater differentiation among the equity ratings within a sector, and closer alignment between rating distributions and historical stock performance. The new equity ratings structure, to launch June 2, 2008, is unique in that it provides clients with an absolute return system with a relative twist.
"The investment performance of our institutional and individual investors is always paramount," said Candace Browning, president of Merrill Lynch Global Research. "The basis of the new equity rating system is to reinforce our ongoing drive to encourage Merrill Lynch analysts to adopt the perspective and mindset of top-performing investors."
In the new system, "Buy" stocks are expected to have a total return of at least 10 percent and are the most attractive stocks in a coverage cluster*. "Neutral" stock prices are expected to remain flat or increase, but be less attractive than Buy-rated stocks. "Underperform" stocks are (a) expected to have either a negative total return; or (b) have a positive total return but be the least attractive stocks in a coverage cluster. Merrill Lynch Research defines "coverage cluster" as a group of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s).
The new system also introduces dispersion guidelines that limit the number of the stocks in each investment rating category: Buy-rated stocks may not exceed 70 percent, Neutral-rated stocks may not exceed 30 percent and Underperform stocks must be at least 20 percent of each coverage cluster.
A ratings table, which will be on all Merrill Lynch Equity Research reports, is provided below:
Investment Rating-- Total Return Expectation (within 12-month period of date of initial rating)--- Ratings Dispersion Guidelines for Coverage Cluster *
rating - Return expectation - % recommendations
Buy --- 10 percent---- 70 percent
Neutral--- 0 percent--- 30 percent
Underperform--- N/A ---- 20 percent
* A Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classifications.
"The rationale behind the introduction of rating dispersion requirements is compelling. By introducing distribution guidelines, we can be certain that our analysts' distributions correlate more closely with historical return statistics," said Ms. Browning. "I am confident that the new Merrill Lynch equity rating system will enhance our ability to provide incremental alpha-generating investment returns to our clients."
Merrill Lynch is also requiring an investment thesis, providing the rationale behind the analyst's recommendation, and a price objective target for every stock under coverage to maximize the transparency and support the analytical and intellectual basis of analysts' convictions and recommendations. In addition, Merrill Lynch analysts will continue to provide clients with volatility risk ratings and dividend ratings.
"The investment performance of our institutional and individual investors is always paramount," said Candace Browning, president of Merrill Lynch Global Research. "The basis of the new equity rating system is to reinforce our ongoing drive to encourage Merrill Lynch analysts to adopt the perspective and mindset of top-performing investors."
In the new system, "Buy" stocks are expected to have a total return of at least 10 percent and are the most attractive stocks in a coverage cluster*. "Neutral" stock prices are expected to remain flat or increase, but be less attractive than Buy-rated stocks. "Underperform" stocks are (a) expected to have either a negative total return; or (b) have a positive total return but be the least attractive stocks in a coverage cluster. Merrill Lynch Research defines "coverage cluster" as a group of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classification(s).
The new system also introduces dispersion guidelines that limit the number of the stocks in each investment rating category: Buy-rated stocks may not exceed 70 percent, Neutral-rated stocks may not exceed 30 percent and Underperform stocks must be at least 20 percent of each coverage cluster.
A ratings table, which will be on all Merrill Lynch Equity Research reports, is provided below:
Investment Rating-- Total Return Expectation (within 12-month period of date of initial rating)--- Ratings Dispersion Guidelines for Coverage Cluster *
rating - Return expectation - % recommendations
Buy --- 10 percent---- 70 percent
Neutral--- 0 percent--- 30 percent
Underperform--- N/A ---- 20 percent
* A Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector, region or other classifications.
"The rationale behind the introduction of rating dispersion requirements is compelling. By introducing distribution guidelines, we can be certain that our analysts' distributions correlate more closely with historical return statistics," said Ms. Browning. "I am confident that the new Merrill Lynch equity rating system will enhance our ability to provide incremental alpha-generating investment returns to our clients."
Merrill Lynch is also requiring an investment thesis, providing the rationale behind the analyst's recommendation, and a price objective target for every stock under coverage to maximize the transparency and support the analytical and intellectual basis of analysts' convictions and recommendations. In addition, Merrill Lynch analysts will continue to provide clients with volatility risk ratings and dividend ratings.
Thursday, May 15, 2008
Joseph Lewis - Purchase of Bear Stearns Shares and the Loss
Mint of 12 Septermber 2007 carried an article that mentioned that British financier, Joseph Lewis bought 7 percent of Bear Stearns at beaten down prices.
An interesting issue at the moment is -
What happened to his investment, as J P Morgan paid only 10 dollars per share?
See the related information and posts
March 16, 2008
UK tycoon Joe Lewis loses $800m on Wall Street
JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns.
The 71-year-old currency trading tycoon, who runs his empire from the Bahamas, holds almost 10% of the bank's shares. Bear’s shares fell 40% on Friday to $27, after it secured a 28-day credit lifeline to stave off collapse.
Lewis began building a stake in Bear last September, when the shares were changing hands for more than $100.
The huge paper losses could force Lewis to sell out of some of his other positions, according to traders, in order to meet margin calls from his lending banks.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3558485.ece
March 24, 2008
Joseph Lewis, a major Bear Stearns shareholder, has squeezed a higher offer out of JPMorgan Chase.
JPMorgan Chase (JPM, Fortune 500) agreed Monday to quintuple the value of its all-stock offer for Bear Stearns, to $10 a share. The revamped agreement, valued at $1.18 billion, comes just a week after JPMorgan agreed to buy the cash-strapped brokerage firm with backing from the Federal Reserve. The deal staved off a probable Bear Stearns bankruptcy that threatened to swamp the financial sector with a new wave of uncertainty.
Monday's revised deal seeks to placate Bear Stearns shareholders who were outraged that they initially stood to get only $2 apiece for shares that fetched as much as $159 each a year ago. A majority of Bear Stearns shareholders must approve the transaction - a fact that hasn't been lost on investors such as Lewis, the billionaire currency trader who is Bear's second-biggest shareholder. Lewis had called the deal "derisory" and, in a regulatory filing last week, vowed that he and other members of his group would "take whatever action that they deem necessary and appropriate to protect the value of their investment in the shares."
http://money.cnn.com/2008/03/24/news/companies/barr_bear_bidding.fortune/index.htm?postversion=2008032413
An interesting issue at the moment is -
What happened to his investment, as J P Morgan paid only 10 dollars per share?
See the related information and posts
March 16, 2008
UK tycoon Joe Lewis loses $800m on Wall Street
JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns.
The 71-year-old currency trading tycoon, who runs his empire from the Bahamas, holds almost 10% of the bank's shares. Bear’s shares fell 40% on Friday to $27, after it secured a 28-day credit lifeline to stave off collapse.
Lewis began building a stake in Bear last September, when the shares were changing hands for more than $100.
The huge paper losses could force Lewis to sell out of some of his other positions, according to traders, in order to meet margin calls from his lending banks.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3558485.ece
March 24, 2008
Joseph Lewis, a major Bear Stearns shareholder, has squeezed a higher offer out of JPMorgan Chase.
JPMorgan Chase (JPM, Fortune 500) agreed Monday to quintuple the value of its all-stock offer for Bear Stearns, to $10 a share. The revamped agreement, valued at $1.18 billion, comes just a week after JPMorgan agreed to buy the cash-strapped brokerage firm with backing from the Federal Reserve. The deal staved off a probable Bear Stearns bankruptcy that threatened to swamp the financial sector with a new wave of uncertainty.
Monday's revised deal seeks to placate Bear Stearns shareholders who were outraged that they initially stood to get only $2 apiece for shares that fetched as much as $159 each a year ago. A majority of Bear Stearns shareholders must approve the transaction - a fact that hasn't been lost on investors such as Lewis, the billionaire currency trader who is Bear's second-biggest shareholder. Lewis had called the deal "derisory" and, in a regulatory filing last week, vowed that he and other members of his group would "take whatever action that they deem necessary and appropriate to protect the value of their investment in the shares."
http://money.cnn.com/2008/03/24/news/companies/barr_bear_bidding.fortune/index.htm?postversion=2008032413
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