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Market Cap: 4.38 Billion

Primary Exchange: NYSE ARCA

Website:

Shares Outstanding: 59.5 Million

Float: 0

Dividend: 0.11813999712467194 (0.0%)

Beta: 1.9949217141628826

Sector:

Industry:

Ethical Flags

Longest drawdown: 461 trading days

From: 2020-02-19 To: 2024-03-07

Lowest Point:

Shakespeare On Bonds

via: SeekingAlpha at 2019-06-13 14:55:21:000

"I can get no remedy against this consumption of the purse: borrowing only lingers and lingers it out, but the disease is incurable." - Shakespeare, Henry IV, Part 2 In October, November, and December, the Fed was the villain, especially in December. Jerome Powell spoke and the markets g… read more...

Trump Might Really Be 'Crazy Like A Fox' On Trade-Fed-Market Nexus

via: SeekingAlpha at 2019-06-13 12:47:19:000

On Wednesday, Bloomberg ran an article featuring a handful of soundbites from Chen Zhao, co-founder of Montreal-based Alpine Macro and a former co-director of macro research at Brandywine Global Investment Management. You can read the piece for yourself, but the gist of it is that Zhao be… read more...

Weekly Unemployment Claims: Up 3K

via: SeekingAlpha at 2019-06-13 10:39:36:000

By Jill Mislinski Here is the opening statement from the Department of Labor: In the week ending June 8, the advance figure for seasonally adjusted initial claims was 222,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 … read more...

Weekly Edge: Investors Anticipate Fed Meeting As The Trade War Saga Continues

via: SeekingAlpha at 2019-06-13 10:27:36:000

By Ansh Chaudhary As the June 28-29 G-20 summit in Japan moves closer, speculation continues to increase about whether Presidents Trump and Xi will meet there to discuss trade. According to Reuters , Trump does plan to meet with Xi, after which he will decide "whether to extend tariffs to… read more...

Charts Implying Economic Weakness - June 2019

via: SeekingAlpha at 2019-06-13 09:28:12:000

Please note: This is the latest in a series of articles, the last being " Charts Implying Economic Weakness - May 2019." U.S. Economic Indicators Throughout this site, there are many discussions of economic indicators. At this time, the readings of various indicators are especially nota… read more...

One Trick Pony: The Fed Is Pushing On A String

via: SeekingAlpha at 2019-06-13 09:24:16:000

Last week, I discussed the Fed's recent comments suggesting they might be closer to cutting rates and restarting "QE" than not. "In short, the proximity of interest rates to the ELB (Effective Lower Bound) has become the preeminent monetary policy challenge of our time, tainting all… read more...

The Coming Pension Crisis And Its Subsequent Fallout

via: SeekingAlpha at 2019-06-13 08:44:41:000

Returning SBTV guest Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, warns about the under-funding in public and private pensions. Will there be pitchforks when pensioners realize there is no money available for their retirement? Discussed in this in… read more...

This Is One Of The Worst Risk/Reward Setups In History

via: SeekingAlpha at 2019-06-13 08:18:48:000

One of the indicators I started tracking several years ago was what I call "The Buffett Yardstick." It plots the total value of the stock market against the overall size of the economy. As Warren wrote nearly 20 years ago, "it is probably the best single measure of where valuations stand at … read more...

Value Of Direct U.S.-China Trade Continues To Shrink

via: SeekingAlpha at 2019-06-13 06:26:28:000

The combined value of goods and services traded between the U.S. and China continued to shrink in April 2019, with the cumulative gap between the projection of how much that trade would be worth today, if not for the tariff war and where it actually is today now, having increased by $1 billion… read more...

No Recession Signaled By iM's Business Cycle Index: Update - June 13, 2019

via: SeekingAlpha at 2019-06-13 06:04:09:000

The BCI at 255.9 is up from last week's downward revised 255.3 and remains below the previous high of this business cycle indicated by the BCIp of 78.1. However, the six-month smoothed annualized growth BCIg at 11.5 is below last week's downward revised 12.3. Both BCIp and BCIg are not signa… read more...

Why The Fed Is Not Likely To Save This Ailing Bull Market

via: SeekingAlpha at 2019-06-12 14:49:53:000

Image Source Don't Bet On The Fed To Bail Out The Stock Market The S&P 500 and stocks, in general, have made a substantial rebound in recent days. In fact, the SPX had gained approximately 6.5% after bouncing off major support at 2,725 and topping out at 2,900 resistance. Source… read more...

July Rate Cut? Wait For The Fed's Complete Capitulation To Get Aggressive

via: SeekingAlpha at 2019-06-12 13:18:24:000

Financial markets now anticipate that the Federal Reserve will begin ratcheting down rates from the 2.25%-2.50% range in July. Remarkably, the "de facto stimulus" associated with the Fed flip from rate raising to rate neutrality only lasted for six months. Reasonable criticism of the Fed's "… read more...

Reappearance Of 'Crash Phobia' Is Good News

via: SeekingAlpha at 2019-06-12 10:35:53:000

There are many signs that astute investors look for to confirm that a bottom has been made after a market decline. One of the most important signs is the tell-tale increase in investor pessimism as measured by various sentiment polls. But an even more reliable indication that the market is pri… read more...

A Rate Cut Is Coming - Here's How To Know When

via: SeekingAlpha at 2019-06-12 08:23:12:000

At this point, most market participants and media talking heads are fairly certain the next move from the FOMC is a rate cut rather than a rate hike. Now, that sounds like a silly comment but just a couple of months ago, some pundits were unconvinced a rate cut would be coming in 2019 and even… read more...

Why The Market Can Repeat The 2019 Rally

via: SeekingAlpha at 2019-06-12 07:47:22:000

At the end of 2018, the market was in a downward trend caused by China-U.S. trade tensions, explicit global macro deterioration and excessive tightening of monetary policy by the Fed. This set the table for the S&P 500 Index to close in negative territory as investors sold their equity pos… read more...

Past Prescient Futures: Markets Anticipate Timing But Not Magnitude Of Fed Rate Moves

via: SeekingAlpha at 2019-06-12 06:45:51:000

The recent broadening and deepening yield curve inversion when longer-term Treasury note yields fall below short-term ones - has stimulated a spate of research and commentary. One thought-provoking finding comes out of Scandinavia. Anders Svendsen, Chief Analyst at Nordea Group, found… read more...

3 Charts I Think I'm Thinking About

via: SeekingAlpha at 2019-06-12 04:32:21:000

1. The USA is bankrupt, part 3,478. It's been at least 1 or 2 blog posts since I talked about the USA being bankrupt so I would be remiss if I didn't remind you that the USA is actually not bankrupt at all . This chart comes to us courtesy of Mary Meeker's annual internet report . Now,… read more...

Anxiety Ticks Up, Risks Pared

via: SeekingAlpha at 2019-06-12 03:26:02:000

Overview The S&P 500 snapped a five-day advance yesterday and set the heavier tone for equities today. Continued protests in Hong Kong were not shrugged off as they have been in the last couple of sessions. The Hang Seng's nearly 1.9% decline was the largest in a month and led the region… read more...

Small Business Sentiment Surprises To The Upside

via: SeekingAlpha at 2019-06-12 03:06:30:000

Small business sentiment saw a big upside surprise for the month of May. While economists were expecting the headline NFIB Small Business Sentiment Index to fall to 102.0 from last month's reading of 103.5, the actual reading went the other way, rising to 105. That makes it four straight month… read more...

The Unemployment Rate Has Been Left Even Lonelier

via: SeekingAlpha at 2019-06-12 02:32:03:000

The unemployment rate has been maybe the loneliest of numbers. That didn't quite mean it was entirely alone. Of the major economic accounts, only the JOLTS series and only one part of that series suggested the big mainstream employment indicator was anywhere close to accurate. Job Openings ((J… read more...

Don't Be A Hero

via: SeekingAlpha at 2019-06-11 10:16:38:000

The "indefinite suspension" of tariffs on Mexico notwithstanding, trade tensions have not abated in earnest. Risk assets were obviously on the front foot Monday thanks in part to President Trump's decision not to pull the tariff trigger on America's southern neighbor and, naturally, the risk… read more...

World Markets Update

via: SeekingAlpha at 2019-06-11 06:54:28:000

By Jill Mislinski All eight indexes on our world watch list posted gains through June 10, 2019. The top performer is China's Shanghai SSE with a 15.69% gain and in second is our own S&P 500 with a gain of 15.01%. In third is France's CAC 40 with a gain of 14.78%. Coming in last is Toky… read more...

A Stock Market Crash Scenario

via: SeekingAlpha at 2019-06-11 06:23:49:000

Herds get spooked and run. That's the crash scenario in a nutshell. We have all been trained by a decade of central bank saves to expect any stock market swoon will soon be reversed by central bank sweet talk and/or rate cuts. As a result of such ever-present central bank willingness to … read more...

What Gold, Treasuries And The Dollar Are Telling Us

via: SeekingAlpha at 2019-06-11 05:41:40:000

"I really think that people never go wrong by telling the truth." - Sydney Pollack The economy continued to flash warning signals this week. JPMorgans global composite PMI reading slipped into contraction territory falling to a 7-year low in the process. Oil ( USO ) continues its d… read more...

Daily State Of The Markets: Things Can Change Quickly These Days

via: SeekingAlpha at 2019-06-11 05:17:23:000

Originally published June 10 What a difference a week can make in this game, right? Last week at this time, the market was reacting in a rather hysterical fashion, of course, to news that the President was planning to use punitive tariffs in his quest to strike a deal on immigration with M… read more...

Technically Speaking: The 'Sellable Rally' Chart Review

via: SeekingAlpha at 2019-06-11 04:23:25:000

Over the past couple of weeks, we have been discussing a " sellable rally " following the sell-off during the month of May. To wit : "This week we are going to look at the recent sell-off and the potential for a short-term 'sellable' rally to rebalance portfolio risks into. The markets o… read more...

Sentiment Speaks: Are You A Lemming?

via: SeekingAlpha at 2019-06-11 04:00:19:000

There are many reasons people give as to why the markets move up or down. Yet, the great majority of the reasons are quite superficial and fleeting. I think Bernard Baruch put it best when he said: All economic movements, by their very nature, are motivated by crowd psychology. Without d… read more...

Market Update: Volatility And Fund Flows

via: SeekingAlpha at 2019-06-11 03:45:52:000

By OpenMarkets Some of the current volatility is driven by money that has to be put to work. Jack Bouroudjian explains how fund flows are affecting the market, and covers why we should continue to monitor the U.S. Read more … read more...

The Dollar, High-Yield Bond Market And S&P 500 Revenue Growth

via: SeekingAlpha at 2019-06-11 03:23:04:000

The two US dollar proxies followed regularly are the Invesco DB USD Bullish ETF (UUP) and the DXY. The UUP is a tradeable ETF, but it generates a K-1, therefore I stopped buying it for clients. Both the DXY and the UUP have identical currency weightings: Euro: 58% Yen: 14% … read more...

The Numbers Game

via: SeekingAlpha at 2019-06-11 03:11:27:000

"Nobody trusts anyone in authority today. It is one of the main features of our age. Wherever you look, there are lying politicians, crooked bankers, corrupt police officers, cheating journalists and double-dealing media barons, sinister children's entertainers, rotten and greedy energy compa… read more...

The Recent Bond Yield And SPX Declines (And Now Bitcoin) Tend To Recur Year After Year

via: SeekingAlpha at 2019-06-10 14:28:15:000

There has been multiple explanations and rationalizations of the very recent and sharp decline in bond yields. The most prominently published rationalization was the action taken by billionaire and former hedge fund manager Stan Druckenmiller's piling into US Treasuries as the US trade war wit… read more...

Weekly Economic Vital Signs - Keep Your Eye On The Ball

via: SeekingAlpha at 2019-06-10 13:07:37:000

Construction Spending Construction spending was flat in April, while March saw a 1% upward revision to the previously reported 0.9% decline, leading to an increase of 0.1%. Yet the trend, as can be seen below, is discouraging. Overall, spending is down 1.2% on a year-over-year basis. Resid… read more...

Give Up The Latte Or Go To College? How To Grow A Nest Egg

via: SeekingAlpha at 2019-06-10 08:11:38:000

It all started with a simple question: is college a good investment? The rabbit hole ended up being deeper than I expected. Several attempts have been made to answer this question, as the cost of going to post-secondary school has skyrocketed in the U.S. (from less than $10,000 per year in… read more...

Top 10 S&P 500 Market Cap Weights - How Have 2019 EPS Estimates Changed?

via: SeekingAlpha at 2019-06-10 06:48:34:000

Since the S&P 500 peaked in late September 2018, the goal of the attached spreadsheet was to give readers a feel for the change in the EPS estimates for 2019, relative to the market action and change in the S&P 500's return. The fascinating metric for me is that the top 10 S&P 50… read more...

Trade Wars Likely To Change The Fed's Interest-Rate Game Plan

via: SeekingAlpha at 2019-06-10 06:42:55:000

By Eric Winograd The trade war has taken a harsher turn, threatening to further dampen economic growth. We expect the Fed to respond with sizable rate cuts, but the timing and amounts are more speculative than normal. Why? Economic data haven't yet taken a major downward turn, and there'… read more...

Roller Coaster

via: SeekingAlpha at 2019-06-10 05:40:50:000

Healthy markets don't rally 2% in one day as they did on Tuesday. This week, the market was faced with President Trump launching trade wars against Mexico and India while the US GDP is slowing, Europe's de facto economic leader Germany's manufacturing is collapsing, global trade bell weather S… read more...

Market Commentary - June 6, 2019

via: SeekingAlpha at 2019-06-10 04:45:00:000

Read more … read more...

Seems All About The Fed At The Moment

via: SeekingAlpha at 2019-06-10 04:38:28:000

Since the Federal Reserve began raising the Fed Funds rate in December 2015, there have been nine rate increases. Now that the Fed is in a pause mode, strategists and investors have turned their focus on rate cuts. It seems as though strategists believe the equity market and economy cannot mov… read more...

The Powell Put

via: SeekingAlpha at 2019-06-10 04:25:16:000

By Brad Tank, Chief Investment Officer - Fixed Income Was last week's bounce for risk assets a mere taste of what's to come if the Fed cuts rates this year? One of my research colleagues came into the office looking a little starstruck last week. He'd just snapped a photo of Federal Re… read more...

Weekly Commentary: Horde Of Jumbo Bazookas

via: SeekingAlpha at 2019-06-10 03:41:08:000

"Stocks Eye Best Week of 2019 on 'Powell Put' Bets," read the Friday Bloomberg headline. By the close of Friday trading, the S&P 500 had posted a gain of 4.4% ("best week since November"). Also from Bloomberg: "Fed Watchers Say a July Rate Cut Is In Play, June Not Likely." Markets now pri… read more...

Stocks Can Go Up When Bonds Show Recession

via: SeekingAlpha at 2019-06-09 14:17:45:000

The common assumption is that bonds are screaming RECESSION right now, while the stock market refuses to hear it. This isnt entirely true. While the stock markets long term risk:reward is certainly not bullish, the economic data suggests that a U.S. recession is not imminent. … read more...

The Latest Jobs Report May Be A Bullish Sign For Bonds

via: SeekingAlpha at 2019-06-09 11:16:40:000

It is somewhat hard to believe that it is once again the first Friday of the month. This means that it is time for yet another jobs report from the Bureau of Labor Statistics. In this case, the report was rather disappointing as job creation numbers greatly missed the expectations of analyst… read more...

Clear And Present Danger

via: SeekingAlpha at 2019-06-09 07:19:36:000

On Friday evening, the Trump administration announced that planned tariffs on all imports from Mexico are "suspended indefinitely". After the president called off the tariffs, the State department posted a joint declaration on its website outlining a series of commitments. The New York Tim… read more...

Weighing The Week Ahead: Should Investors Bank On The Fed?

via: SeekingAlpha at 2019-06-09 06:58:59:000

The economic calendar is important, featuring inflation data, two elements of the NBER "big four," consumer confidence, and the JOLTS report. Those needing a fix of FedSpeak are out of luck since it is the quiet period for them. The data all point to an intersection between economic strength a… read more...

Futures Forecasts

via: SeekingAlpha at 2019-06-09 04:26:55:000

Torsten Slok at DB updates this lovely graph on occasion. Here's what it means. Fed fund futures are essentially bets on where the federal funds rate will be at various points in the future. Thus, you can read from the dashed lines the market's guess about where the federal funds rate will go … read more...

Should Markets Heed Recession Warnings?

via: SeekingAlpha at 2019-06-09 02:46:36:000

By Edward Perks, E xecutive Vice President and Chief Investment Officer, Franklin Templeton Multi-Asset Solutions Amid a renewed US-China trade spat and additional tariff tensions between the United States and Mexico, investor concerns about a possible recession have heightened, accord… read more...

What's Behind The Historic Valuation Gap In Equities?

via: SeekingAlpha at 2019-06-09 02:06:35:000

By Carmel Corbett Wellso As sectors ranging from manufacturing to financials experience disruption, the valuation gap between growth and value stocks continues to widen. Director of Research Carmel Wellso explains why careful stock selection is important at this stage of the cycle. … read more...

Sorry Permabulls, It's Not Different This Time - Got Gold?

via: SeekingAlpha at 2019-06-09 01:46:22:000

An inverted yield curve has historically been the most accurate indicator of an impending or concurrent recession. The inversion during late 2006 and most of 2007 is a good example. Studies have shown that curve inversions precede a recession anywhere from 6 months to 2 years. I would argue th… read more...

Recession Anxieties, June 2019

via: SeekingAlpha at 2019-06-08 13:55:23:000

Editor's note: This article was originally published on June 7, 2019 by Menzie Chinn here . Different forward looking models show increasing likelihood of a recession. Most recent readings of key series highlighted by the NBER's Business Cycle Dating Committee (BCDC) suggest a peak, altho… read more...

Welcome To The Decade Of Slow Economic Growth

via: SeekingAlpha at 2019-06-08 12:52:29:000

The world economy has grown tremendously in the last 100 years driven by multiple factors such as population growth, technological advancements and rapid urbanization, not to mention a healthy dose of inflation (with exceptions) throughout the time. We expect the global economic growth to slow… read more...

Ex-Date Payment Date Record Date Declared Date Amount Flag Dividend Type Qualified Indicated
2016-09-21 2016-09-29 2016-09-23 0.0606
2019-09-25 2019-10-02 2019-09-26 0.0
2019-06-25 2019-07-02 2019-06-26 0.2658
2019-03-20 2019-03-27 2019-03-21 0.2202
2018-12-26 2019-01-03 2018-12-27 0.2283
2018-09-26 2018-10-03 2018-09-27 0.1201
2018-06-20 2018-06-27 2018-06-21 0.1891
2018-03-21 2018-03-28 2018-03-22 0.1599
2017-12-26 2018-01-04 2017-12-27 0.161
2017-09-27 2017-10-05 2017-09-28 0.0901
2017-06-21 2017-06-29 2017-06-23 0.0819
2017-03-22 2017-03-30 2017-03-24 0.0889
2016-12-21 2016-12-30 2016-12-23 0.0941
2016-06-22 2016-06-30 2016-06-24 0.087
2016-03-23 2016-04-01 2016-03-28 0.143
2015-12-22 2015-12-31 2015-12-24 0.1936
2015-09-23 2015-10-01 2015-09-25 0.0
2015-06-24 2015-07-02 2015-06-26 0.0781
2015-03-25 2015-04-02 2015-03-27 0.1232
2014-12-22 2014-12-31 2014-12-24 0.1218
2019-12-24 2020-01-02 2019-12-26 2019-03-18
2019-12-24 2020-01-02 2019-12-26 2019-03-18 0.268513 Cash
2020-03-25 2020-04-01 2020-03-26 2020-01-29 0.1976 Cash
2020-06-24 2020-07-01 2020-06-25 2020-01-29
2020-09-23 2020-09-30 2020-09-24 2020-01-29
2023-12-20 2023-12-28 2023-12-21 2023-01-06 0.0
2023-12-20 2023-12-28 2023-12-21 2023-01-06 0.11814 Cash
2024-12-23 2024-12-31 2024-12-23 2023-12-21 0.0 Cash
Ex-Date Declared Date Record Date Payment Date Ratio To Factor For Factor
2015-05-20 2015-05-01 2015-05-18 2015-05-19 00:00:00 -0400 0.5 2.0 1.0
Data provided by IEX Cloud