English Premier League: The Social Media Season
May 18, 2012
By Sam Laird | Mashable – The English Premier League is arguably the world’s most popular sports organization, and this season saw explosive growth off the pitch in the realm of social media. Manchester City snagged its first English title in 44 years last weekend to cap off another dramatic EPL season. To recap how the league developed digitally this year, Mashable hunted down some stats.
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By Sam Laird | Mashable –
The English Premier League is arguably the world’s most popular sports organization, and this season saw explosive growth off the pitch in the realm of social media.
Manchester City snagged its first English title in 44 years last weekend to cap off another dramatic EPL season. To recap how the league developed digitally this year, Mashable hunted down some stats. We also consulted Sean Walsh, whose blog Digital Football is a leading source on the intersection between English soccer and social media.
[More from Mashable: Top 10 GIFs of the Week]
“EPL clubs have been criticized in the past for their out-of-date approach to social media in comparison to the youthful and creative tactics employed by U.S. franchises in the NBA and NFL,” Walsh, who’s interviewed the digital directors of several top European clubs over the past year, told Mashable in an email. “But the 2011-2012 season has seen the rise of social media in ‘the beautiful game,’ and Premier League clubs have finally begun to invest in it.”
Walsh says EPL clubs added a total of more than 17 million Facebook fans over the course of the season. In total, the league has almost 60 million Facebook likes — all the more impressive when you consider England’s total population is just over 50 million people.
[More from Mashable: Former Yahoo COO Who Almost Bought Facebook Shows Up on IPO Day]
So far, both the league and its individual teams have a much stronger presence on Facebook than on Twitter, where clubs count a combined following of less than 4.5 million. But the EPL’s presence is growing rapidly on Twitter as well as Facebook — Walsh counts a 126% increase in followers league-wide since last season.
Premier League side Chelsea was also involved in a piece of Twitter history recently. Its win over FC Barcelona in last month’s Champions League semifinal set a Twitter sports record of 13,684 tweets per second, eclipsing the previous record set by the most recent Super Bowl. Chelsea takes on Bayern Munich in the Champions League final this Saturday, so we’ll see if it can make Twitter history again.
Liverpool, meanwhile, became the first Premier League team to promote itself using Pinterest. The team stocked boards with historic photos, fan gear, old uniformas and memorabilia. Pinterest has become one of the newest ways sports teams around the world are seeking to leverage social media.
Among Walsh’s favorite individual digital EPL moments this year: Manchester City launching a YouTube partnership taking steps toward integrating fans’ in-person and social media experiences; Queens Park Rangers owner Tony Fernandes using Twitter to ask fans which players they wanted the club to acquire; and midfielder Joey Barton using promoted tweets to apologize to fans for being thrown out of a match.
How do you think English soccer stacks up to other pro sports in leveraging social media? Let us know in the comments.
Image courtesy toksuede, Flickr.
This story originally published on Mashable here.
Wall Street banks facing 2nd-quarter slowdown: Analyst
May 18, 2012
Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday. Fixed income, currency and commodities trading revenue is likely to be particularly challenged for a group of banks including Goldman Sachs Group Inc and Morgan Stanley, dropping 32 per cent from the previous quarter, Abouhossein predicted
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Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday.
Fixed income, currency and commodities trading revenue is likely to be particularly challenged for a group of banks including Goldman Sachs Group Inc and Morgan Stanley, dropping 32 per cent from the previous quarter, Abouhossein predicted.
The group of eight banks will also report a 14 per cent decline in equities trading revenue and a 17 per cent fall in investment banking revenue, according to Abouhossein’s estimates based on activity so far.
Although the second quarter is typically slower than its predecessor, Abouhossein’s predicted declines are above-average. He attributed the unusually sharp declines to less liquidity provided by the European Central Bank’s long-term refinancing operation, as well as a “material” drop in client activity because of macroeconomic concerns.
Wall Street has faced revenue challenges for over two years because of concerns about the health of European countries and banks, a changing regulatory environment and the pace of growth in emerging markets. Share prices have remained under pressure as a result.
“Companies like Morgan Stanley and Goldman are black boxes to investors – there’s no way to unravel what their exposures are,” said Keith Davis, an analyst with Farr, Miller & Washington, which manages $800 million and invests in bank stocks. “When things go wrong people sell first and ask questions later.”
JPMorgan’s Abouhossein did not lower earnings estimates for the group of banks, which also included UBS AG, Credit Suisse Group AG, Deutsche Bank AG, BNP Paribas SA, Societe Generale and Barclays PLC, because his estimates were already well below average analyst estimates.
He said that banks are likely to undergo further restructuring to reduce costs in a weak revenue environment, and to lift capital ratios in anticipation of stricter Basel III capital rules.
Goldman, in particular, may undergo a “more aggressive cost management stance,” Abouhossein said, in order to lift its return-on-equity to 9.8 per cent by year-end as revenue slows.
Goldman, which already cut 3,000 workers from its payroll between March 2011 and March 2012, reported return-on-equity of 12.2 per cent last quarter. The figure is a key measure of profitability for shareholders and Goldman’s ROE has been challenged recently, down to 3.7 per cent last year from levels above 30 per cent before the financial crisis.
Fiat pulls epic prank on Volkswagen rivals using Google Street View
May 16, 2012
By Mike Wehner, Tecca | Today in Tech – Did Fiat plan this elaborate gag, or was it a matter of happenstance? If there’s one thing we can say about European car makers, it’s that most of them seem to have a great sense of humor. Nowhere is this more apparent than on a trip past Volkswagen’s Swedish headquarters in Google Street View, where rival auto brand Fiat took the liberty of parking its flagship 500 model right in front of the company’s entrance.
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By Mike Wehner, Tecca | Today in Tech –
Did Fiat plan this elaborate gag, or was it a matter of happenstance?
If there’s one thing we can say about European car makers, it’s that most of them seem to have a great sense of humor. Nowhere is this more apparent than on a trip past Volkswagen’s Swedish headquarters in Google Street View, where rival auto brand Fiat took the liberty of parking its flagship 500 model right in front of the company’s entrance.
Fiat’s Swedish base of operations is just 45 minutes away from the VW building, so the prank wouldn’t have taken very long to pull off, but just how Fiat knew that Google Street View was in the area is a mystery. But judging by past pre-planned Street View gags, it’s clear that once someone spots the car, word travels fast.
Did Fiat plan this elaborate gag, or was it a matter of happenstance?
Of course, some people are suggesting that the sighting is a rather humorous coincidence, since dozens of vehicles likely roll past Volkswagen’s front door every day. However, if you continue following the Street View trail as it makes its way past the building, the Fiat driver clearly has the Google car in his sights, pulling away from the building and following the vehicle for several more shots until abruptly disappearing.
Whatever the case, Volkswagen will have to deal with its new role as a virtual Fiat showroom for at least a year, as that’s typically how often Google updates its Street View images. What do you think: Was it an epic prank, or a mere coincidence?
[via Jalopnik]
This article originally appeared on Tecca
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Be selective with preferred-stock ETFs and funds
May 7, 2012
SAN FRANCISCO ( MarketWatch ) — Preferred-stock buyers: It pays to be choosy. These high-yielding hybrids — not quite common stock, not quite corporate bond — appeal to income-hungry investors. But while their current 6% to 7% average yields are certainly spectacular, preferred securities and the mutual funds and exchange-traded funds that own them come with trade-offs that deserve a close look.
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SAN FRANCISCO (MarketWatch) — Preferred-stock buyers: It pays to be choosy.
These high-yielding hybrids — not quite common stock, not quite corporate bond — appeal to income-hungry investors. But while their current 6% to 7% average yields are certainly spectacular, preferred securities and the mutual funds and exchange-traded funds that own them come with trade-offs that deserve a close look.
Against ordinary stock, preferreds have status. They’re typically less volatile than common shares and provide a generous income stream akin to high-yield bonds. In the 2008 market meltdown, for instance, the largest preferred-stock ETF, the $8.5 billion iShares S&P U.S. Preferred Stock Index (PFF), lost about two-thirds as much as the Standard & Poor’s 500-stock index (:^GSPC), according to investment researcher Morningstar Inc.
Plus, companies must pay dividends to preferred shareholders before they pay a common-stock dividend, hence the “preferred” label. And like common-stock dividends, preferred-equity dividends typically are taxed at the favorable 15% maximum tax rate.
“The investor who buys preferreds wants steady, reliable income,” said Harry Domash, publisher of the Dividend Detective investment newsletter. “But you don’t have much appreciation potential.”
Know the risks
The past few years have been highly preferential for preferreds, which are most attractive when interest rates are relatively stable or declining.
For example, iShares S&P U.S. Preferred Stock Index returned 22% annualized over the three years through April, boosted by its recent 6% yield and heavy tilt toward the recovering financial-services sector. That is more than two percentage points better than the S&P 500 over that time, and nearly five points above the average high-yield bond fund, Morningstar reports.
Actively run funds with strong three-year returns include Nuveen Preferred Securities (NPSAX), up 27.5% a year through April, and Principal Preferred Securities (PPSAX), up 23.5% annualized.
In exchange for a yield kicker, however, preferred stockholders shoulder risks that are the bane of bond investors.
For starters, preferreds are sensitive to interest rates. But unlike bonds, these securities either will never mature or in some cases will return principal only after 30 years, maybe even 50. As interest rates rise, the price of the preferred falls (and vice versa), and an investor could be stuck with lower-valued paper that a corporate issuer may never redeem.
Meanwhile, when stocks are soaring, “there’s limited upside in a preferred because the issuer has certain redemption rights,” said Donald Crumrine, chairman of Pasadena, Calif., investment firm Flaherty & Crumrine Inc., which oversees several preferred-stock mutual funds, including Destra Preferred & Income Securities (DPIAX) and closed-end Flaherty & Crumrine/Claymore Total Return (FLC).
Those rights typically include a “call” provision, where the issuer can buy out shareholders at face value after five years from the issue date. When interest rates decline, the chance of a security being called is higher because new securities can be issued at a lower yield. The opposite is true when rates rise.
Credit risk is also a concern. While many issuers of preferreds are major banks considered “too big to fail,” their competitiveness in a still-struggling economy has to be considered. Troubled companies can suspend preferred dividend payments, and in a bankruptcy, preferred stockholders, unlike bondholders, are out of luck.
Holders of preferred-stock funds have to be “comfortable with the credit risk of owning financial-services securities and feel the financial sector is on its way back up,” said Morningstar ETF analyst Timothy Strauts, who said to beware of portfolios exposed to European banks.
A good bet?
That said, one type of preferred share commonly found in funds and ETFs should hold its edge at least a bit longer, thanks to the Dodd-Frank legislation. Under the law, banks will be prohibited after 2013 from counting a class of taxable “trust preferred” securities toward their regulatory capital requirements.
As such, it is expected that many banks will call these popular shares. Funds and ETFs, in turn, would then need to replace them with other stripes of preferreds, which could alter the funds’ risk and potential return.
For now, Strauts said, the prospect of redemptions is keeping trust preferreds’ prices close to their $25 par value. That presents a unique opportunity for fund managers to buy trust preferreds currently trading below par, he said, collecting an above-average yield in anticipation of the shares being called at a higher price.
Jonathan Burton is MarketWatch’s money and investing editor, based in San Francisco.
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Japan Stock Futures Drop as French Socialist Wins Poll
May 6, 2012
Japanese and Australian stock futures fell amid growing concern over Europe’s debt crisis after Socialist Francois Hollande was elected president of France and Greek voters flocked to anti-bailout parties. American depositary receipts of Nissan Motor Co
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Japanese and Australian stock futures fell amid growing concern over Europe’s debt crisis after Socialist Francois Hollande was elected president of France and Greek voters flocked to anti-bailout parties.
American depositary receipts of Nissan Motor Co. (7201), a carmaker that gets almost 80 percent of its revenue overseas, sank 3.4 percent from the closing share price in Tokyo. Those of Canon Inc. (7751), a camera maker that depends on Europe for almost a third of its sales, lost 2.2 percent after the euro fell against the yen, cutting the exporter’s earnings outlook. ADRs of BHP Billiton Ltd. (BHP), the world’s No. 1 mining company, slid 1.7 percent after prices for oil and metals slipped.
Futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 9,150 in Chicago on May 4, down from 9,220 in Singapore. Japanese markets were closed on May 3 and 4 for national holidays. They were bid in the pre-market at 9,140 in Osaka at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index lost 1.2 percent today. New Zealand’s NZX 50 Index fell 0.2 percent in Wellington.
“There’s concern that the European debt problem may get serious. The euro is being sold in the currency market and that’s negative for Japanese stocks,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “In the U.S., the job recovery is getting sluggish, fueling concern that may have a bad impact on consumer spending and housing markets.”
U.S. Employment
Futures on the Standard & Poor’s 500 Index (SPX) fell 1.1 percent today. The index sank 1.6 percent in New York on May 4 after a report showed payrolls climbed 115,000 in April, the smallest gain in six months and below economists’ estimates for a 160,000 advance. The jobless rate unexpectedly fell to a three-year low of 8.1 percent as people left the labor force. Concern about Europe’s debt crisis also pushed stocks lower as services and manufacturing output in the euro region shrank.
The euro fell to its lowest level against the yen in almost three months low as Socialist Hollande was elected president and Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed.
The euro weakened to as low as 103.24 yen today in Tokyo, compared with 106.20 yen at the close of stock trading on May 2. The dollar also depreciated to 79.67 yen from 80.37 yen, cutting the value of some overseas income at Japanese companies when repatriated.
Crude Below $100
Oil fell below $100 a barrel for the first time since February. Crude oil for June delivery sank 4 percent to $98.49 a barrel in New York on May 4, the lowest settlement since Feb. 7.
The London Metal Exchange Index of prices for six industrial metals including copper and aluminum fell 0.4 percent on May 4. The Thomson Reuters/Jefferies CRB Index of raw materials slipped 1.4 percent.
The MSCI Asia Pacific Index (MXAP) gained 9 percent this year through May 4, compared with an 8.9 percent advance by the S&P 500 and a 3.5 percent increase by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 1.3 times book value, compared with 2.2 times for the S&P 500 and 1.4 times for the Stoxx 600, according to data compiled by Bloomberg. A number below 1 means companies can be bought for less than value of their assets.
To contact the reporters on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Satoshi Kawano in Tokyo at skawano1@bloomberg.net
To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net
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Stock Trading Remains in a Slide After ’08 Crisis
May 6, 2012
Mario Tama/Getty Images The New York Stock Exchange. Investors have pulled away from stocks and instead are favoring bonds, despite low interest rates.
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Mario Tama/Getty Images
The New York Stock Exchange. Investors have pulled away from stocks and instead are favoring bonds, despite low interest rates.
Even though American stocks have doubled in price in the last three years, investors and traders large and small keep giving the market the cold shoulder.
Trading in the United States stock market has not only failed to recover since the 2008 financial crisis, it has continued to fall. In April, the average daily trades in American stocks on all exchanges stood at nearly half of its peak in 2008: 6.5 billion compared with 12.1 billion, according to Credit Suisse Trading Strategy.
The decline stands in marked contrast to past economic recoveries, when Americans regained their taste for stock trading within two years of economic shocks in 1987 and 2001.
This time around, the stock market has many more players, including high-speed trading firms, which have recently come to account for over half of all stock market activity. But even they, like all other major groups, have recently been doing less overall trading.
“When you keep in mind recent history, this is kind of uncharted territory,” said Justin Schack, an analyst at Rosenblatt Securities.
Many market experts say the biggest reason for the shrinking volume is that traders and investors remain leery that the economy will suddenly turn on them in the wake of the financial crisis, the wild swings in stock prices and the European debt troubles.
Investors and financial industry professionals are struggling to understand what the decline could mean, particularly if it continues. Less rapid trading by short-term speculators could be a good thing for buy-and-hold investors tired of being burned by the market. But the decline could also signal a broader turn away from the domestic stock market by investors who want to hold less of their nest eggs in stocks and by companies that opt for raising capital in bond markets instead of issuing shares.
“My expectation was that we would see people go back to the stock market,” said Charles Rotblut, a vice president of the American Association of Individual Investors. “It remains to be seen whether there will be a core group of people that is just turned off of the stock markets altogether.”
The New York-based system of stock trading has been showing the strain of the slowdown. The New York Stock Exchange said last week that trading in the first quarter fell 23 percent from a year earlier. A few days earlier, Nasdaq announced that its first-quarter revenues from stock trading in the United States were down 7 percent from a year ago. Both exchange companies have aggressively moved to capture other businesses that do not rely on stock trading, but they have also embarked on cost-cutting programs.
“We can’t be certain as to when or whether the volume is going to recover,” said Lee Shavel, chief financial officer at the Nasdaq OMX Group.
The recent slowdown has occurred not only on the nation’s 13 official exchanges and trading platforms. Dozens of off-exchange operations have captured a larger proportion of all stock trades in recent years, but even their overall trading numbers have been trending down.
The decline in trading has not sent the prices of stocks down. Though there is less buying and selling, the people who have remained in the market are willing to pay higher prices, driving the value of the benchmark Standard & Poor’s 500-stock index up 102 percent since the market hit a bottom in the spring of 2009.
But the recent falloff in trading is striking because data from the New York Stock Exchange shows that volumes have not declined for three consecutive years in records going back to 1960. For an explanation of the lower trading volumes, many market-watchers have looked to the high-speed traders, who use computers algorithms to take advantage of small price discrepancies and who have accounted for an increasing share of all trading in recent years.
These firms have been curtailed slightly by recent regulations aimed at making the markets less volatile. But more fundamentally, industry participants say high-speed traders rely on transacting with slower, traditional traders like retail investors and mutual funds. When those groups pull back, the high-speed firms have little choice but to scale back as well.
“On a typical trade, two high-frequency trading firms will not trade against each other,” said Manoj Narang. His New Jersey high-speed trading firm, Tradeworx, is still growing, he said, but for most established firms, if ordinary investors “don’t want to trade, there’s really simply nothing for us to do.”
Among retail investors, the most reliable source of trading volume has been the day traders who were given access to cheaper trading by discount brokers like E*Trade and TD Ameritrade.
Hiring slowdown sends the stock market reeling
May 4, 2012
By PALLAVI GOGOI | Associated Press – NEW YORK (AP) — Stocks plunged Friday after the government reported that hiring slowed sharply last month. The report confirmed investors’ fears that the U.S. economic recovery may be faltering.
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By PALLAVI GOGOI | Associated Press –
NEW YORK (AP) — Stocks plunged Friday after the government reported that hiring slowed sharply last month. The report confirmed investors’ fears that the U.S. economic recovery may be faltering.
The losses in the market were widespread. The Dow Jones industrial average lost 168 points and the Nasdaq composite had its worst day since Nov. 9. Both the Nasdaq and the Standard & Poor’s 500 index closed out their worst weeks of the year. The Dow had its second-worst.
The dollar and U.S. Treasury prices rose as investors dumped risky assets and moved money into lower-risk investments. Energy stocks were among the hardest hit after the price of oil fell below $100 a barrel for the first time since February. Only one of the 10 industry groups in the S&P 500 rose, utilities, which investors tend to buy when they’re nervous about the economy.
“The jobs numbers were a disappointment,” said Phil Orlando, chief equity strategist at Federated Investors.
It was the third straight daily loss for the Dow, but it’s too early to know if it’s the start of a correction in the market. Even after its 1.4 percent decline this week, the Dow is still up 6.7 percent this year.
Investors are on edge about Europe once again as France and Greece both hold elections over the weekend. In France the socialist candidate Francois Hollande has a chance to unseat the incumbent Nicolas Sarkozy, who has been at the forefront of fashioning Europe’s efforts to prevent its share currency from collapsing.
Crude oil plunged $4 to $98.49 a barrel on worries that demand would drop because of a weakening world economy. It was the first time oil has dropped below $100 since February 13.
The late slump in the week was a stark contrast to Monday, when the Dow closed at its highest level in more than four years, propelled by a report that showed a pickup in manufacturing. All that became a distant memory after a slew of poor economic reports were released the rest of the week.
On Thursday major retailers including Costco and Macy’s reported that April sales inched up less that 1 percent, the worst performance since 2009. Thursday also brought news that U.S. service companies expanded their business more slowly in April.
The Dow closed down 168.32 points, or 1.3 percent, at 13,038. All 30 companies that make up the index fell, led by Bank of America and Cisco.
The S&P 500 fell 22.47 points, or 1.6 percent, to 1,369, while the Nasdaq index fell 67.96 points, or 2.2 percent, to 2,956.
For the week, the S&P lost 2.4 percent, the Nasdaq 3.7 percent.
The yield on the benchmark 10-year Treasury note dropped to 1.88 percent from 1.92 percent late Thursday as demand increased for safe investments. The yield hasn’t settled that low since early February.
The culprit for the distress in financial markets was a report from the Labor Department Friday showing that U.S. job growth slumped in April for a second straight month. The 115,000 jobs added in April and the 154,000 in March were down form an average of 252,000 a month from December through February.
Orlando noted that the first few months of the year were marked by a number of abnormal conditions including an uncharacteristically warm January and February. That led to a spurt in hiring which usually occurs in spring.
Retail sales and hiring were also affected by an earlier Easter, which fell on April 8 this year, 16 days earlier than last year. That pushed some retail sales ahead to March, leaving April’s numbers weaker than they might have been. Retailers also blamed a late Mother’s Day for pushing some sales out of April and into May. Unusually warm weather in February and March also pulled forward some sales that would have normally occurred in April.
“The surge in hiring and spending that usually occurs in March through April, occurred earlier in the year this year,” said Orlando. “We have to wait for economic numbers from May and June to get a better idea of the underlying strength of this economy.”
After the price of oil fell, energy company stocks turned lower in response. Southwestern Energy Co. fell 7 percent and Marathon Oil Corp. fell 3 percent.
In other trading:
— Warnaco Group Inc. dropped over 6 percent after the clothing maker lowered its 2012 forecast and said that its first-quarter net income fell, hurt by the weak European economy.
— Aon Corp. fell almost 6 percent after the insurance broker reported first-quarter net income fell 3 percent due to higher costs and unfavorable currency exchange rates.
— LinkedIn Corp. rose 7 percent after announcing late Thursday that its first-quarter profit more than doubled, topping expectations. The social networking company also announced an acquisition.
— Tilly’s Inc. climbed 8 percent in the clothing retailer’s debut on the New York Stock Exchange. Tilly’s sells surf-inspired and casual West Coast-styled clothing and accessories.
— Einstein Noah Restaurant Group Inc. soared 19 percent after the owner of bagel chain Noah’s Bagels said it is considering strategic alternatives, including a possible sale of the company
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Global stocks, oil slump on weak jobs data
May 4, 2012
By Herbert Lash | Reuters – NEW YORK (Reuters) – Global stocks swooned and crude oil tumbled on Friday after a weak U.S. jobs report and data that suggested a deeper recession across the euro zone than previously thought dented sentiment. Major U.S
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By Herbert Lash | Reuters –
NEW YORK (Reuters) – Global stocks swooned and crude oil tumbled on Friday after a weak U.S. jobs report and data that suggested a deeper recession across the euro zone than previously thought dented sentiment.
Major U.S. and European stock indexes fell more than 1 percent, U.S. crude oil slumped about 4 percent and government debt prices jumped after the Labor Department said American employers reduced hiring more than expected in April.
The week was the worst this year for Wall Street stocks, with energy leading the decline. The S&P energy index of 44 gas and oil-related companies fell 2.2 percent on fears a worsening economy would sap demand.
“We have broken through key technical levels here after a disappointing employment report and the PMI number from Europe which suggest that the recovery is stalling and could affect energy consumption,” said Gene McGillian of Tradition Energy.
Just 115,000 workers were added to payrolls last month, or 55,000 less than economists expected. While the unemployment rate fell one-tenth of a point to 8.1 percent, a three-year low, that was only because the workforce shrank as people retired or stopped seeking work.
The third straight monthly decline in hiring growth spurred concerns that the U.S. economy is losing momentum and doused hopes that a stretch of strong winter hiring had signaled a turning point for the U.S. recovery.
The Dow Jones industrial average closed down 168.32 points, or 1.27 percent, at 13,038.27. The Standard & Poor’s 500 Index fell 22.47 points, or 1.61 percent, at 1,369.10. The Nasdaq Composite Index slid 67.96 points, or 2.25 percent, at 2,956.34.
The U.S. jobs data added to the gloomy tone from Europe, where purchasing managers’ indexes, primarily covering services, suggested a recession across the euro zone could extend to mid-year and be deeper than previously imagined.
Markit’s Eurozone Services PMI, which gauges business activity over a month, came in at 46.9 for April, sharply lower than 49.2 in March. Anything below 50 signifies contraction.
The JPMorgan Global Purchasing All-Industry Output Index of about 20 countries showed declines in April from March.
In Europe, the pan-European FTSEurofirst 300 index closed down 1.7 percent at 1,027.15, and the Euro STOXX 50 index fell 1.7 percent to 2,248.34 despite strong earnings from Royal Bank of Scotland
MSCI’s all-country world equity index fell 1.5 percent to 321.72.
Benchmark Brent crude in London fell to three-month lows around $113 a barrel, its steepest weekly fall since December, after the weak jobs report. Brent’s slide took three-day losses to more than 5 percent.
While the downbeat data weighed, traders said a combination of less-definitive factors – from confusion over margin changes to the breach of the 200-day moving average – compounded selling.
Brent futures settled down $2.90 at $113.18 a barrel, lows last seen in early February.
U.S. crude settled down $4.05 at $98.49 a barrel.
Some analysts said the jobs report, which followed weaker-than-expected services sector data this week, will fuel hopes for a third round of stimulus, or quantitative easing, by the Federal Reserve to keep rates low and to foster growth.
“The data in the U.S. is weakening somewhat. It puts into play that if the economy in the U.S. continues to weaken then QE3 will be on the table, so there are really no sellers of Treasuries,” said Charles Comiskey, head of Treasuries trading at Bank of Nova Scotia in New York.
The benchmark 10-year U.S. Treasury note rose 16/32 in price to yield 1.88 percent, and the 30-year U.S. Treasury bond gained almost a full point in price to yield 3.07 percent.
Gold rose as the weak data boosted bullion’s investment appeal on talk that a weaker economy might prompt further monetary easing by the Fed.
U.S. gold futures for June delivery settled up $10.40 an ounce at $1,645.20.
The dollar slipped against the yen in volatile trading after the payrolls number, with the U.S. currency down 0.45 percent at 79.83 yen.
The U.S. dollar index rose 0.33 percent at 79.481.
The euro was down 0.47 percent at $1.3088.
(Additional reporting by Richard Leong, Ryan Vlastelica, Julie Haviv, Matthew Robinson and Jonathan Leff, Reporting by Herbert Lash, Editing by James Dalgleish and Dan Grebler)
Complete Guide to Preferred Stock ETF Investing
April 27, 2012
The world thrives on innovation. With the growth and advent of technology, each day marks new developments and creates something useful for mankind
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The world thrives on innovation. With the growth and advent of technology, each day marks new developments and creates something useful for mankind. Talking about innovation and development, the financial world is also not left behind by any means. With time, lots of investment opportunities are being created, domestically as well as globally, for the investors to earn maximum returns by parking their hard earned money.
In today’s world, the investors have a wealth of choices with so many investment avenues available to them. While some “innovative” financial instruments are viewed as “weapons of mass destruction”, most of the innovations in the financial sphere have helped investors realize their investment objectives in the longer run.
Therefore, knowledge about your investments—and the number of other choices out there– is of utmost importance. As a result, we would like to touch upon Preferred Stocks as an asset class which has been in existence for a long time, but has often been ignored by investors due to lack of knowledge about the inner workings of this interesting slice of the market (see Van Eck Files For Preferred Security and Global Chemicals ETFs)
Features of Preferred Stocks
Preferred securities as an asset class are hybrid securities, having traits of both equity shares as well as fixed income securities. They are classified as shares having a fixed rate of dividend on their face value (par value) (see Russell Launches Two New Dividend ETFs). These types of shares generally get preference over equity shares in terms of both dividend payments as well as at the time of liquidation should the firm go belly-up.
However, bondholders are considered to be creditors of the issuing company and get their share of interest and capital payments prior to the preferred stockholders. Like fixed income securities, preferred stocks also are credit rated based on the past track record of the issuing company and usually carry no voting rights.
Investing in Preferred Stocks has its own pros and cons. While the priority over dividend and capital repayments over common stocks might seem a lucrative scenario, it also involves certain risks. These instruments are sensitive to interest rate movements and have an inverse relationship with them just like bonds. However, the rate of change of preferred stock price with respect to changes in interest rates is much less volatile than their fixed income counterparts (read Three Financial ETFs Outperforming XLF).
Some preferred stocks are also convertible in nature (i.e. can be converted to equity shares after a given time). The prices of such preferred stocks are also dependent on the equity shares of the issuing company. A price appreciation in the common stocks usually results in a price appreciation for the preferred stocks as well. Therefore, these financial instruments also involve market risks as well.
Preferred Stocks usually do not have a fixed maturity, however, most of the stocks are callable. This feature enables the issuing company to redeem the stocks from the open market, at a given point in time. The issuing company can also take strategic advantage of raising finance through preferred stocks, as it can defer dividend payment in a particular year without its credit rating being affected.
This trait of preference shares exposes them to a risk of non-payment of dividends if during any financial year the issuing company is facing cash crunch. Therefore it is very important to select those preferred stocks that have good credit rating issued by great companies that have a solid track record.
ETF approach to preferred stock investing
Three major factors that need to be addressed while analyzing preferred stocks are 1) Liquidity of the preferred stocks (i.e. volume of trade), 2) Credit Quality and 3) Performance of the issuing company’s equity shares in the stock market. The hybrid nature of preferred stocks gives it traits of both equity shares as well as debt securities and their performance largely depends on the interest rate movements as well as fundamental performance of the issuing company in the stock markets.
This makes it very difficult for the layman investor to understand and analyze them and more often they end up making wrong choices. However, investing in Preferred Stock ETF solve this problem for the common investor of carefully hand picking preferred stocks that have good credit ratings, higher liquidity, and securities issued by fundamentally strong companies, mainly thanks to their basket approach of investing and expertise pertaining to this particular asset class.
In the U.S., publicly listed preferred stock are generally issued by a select few institutions including; REITs and public utilities. Banks and financial institutions have the liberty to raise preferred stocks in order to strengthen their Tier-I capital due to regulatory requirements (read ETF Trading Report: Growth and Banking ETFs In Focus). It is therefore reasonable to assume that the performance of the Preferred Stock ETFs will largely depend on the performance of the financial sector as a whole.
On the equity front in fiscal year 2012 the financial sector has been one of the best performing sectors in the U.S equity markets outpacing many of its counterparts. However, the 52 week data shows that the sector was one of the worst performing segments, mainly thanks to the European debt crisis and the downgrading of the U.S sovereign credit rating, by rating agency Standard & Poor (S&P).
These events increased the borrowing costs for various banks and financial institutions across the U.S, resulting in squeezed margins, thereby leading to a dismal performance by the financial sector as a whole (read Beware These Three Volatile Financial ETFs).
Many popular financial ETFs tracking the broader markers like Vanguard Financials ETF (VFH) and iShares Dow Jones US Financial Sector ETF (IYF), also suffered during this period (late July till December 2011) fetching negative 52 week returns for investors.
However, with favorable economic data coming in domestically and globally, the financial sector has already entered a strong recovery phase and these financial ETFs have already witnessed an uptrend from the start of fiscal year 2012.
On the debt front, it is prudent to note that presently we are still in a low interest rate environment as suggested by the Ten Year yield and its level around the 2% mark. This provides a great opportunity to invest in preferred stock as these securities can pay out yields far higher than their fixed income counterparts while still participating in equity appreciation as well.
Therefore we see that from the equity front as well as debt front investing in preferred stocks presently seems attractive. Below we share with you some ETFs that should be considered by an investor looking for exposure in the Preferred Stock ETF space:
SPDR Wells Fargo Preferred Stock (PSK)
Launched in September 2009, PSK tracks the pre expenses price and yield performance of Wells Fargo Hybrid and Preferred Securities Aggregate Index. The Index is a modified market capitalization weighted index composed of preferred stock.
The fund employs a replication strategy holding at least 80%, of total assets in the securities comprising the index. The ETF holds 163 securities in all of which 147 are preferred stock holdings. The rest are either common stocks or bond holdings (see more on ETFs at the Zacks ETF Center).
The ETF does well in eliminating concentration risk as it holds a mere 17.13% of its total assets in its top 10 holdings. The fund has also seen good inflows in its asset base since its inception and charges only 45 basis points in fees and expenses which is among the lowest in this category. The ETF pays out a solid yield of 6.39%, therefore it should be considered by investors seeking high levels of current income.
PowerShares Preferred ETF (PGX)
This ETF tracks the BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index which is a capitalization-weighted benchmark designed to reflect the total return performance of the U.S. dollar-denominated preferred securities market. The fund has returned 6.97% in the past one year which is one of the highest in the preferred stock ETF space.
The fund holds 123 securities in total and puts 36% of its total assets in the top 10 companies. Heavyweights like Wells Fargo, Citigroup, Barclays Bank PLC etc form a major part of its portfolio. The fund charges 50 basis points in fees and expenses compared to a category average of 0.49%. The ETF is very popular as suggested by its total assets of $1.60 billion which have been amassed since inception in early 2008.
PowerShares Financial Preferred ETF (PGF)
This product tracks the Wells Fargo Hybrid & Preferred Securities Financial Index which is a capitalization weighted index tracking the performance of preferred securities issued by financial institutions in the U.S. markets. At any point of time, the fund invests at least 90% of its assets in securities from the underlying index.
It has returned a decent 5.96% in the last one year period charging investors 60 basis points in fees and expenses. The expense ratio of this ETF happens to be on of the highest in the preferred stock ETF space. The fund holds 46 securities presently and allocates 52.95% of its assets in the top 10 holdings. Like most of its counterparts, PGF pays out an impressive yield of 6.83%.
iShares S&P U.S. Preferred Stock ETF (PFF)
PFF is perhaps the biggest and most popular name in the preferred stock ETF space. With total assets of $8.36 billion, it is the largest fund in this category and it is widely traded, producing tight bid ask spreads.
As a result, the ETF enjoys economies of scale and this advantage is passed on to the investors by charging just 48 basis points in fees and an expense, which is a basis point lower than the category average.
The fund has returned 4.47% in the last one year and pays out 6.07% per annum as dividends. The ETF holds 237 securities in all and eliminates concentration risk by allocating a mere 16.83% of its total assets in its top 10 holdings. PFF is perhaps the safest bet for an investor looking to get exposure in the Preferred Stock ETF space.
iShares S&P International Preferred Stock ETF (IPFF)
IPFF is one of the newest additions in the iShares Fund Family. Launched in November of 2011 amidst the European debt crisis, the ETF has done well in managing $94.85 million since its inception.
This confirms the investors’ appetite in this space. IPFF also enjoys brand equity being a part of one of the most esteemed fund family, which explains the massive inflow in its asset base (see iShares Debuts Two High Yield Bond ETFs).
It has generated YTD returns of 4.98%, however, it is on the expensive side charging investors 55 basis points in fees and expenses. It holds 63 securities in all and does well to allocate just 26.26% of its total assets in its top 10 holdings.
The ETF is yet to distribute any capital gains or dividend income. However, given the nature of preferred stock ETFs, it can be guessed that like most of its counterparts, this fund will also be a high yielding ETF.
Global X Canada Preferred ETF (CNPF)
Launched in May of 2011, CNPF tracks, before expenses, the price and yield performance of the Solactive Canada Preferred Index, which tracks the performance of preferred stocks from Canadian issues that trade on the Toronto Stock Exchange.
The ETF has managed to bring in $12.4 million since inception and has returned 1.67% YTD. The fund holds 48 securities in all and allocates 27.90% of its total assets in the top 10 holdings.
The ETF has an expense ratio of 58 basis points which might be considered to be on the higher side given the category average of 0.49%. Like IPFF, this ETF is also yet to distribute dividends and capital gains, but is expected to do so in the near future.
The ETF is a good choice for investors looking for a broad based global exposure in the preferred stock space as it captures the essence of Canadian Preferred stocks, giving a nice international component to preferred stock focused portfolios.
Below is the summarized tabular comparison of the 6 ETFs in the preferred stock ETF space considering the important parameters:
|
ETF Name |
Inception |
Returns (%) (TTM when available) |
Avg. Daily Volume |
% of total assets in top 10 holdings |
Expense Ratio (%) |
No. of holdings |
Total Assets |
|
CNPF |
May 2011 |
1.67% |
12,855 |
27.90 |
0.58 |
48 |
$12.4mn |
|
IPFF |
Nov 2011 |
4.98% |
49,425 |
26.26 |
0.55 |
63 |
$94.85mn |
|
PFF |
Mar 2007 |
4.47% |
1,382,019 |
16.83 |
0.48 |
237 |
$8.36bn |
|
PGF |
Dec 2006 |
5.96% |
349,330 |
52.95 |
0.60 |
46 |
$1.60bn |
|
PGX |
Jan 2008 |
6.97% |
498,111 |
36.01 |
0.50 |
123 |
$1.59bn |
|
PSK |
Sep 2009 |
4.82% |
31,380 |
17.13 |
0.45 |
163 |
$192.61mn |
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Read the analyst report on IPFF
Read the analyst report on PSK
Read the analyst report on CNPF
Read the analyst report on PGX
Read the analyst report on PGF
Read the analyst report on PFF
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Complete Guide to Preferred Stock ETF Investing
April 27, 2012
The world thrives on innovation. With the growth and advent of technology, each day marks new developments and creates something useful for mankind. Talking about innovation and development, the financial world is also not left behind by any means
See more here:
The world thrives on innovation. With the growth and advent of technology, each day marks new developments and creates something useful for mankind. Talking about innovation and development, the financial world is also not left behind by any means. With time, lots of investment opportunities are being created, domestically as well as globally, for the investors to earn maximum returns by parking their hard earned money.
In today’s world, the investors have a wealth of choices with so many investment avenues available to them. While some “innovative” financial instruments are viewed as “weapons of mass destruction”, most of the innovations in the financial sphere have helped investors realize their investment objectives in the longer run.
Therefore, knowledge about your investments—and the number of other choices out there– is of utmost importance. As a result, we would like to touch upon Preferred Stocks as an asset class which has been in existence for a long time, but has often been ignored by investors due to lack of knowledge about the inner workings of this interesting slice of the market (see Van Eck Files For Preferred Security and Global Chemicals ETFs)
Features of Preferred Stocks
Preferred securities as an asset class are hybrid securities, having traits of both equity shares as well as fixed income securities. They are classified as shares having a fixed rate of dividend on their face value (par value) (see Russell Launches Two New Dividend ETFs). These types of shares generally get preference over equity shares in terms of both dividend payments as well as at the time of liquidation should the firm go belly-up.
However, bondholders are considered to be creditors of the issuing company and get their share of interest and capital payments prior to the preferred stockholders. Like fixed income securities, preferred stocks also are credit rated based on the past track record of the issuing company and usually carry no voting rights.
Investing in Preferred Stocks has its own pros and cons. While the priority over dividend and capital repayments over common stocks might seem a lucrative scenario, it also involves certain risks. These instruments are sensitive to interest rate movements and have an inverse relationship with them just like bonds. However, the rate of change of preferred stock price with respect to changes in interest rates is much less volatile than their fixed income counterparts (read Three Financial ETFs Outperforming XLF).
Some preferred stocks are also convertible in nature (i.e. can be converted to equity shares after a given time). The prices of such preferred stocks are also dependent on the equity shares of the issuing company. A price appreciation in the common stocks usually results in a price appreciation for the preferred stocks as well. Therefore, these financial instruments also involve market risks as well.
Preferred Stocks usually do not have a fixed maturity, however, most of the stocks are callable. This feature enables the issuing company to redeem the stocks from the open market, at a given point in time. The issuing company can also take strategic advantage of raising finance through preferred stocks, as it can defer dividend payment in a particular year without its credit rating being affected.
This trait of preference shares exposes them to a risk of non-payment of dividends if during any financial year the issuing company is facing cash crunch. Therefore it is very important to select those preferred stocks that have good credit rating issued by great companies that have a solid track record.
ETF approach to preferred stock investing
Three major factors that need to be addressed while analyzing preferred stocks are 1) Liquidity of the preferred stocks (i.e. volume of trade), 2) Credit Quality and 3) Performance of the issuing company’s equity shares in the stock market. The hybrid nature of preferred stocks gives it traits of both equity shares as well as debt securities and their performance largely depends on the interest rate movements as well as fundamental performance of the issuing company in the stock markets.
This makes it very difficult for the layman investor to understand and analyze them and more often they end up making wrong choices. However, investing in Preferred Stock ETF solve this problem for the common investor of carefully hand picking preferred stocks that have good credit ratings, higher liquidity, and securities issued by fundamentally strong companies, mainly thanks to their basket approach of investing and expertise pertaining to this particular asset class.
In the U.S., publicly listed preferred stock are generally issued by a select few institutions including; REITs and public utilities. Banks and financial institutions have the liberty to raise preferred stocks in order to strengthen their Tier-I capital due to regulatory requirements (read ETF Trading Report: Growth and Banking ETFs In Focus). It is therefore reasonable to assume that the performance of the Preferred Stock ETFs will largely depend on the performance of the financial sector as a whole.
On the equity front in fiscal year 2012 the financial sector has been one of the best performing sectors in the U.S equity markets outpacing many of its counterparts. However, the 52 week data shows that the sector was one of the worst performing segments, mainly thanks to the European debt crisis and the downgrading of the U.S sovereign credit rating, by rating agency Standard & Poor (S&P).
These events increased the borrowing costs for various banks and financial institutions across the U.S, resulting in squeezed margins, thereby leading to a dismal performance by the financial sector as a whole (read Beware These Three Volatile Financial ETFs).
Many popular financial ETFs tracking the broader markers like Vanguard Financials ETF (VFH) and iShares Dow Jones US Financial Sector ETF (IYF), also suffered during this period (late July till December 2011) fetching negative 52 week returns for investors.
However, with favorable economic data coming in domestically and globally, the financial sector has already entered a strong recovery phase and these financial ETFs have already witnessed an uptrend from the start of fiscal year 2012.
On the debt front, it is prudent to note that presently we are still in a low interest rate environment as suggested by the Ten Year yield and its level around the 2% mark. This provides a great opportunity to invest in preferred stock as these securities can pay out yields far higher than their fixed income counterparts while still participating in equity appreciation as well.
Therefore we see that from the equity front as well as debt front investing in preferred stocks presently seems attractive. Below we share with you some ETFs that should be considered by an investor looking for exposure in the Preferred Stock ETF space:
SPDR Wells Fargo Preferred Stock (PSK)
Launched in September 2009, PSK tracks the pre expenses price and yield performance of Wells Fargo Hybrid and Preferred Securities Aggregate Index. The Index is a modified market capitalization weighted index composed of preferred stock.
The fund employs a replication strategy holding at least 80%, of total assets in the securities comprising the index. The ETF holds 163 securities in all of which 147 are preferred stock holdings. The rest are either common stocks or bond holdings (see more on ETFs at the Zacks ETF Center).
The ETF does well in eliminating concentration risk as it holds a mere 17.13% of its total assets in its top 10 holdings. The fund has also seen good inflows in its asset base since its inception and charges only 45 basis points in fees and expenses which is among the lowest in this category. The ETF pays out a solid yield of 6.39%, therefore it should be considered by investors seeking high levels of current income.
PowerShares Preferred ETF (PGX)
This ETF tracks the BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Index which is a capitalization-weighted benchmark designed to reflect the total return performance of the U.S. dollar-denominated preferred securities market. The fund has returned 6.97% in the past one year which is one of the highest in the preferred stock ETF space.
The fund holds 123 securities in total and puts 36% of its total assets in the top 10 companies. Heavyweights like Wells Fargo, Citigroup, Barclays Bank PLC etc form a major part of its portfolio. The fund charges 50 basis points in fees and expenses compared to a category average of 0.49%. The ETF is very popular as suggested by its total assets of $1.60 billion which have been amassed since inception in early 2008.
PowerShares Financial Preferred ETF (PGF)
This product tracks the Wells Fargo Hybrid & Preferred Securities Financial Index which is a capitalization weighted index tracking the performance of preferred securities issued by financial institutions in the U.S. markets. At any point of time, the fund invests at least 90% of its assets in securities from the underlying index.
It has returned a decent 5.96% in the last one year period charging investors 60 basis points in fees and expenses. The expense ratio of this ETF happens to be on of the highest in the preferred stock ETF space. The fund holds 46 securities presently and allocates 52.95% of its assets in the top 10 holdings. Like most of its counterparts, PGF pays out an impressive yield of 6.83%.
iShares S&P U.S. Preferred Stock ETF (PFF)
PFF is perhaps the biggest and most popular name in the preferred stock ETF space. With total assets of $8.36 billion, it is the largest fund in this category and it is widely traded, producing tight bid ask spreads.
As a result, the ETF enjoys economies of scale and this advantage is passed on to the investors by charging just 48 basis points in fees and an expense, which is a basis point lower than the category average.
The fund has returned 4.47% in the last one year and pays out 6.07% per annum as dividends. The ETF holds 237 securities in all and eliminates concentration risk by allocating a mere 16.83% of its total assets in its top 10 holdings. PFF is perhaps the safest bet for an investor looking to get exposure in the Preferred Stock ETF space.
iShares S&P International Preferred Stock ETF (IPFF)
IPFF is one of the newest additions in the iShares Fund Family. Launched in November of 2011 amidst the European debt crisis, the ETF has done well in managing $94.85 million since its inception.
This confirms the investors’ appetite in this space. IPFF also enjoys brand equity being a part of one of the most esteemed fund family, which explains the massive inflow in its asset base (see iShares Debuts Two High Yield Bond ETFs).
It has generated YTD returns of 4.98%, however, it is on the expensive side charging investors 55 basis points in fees and expenses. It holds 63 securities in all and does well to allocate just 26.26% of its total assets in its top 10 holdings.
The ETF is yet to distribute any capital gains or dividend income. However, given the nature of preferred stock ETFs, it can be guessed that like most of its counterparts, this fund will also be a high yielding ETF.
Global X Canada Preferred ETF (CNPF)
Launched in May of 2011, CNPF tracks, before expenses, the price and yield performance of the Solactive Canada Preferred Index, which tracks the performance of preferred stocks from Canadian issues that trade on the Toronto Stock Exchange.
The ETF has managed to bring in $12.4 million since inception and has returned 1.67% YTD. The fund holds 48 securities in all and allocates 27.90% of its total assets in the top 10 holdings.
The ETF has an expense ratio of 58 basis points which might be considered to be on the higher side given the category average of 0.49%. Like IPFF, this ETF is also yet to distribute dividends and capital gains, but is expected to do so in the near future.
The ETF is a good choice for investors looking for a broad based global exposure in the preferred stock space as it captures the essence of Canadian Preferred stocks, giving a nice international component to preferred stock focused portfolios.
Below is the summarized tabular comparison of the 6 ETFs in the preferred stock ETF space considering the important parameters:
|
ETF Name |
Inception |
Returns (%) (TTM when available) |
Avg. Daily Volume |
% of total assets in top 10 holdings |
Expense Ratio (%) |
No. of holdings |
Total Assets |
|
CNPF |
May 2011 |
1.67% |
12,855 |
27.90 |
0.58 |
48 |
$12.4mn |
|
IPFF |
Nov 2011 |
4.98% |
49,425 |
26.26 |
0.55 |
63 |
$94.85mn |
|
PFF |
Mar 2007 |
4.47% |
1,382,019 |
16.83 |
0.48 |
237 |
$8.36bn |
|
PGF |
Dec 2006 |
5.96% |
349,330 |
52.95 |
0.60 |
46 |
$1.60bn |
|
PGX |
Jan 2008 |
6.97% |
498,111 |
36.01 |
0.50 |
123 |
$1.59bn |
|
PSK |
Sep 2009 |
4.82% |
31,380 |
17.13 |
0.45 |
163 |
$192.61mn |
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Read the analyst report on IPFF
Read the analyst report on PSK
Read the analyst report on CNPF
Read the analyst report on PGX
Read the analyst report on PGF
Read the analyst report on PFF
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
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