120.13 -0.12 (-0.10%)
After hours: 5:05PM EST
|Bid||120.08 x 900|
|Ask||120.32 x 800|
|Day's range||118.42 - 120.86|
|52-week range||85.78 - 125.38|
|Beta (3Y monthly)||0.41|
|PE ratio (TTM)||24.05|
|Earnings date||18 Feb 2020|
|Forward dividend & yield||2.12 (1.78%)|
|1y target est||128.47|
(Bloomberg) -- Elizabeth Warren called out Blackstone Group Inc. for its real estate practices as she laid out her tenants’ rights plan, accusing the company of “shamelessly” profiting from the 2008 housing crisis.Her criticism on Monday was the latest instance of the Democratic 2020 presidential candidate singling out Wall Street companies and investors by name for actions she says contribute to inequality.In a Medium post where she laid out proposals to strengthen tenants’ rights, Warren assailed Blackstone for going on a “shopping spree” in the wake of the 2008 crisis and buying apartments and single-family homes that had been foreclosed. She also took aim at Colony Capital Inc. and Cerberus Capital Management.“Some of the same Wall Street firms that tanked the dream of home ownership for millions of American families are now the country’s biggest landlords -- profiting off the destruction they caused,” Warren wrote in her post.Blackstone noted that in fact it began purchasing homes through its subsidiary, Invitation Homes, in 2012, after the housing crisis that began in 2008 had abated. The company said vacant homes were dragging down property values for surrounding homes, and Blackstone’s purchases and billion-dollar investments in renovations boosted local economies and employment. The firm was spending $150 million a week buying single-family homes.“Though we are only a tiny percentage of the housing market, we are proud of our investments, which are helping address the housing shortage by adding high-quality, professionally managed rental housing, while contributing to local economies and creating jobs -- all on behalf of our investors, which include retirement systems for millions of teachers, nurses, firefighters and other pensioners,” said Jen Friedman, senior vice president for global public affairs at Blackstone.Blackstone is one of the world’s largest real-estate investors, and has about $554 billion in total assets under management. The business is so profitable it has made both founder Stephen Schwarzman and president Jonathan Gray, who oversaw Blackstone’s massive real estate growth, billionaires several times over.Warren has singled out some of the largest U.S. corporations, including Facebook Inc., Exxon Mobil Corp., Walmart Inc., and Wells Fargo & Co., as she campaigns for the Democratic nomination by championing working- and middle-class families. The Massachusetts senator promised to break up big corporations, crack down on their political influence and enforce strict regulations on Wall Street.She has also engaged in fights with such Wall Street figures as Lloyd Blankfein and Leon Cooperman.Warren’s latest attack comes in a policy proposal to withhold federal funding from corporate landlords with a history of “harassing” tenants. Corporate landlords would be required to publicly disclose data like median rent, the number of tenants they’ve evicted and building code violations, as well as the names of any individuals with an ownership interest of 25% or more.Warren also pointed to Blackstone’s $5.3 billion deal to buy New York’s Stuyvesant Town, an 80-acre Manhattan development with more than 11,000 apartments. Under the terms of the deal, about 5,000 of those apartments would remain “affordable” for 20 years, according to an announcement by New York City Mayor Bill De Blasio.Warren has proposed spending $500 billion to build about 3 million housing units in the U.S., and also said her administration would provide a nationwide right-to-counsel and establish a federal grant program aimed at benefiting low-income tenants facing eviction. She said she’d create a federal Tenant Protection Bureau, modeled after the Consumer Financial Protection Bureau, a key component of the 2010 Wall Street overhaul legislation that she advocated.(Updates with details on Blackstone’s housing purchases in fifth paragraph.)To contact the reporters on this story: Misyrlena Egkolfopoulou in Washington at email@example.com;Heather Perlberg in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Wendy Benjaminson at email@example.com, ;Sam Mamudi at firstname.lastname@example.org, Gregory MottFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ben Rains breaks down what's going on in the retail world after Walmart impressed Wall Street last week. We then dive into what investors need to know about Home Depot, Target, and Macy's ahead of earnings...
The chairman of the Federal Reserve, Jay Powell, told Donald Trump that the central bank would continue to make monetary policy in a “non-political” manner, in a meeting that followed months of criticism of Mr Powell by the US president. Mr Trump said he had a “very good & cordial” meeting with the Fed chair on Monday, while the Fed said that Mr Powell had stuck by his insistence that policy would be dictated by the twin goals of stable inflation and maximum employment. The meeting, which lasted for 30 minutes in the White House residence and was attended by Treasury secretary Steven Mnuchin, had not been not listed in the president’s official public schedule.
Few retailers are coping better than Walmart with the relentless rise of Amazon. While earnings reports this week are expected to show how mall-based and department store chains are still struggling to adapt to the age of ecommerce, Walmart’s recent financial performance has demonstrated its resilience. in the run-up to the holiday season, and its shares are trading near record highs to value Walmart at $338bn.
Macy's and other department stores have not been able to find success or inspire much Wall Street confidence. Can it turn things around in Q3?
Retailers' performance over the last 2.5 months is a sign of positive market sentiment reentering the space. This sentiment will be tested next week when a wave of retail results hits the market.
Kroger (KR) partners with Ocado for the second time to open another CFC in Wisconsin. The move will facilitate faster grocery delivery and enhance omnichannel strategies.
Dillard's (DDS) reports better-than-expected earnings results in third-quarter fiscal 2019 on sequentially improved retail gross margin and comps, with lower inventory level.
(Bloomberg Opinion) -- Democratic senators from states won by President Donald Trump in 2016 have vowed not to end the legislative filibuster, making it unlikely the party will be able to accomplish much even if it wins back the White House and Senate next year. That gives added weight to what California is doing as it continues to pass legislation that can ripple across the nation. Democrats may discover that using California as a vehicle for a their agenda nationwide may be their best hope of getting anything done.Showing how hard it will be to pass progressive legislation in the next Congress isn't difficult. For one, Trump -- at this point -- stands a fair chance of winning re-election. But even if Democrats win the White House, they will have an uphill climb in the Senate. They need to flip three seats to gain control, and that's assuming they don't lose any of their own, including Doug Jones in deep-red Alabama. At best, Democrats could flip seats in Arizona, Colorado, North Carolina and Maine, plus perhaps a surprise hold in Alabama or a flip in challenging states like Iowa, Georgia or Texas. That would bring them to 50 or 51 seats. But Democrats would still be hamstrung by the legislative filibuster, as well as the voting tendencies of senators from West Virginia and Montana who probably would oppose grand agenda items like Medicare for All or the Green New Deal.Once that reality sets in for progressives, they'll be looking for an outlet to channel the energy now focused on the presidential campaigns of Vermont Senator Bernie Sanders and Massachusetts Senator Elizabeth Warren. The California legislature would be a good place to start.California is important not just because Democrats have supermajorities in the state legislature, or because it's a state with a huge economy, but because corporations and businesses are increasingly national or global in scope. If businesses feel compelled to play by progressive rules in California, they may decide to operate their businesses the same way everywhere. A recent example is California's passage of a law allowing college athletes to get paid for the use of their name, image and likeness. If a small state like Delaware had passed such a law, maybe the National Collegiate Athletic Association, which sets rules for student athletes, could strike back or even ignore it. But California is too large a market for that. Fearing that California universities would have a leg up in recruiting student athletes, other states started introducing similar legislation. Under growing pressure, the NCAA is taking steps to address the issue. Essentially, a California law is changing conditions for college athletes nationwide.Higher minimum wages and the corporate response to them are another area with nationwide ripples. In April 2016, California adopted a law that would raise the state's minimum wage to $15 an hour by 2022. Some other states have followed suit. In theory, companies could pick and choose how they operate in different states based on state-specific minimum wage laws. But in response, some large companies have increased their minimum wage levels nationwide. Walmart, for instance, raised its pay floor to $11 an hour in January 2018 -- 10 days after California's minimum wage rose to the same level.Some retailers have responded to California's higher pay scale by stepping up efforts to install self-checkout machines and save on labor costs. But not just in California. For example, in Georgia, where I live, retailers have been installing the machines even though the state hasn't increased its minimum wage of $5.15 an hour in more than 15 years. For large corporations, it makes sense to install them everywhere -- not just in one state -- to streamline operations.Perhaps a preview of the bigger fights to come can be found in California's efforts to set vehicle emissions standards that are tougher than national requirements. Here, a similar logic for companies applies. If automakers want to sell in California -- and most do -- it makes more sense to build vehicles that all comply with state regulations rather than producing lower-emission one for California and higher-emission one for the rest of the country. It's unclear how courts will rule on this and similar fights between California and the federal government, but we should expect more of these standoffs in the years to come, particularly if Trump wins re-election.In a way, progressives would be adopting the same tactics that China used when it put pressure on the National Basketball Association, threatening to limit the league's business opportunities in the country after a Houston Rockets team official made comments supporting Hong Kong's protesters. In a global economy, market size and power tend to dictate cultural and political power. Although progressives are unlikely to get much of what they want in Washington in 2021 or beyond, regardless of the election outcome there's untapped potential for them in California.To contact the author of this story: Conor Sen at email@example.comTo contact the editor responsible for this story: James Greiff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Conor Sen is a Bloomberg Opinion columnist. He is a portfolio manager for New River Investments in Atlanta and has been a contributor to the Atlantic and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Target jumped over 2% Thursday after rival Walmart impressed Wall Street once again with its comps and e-commerce growth. So is it time to buy TGT stock heading into earnings?
Here are three highly-ranked REITs we found using our Zacks Stock Screener that dividend investors might want to buy with stock indexes at new highs...
It was a day of largely running in place on Wall Street. All three major stock indices were very little changed but the S&P 500 still crept up to a record closing high. National Securities chief market strategist Art Hogan: SOUNDBITE (ENGLISH): NATIONAL SECURITIES CHIEF MARKET STRATEGIST ART HOGAN, SAYING: "I think the only thing that we have to be concerned about is the fact that we've gotten to where we are pretty quickly. We've had a great five or six weeks where the market has gotten to all-time highs and it hasn't taken much of a breather." Walmart kicked off earnings season for the nation's big retailers. Results were better-than-expected on a number of metrics. A lot of the strength came from grocery shopping. Online sales were solid as well. Walmart boosted full-year forecasts ahead of the holidays. But the stock finished lower after hitting an all-time high. Cisco Systems was a drag. The stock fell 7 percent after its somber forecast renewed investor concerns about global business spending, which has been held down due in part to trade uncertainties and political tension like Brexit and protests in Hong Kong. Wall Street got another whiff of inflation. This time, producer prices saw their biggest jump in six months, led by the largest surge in healthcare costs since 2009. Economists, however, don't expect that to alter the Fed's neutral stance on interest rates.