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Follow this list to discover and track stocks have the highest aggregate Environmental, Social and Governance scores as rated by Sustainalytics Research. This list is generated daily and limited to the top 30 stocks that meet the criteria.
Wells Fargo & Company
Coca-Cola FEMSA, S.A.B. de C.V.
National Grid plc
Digital Realty Trust, Inc.
Southern Copper Corporation
Twenty-First Century Fox, Inc.
First Republic Bank
Stanley Black & Decker, Inc. CORP UNIT 2017
Teva Pharmaceutical Industries Limited
Concho Resources Inc.
InterContinental Hotels Group PLC
Cabot Oil & Gas Corporation
Public Joint-Stock Company Mobile TeleSystems
Kimco Realty Corporation
CF Industries Holdings, Inc.
Sociedad Química y Minera de Chile S.A.
Grupo Aval Acciones Y Valores S.A.
Bausch Health Companies Inc.
New York Community Bancorp, Inc.
Continental Resources, Inc.
WPX Energy, Inc.
The Federal Reserve will backstop the Small Business Administration’s emergency loan program, as lenders continue to work through the Paycheck Protection Program.
(Bloomberg Opinion) -- Who’s willing to bet on the aerospace industry’s quick return from the coronavirus devastation? Not the CEOs of two of its leading suppliers. Woodward Inc. and Hexcel Corp. mutually agreed to call off their planned merger in light of the current pandemic. More than half of the world’s fleet has been grounded as travel bans and fear of contagion keep fliers at home, forcing the aerospace industry into a fight for its survival. This isn’t the first deal to get scotched because of the coronavirus: Xerox Holdings Corp. called off its $35 billion hostile pursuit of HP Inc. and private equity firm Apollo Global Management Inc. reportedly abandoned talks with TV-station owner Tegna Inc. for an $8.5 billion takeover. But both of those transactions reportedly involved at least some cash, which has become a precious commodity in the age of the coronavirus. The Woodward-Hexcel merger, by contrast, was all-stock, and as such, not dependent on capricious debt markets and an ill-timed overloading of balance sheets.There were some signs the companies were still being punished for going through with the deal: As of Friday, Hexcel and Woodward had each dropped more than 55% since the merger was announced in mid-January, compared with a decline of about 35% for the SPDR S&P Aerospace & Defense ETF. At those prices, the deal terms valued Hexcel at about $32 a share, or about $3.7 billion including debt, compared with an enterprise value of about $7.5 billion when the merger was first announced.While Hexcel shares declined Monday on news that the merger was off, Woodward’s stock rallied more than 10%. That gain feels short-sighted. If you liked an aerospace combination that “brings together a broad, unparalleled portfolio of leading-edge technologies” with a “strong balance sheet” in January, you should like it even more in April. The fact that the companies themselves aren’t convinced of this is on the one hand a sign of just how deep and long-lasting the slump in aerospace will be. But it also feels like a missed opportunity. A famous Warren Buffett maxim comes to mind: Be fearful when others are greedy and be greedy when others are fearful. To be sure, one of the big selling points of the Woodward-Hexcel merger was the ability to significantly ramp up research and development spending to better position the combined company to compete on the next generation of aircraft technology, with an eye toward better fuel efficiency and lower emissions. That has likely fallen further down the list of priorities for aerospace companies right now given the virus cash crunch and a drop in oil prices that’s made it more economical to keep flying older, clunkier models. There is also the question of distraction. Big deals are complicated. For all of Hexcel and Woodward’s previous talk of complementary cultures, there are bound to be integration hiccups, particularly when the virus fallout makes it likely job cuts will be in order. Separately on Monday, Woodward said it was implementing “workforce management” policies including a hiring freeze, layoffs and furloughs, without specifying the number of jobs that would be affected. It will also reduce its dividend, eliminate 2020 bonus payments and trim pay for the CEO, board and top officers. Hexcel also announced plans to evaluate employment levels and reduce spending.Still, the trend toward more climate-friendly aircraft is likely to be sustained over the longer term and the companies would have gotten more out of these cost-reduction actions if they were spread out across a bigger, combined entity. “Calling off the merger is clearly bad news for both companies, as we think scaling up makes a lot of sense, particularly when it comes to dealing with a crisis,” Vertical Research Partners analyst Rob Stallard wrote in a note. Both Woodward and Hexcel also announced shareholder rights plans meant to guard against unwanted takeover advances in a sign they are worried someone else will have take advantage of their depressed stock prices and have the gumption to pull off a deal that they couldn’t.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth.The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S. program, but customers already have expressed more interest than that, Wells Fargo said in a statement late Sunday. The firm will therefore focus on helping nonprofits and businesses with fewer than 50 employees.“While we are actively working to create balance-sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit,” Chief Executive Officer Charlie Scharf said in the statement. “We are committed to helping our customers during these unprecedented and challenging times, but are restricted in our ability to serve as many customers as we would like.”The situation may ratchet up pressure on the Fed to ease the unprecedented asset cap it imposed on the nation’s fourth-largest bank in 2018 in response to mounting scandals at the company. As the coronavirus pandemic began, the firm -- a leading lender to small and midsize U.S. companies, homebuyers and commercial-property investors -- had about $384 billion of additional lending capacity that it can’t unleash because of the cap.As markets swooned and commerce slowed this year, Wells Fargo’s representatives privately broached the idea of at least temporarily lifting the restriction so it could help more customers. The Fed has yet to publicly disclose a decision.People with knowledge of the situation told Bloomberg in late March that the regulator was reluctant to ease or lift the cap because the bank has yet to fully address concerns that prompted the sanction. Scharf, who took over in October, has made progress in enacting reforms, but the company must still prove it’s done enough to prevent abuses of customers, the people said.Friday was the first day that American small businesses hit by the fallout from the coronavirus pandemic could start applying for loans under the new U.S. program. It was part of the $2 trillion stimulus package Congress passed last month aimed at shoring up the economy.Scharf noted in the statement that Wells Fargo already extended almost $70 billion in new and increased commitments and outstanding loans to consumers, small businesses and corporations in the U.S. last month. The firm also said it plans to donate the fees it generates from the small-business stimulus program.Steve Troutner, Wells Fargo’s head of small business, instructed employees to suggest customers apply elsewhere to increase their chances of getting a loan before the stimulus money runs out, according to a memo seen by Bloomberg.“We are hopeful that despite the restrictions of Wells Fargo’s asset cap, our customers will be able to get the help they need, either from us or through other lenders as we all navigate together through this time,” Troutner said in the memo.(Updates with details, contents of internal memo beginning in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Australian dollar has rallied to kick off the week as there’s been more of a “risk on” type of attitude out there. Initially gapping higher, the market pulled back to fill that gap and then took off to the upside.
Based on the early price action and the current price at .6050, the direction of the AUD/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at .5990. This angle provided support earlier in the session.
Wells Fargo says it already has more demand than it can handle for the federal government's small business rescue programme, increasing pressure on regulators to free the bank from a cap on assets imposed after a fake accounts scandal two years ago. The San Francisco-based bank said on Sunday night that it could lend just $10bn to companies appealing for help under the $350bn scheme designed to get money into the accounts of small business owners at risk of going bust as the coronavirus pandemic shuts down economic activity. Announcing that Wells had reached its limit for SBA loans, chief executive Charlie Scharf stressed that his bank “continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership”.
Given the massive fiscal and policy moves by their respective governments and central banks , there is likely to be enough stimulus in the system when the coronavirus pandemic ends, but no officials are able to tell businesses when that will be.
The rout in the financial markets and near-certain global recession caused by the coronavirus pandemic, fueled a run on demand for the highly liquid U.S. Dollar.
Could Concho Resources Inc. (NYSE:CXO) be an attractive dividend share to own for the long haul? Investors are often...
While it is a shortened week, with economic data on the lighter side, there is still plenty for the markets to focus on and OPEC and COVID-19 in particular.
Banks were supposed to start processing loan applications on Thursday at midnight from small businesses under the $349 billion Paycheck Protection Program, but they weren't prepared for the onslaught.
First Republic Bank (FRC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Australian dollar has initially tried to rally during the week but then broke down again as the 0.60 level looks very likely to act as a bit of a magnet for price.
The Australian dollar initially tried to rally during the trading session on Friday, but then broke towards the crucial 0.60 level. At this point in time, I believe that the market is going to continue to see the Australian dollar asked questions of the global economy.
With majority of annual base rent coming from grocery-anchored centers apart from having solid liquidity, Kimco Realty (KIM) is well poised to navigate through the coronavirus crisis.