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On the first lottery ticket he won $15. So he bought two more tickets:
the second was a $50 winner and the third hit the jackpot with
$250,000.South Carolina Education Lottery officials said the unnamed
Florence man stopped in Lamar for a snack when he hit the lucky
streak.Get more news about 彩票包网服务,you can vist loto98.com
Once he hit the jackpot on the $10 Gold Rush scratch-off game, he called it a day and did not buy more tickets, lotto officials said.
“I feel great,” he said, according to a news release from the lottery. “It took the stress off.”
The odds of winning the jackpot on the Gold Rush game are 1 in 780,000.
Lamar’s Diya Food Mart, which sold the winning tickets, will get a $2,400 commission on the jackpot, according to the lottery.Lottery tickets went on sale for the first time in Mississippi on Monday morning, and those who play for the chance for a little holiday green have more than 100 places to buy them across the Coast.
Mississippi Lottery has an interactive website that shows the convenience stores, gas stations and casinos where the lotto tickets now are available in South Mississippi and throughout the state.
Once he hit the jackpot on the $10 Gold Rush scratch-off game, he called it a day and did not buy more tickets, lotto officials said.
“I feel great,” he said, according to a news release from the lottery. “It took the stress off.”
The odds of winning the jackpot on the Gold Rush game are 1 in 780,000.
Lamar’s Diya Food Mart, which sold the winning tickets, will get a $2,400 commission on the jackpot, according to the lottery.Lottery tickets went on sale for the first time in Mississippi on Monday morning, and those who play for the chance for a little holiday green have more than 100 places to buy them across the Coast.
Mississippi Lottery has an interactive website that shows the convenience stores, gas stations and casinos where the lotto tickets now are available in South Mississippi and throughout the state.
On Tuesday afternoon, the Texas Lottery released what appeared to be
great news: sales of instant scratch-off tickets, by far its largest
source of revenue, had surged from the previous week, jumping to $112
million dollars.Get more news about 彩票包网,you can vist loto98.com
The leap came after a month of plunging sales, presumably due to the sputtering pandemic economy, in which revenues had dropped compared to the same periods in 2019. The April 18 weekly figures, by comparison, outpaced the same week in 2019 by more than $15 million - a 16 percent jump.
To some, however, the precise timing of the dramatic revenue jump in the midst of a crashing economy signaled terrible news — that instead of spending their government relief checks on food, utilities and rent, Texans appeared to be using their personal stimulus payments of up to $1,200 on state-sponsored gaming.
“It’s an incredible perversion of what the stimulus checks are supposed to be for,” said Les Bernal, director of the Washington D.C.-based Stop Predatory Gambling.The nonprofit organization had anticipated the bump. On Monday, it asked governors in 45 states with lotteries, including Gov. Greg Abbott, to halt the games for a month while the pandemic stimulus checks were distributed. With casinos shuttered because of mass gathering prohibitions, Bernal warned that state lotteries, which have continued operating as essential businesses, would see swelling sales as the relief payments started arriving in mid-April.
In Texas, Dawn Nettles, who has been watchdogging the state lottery since 1992 through her Lotto Report, said she, too, had expected the sales surge ever since the stimulus program was announced in late March. She said she feared that habitual players would treat the money like income tax refunds, whose arrival typically gooses spring lottery sales.
Nettles said she started hearing from convenience store clerks early last week that their sales of instant scratch tickets were soaring. “To sell $111 million in one week in the middle of a pandemic, during a stay-at-home order, is incredible,” she said.The fear that Texas taxpayers are spending money intended to sustain them through the economic shut-down caused by the COVID-19 pandemic on the state-sponsored lottery could yet turn out to be unfounded. The Texas lottery’s sales jump represents only one week and may prove to be a blip.
In a written response to questions, lottery spokeswoman Lauren Callahan said the agency was keeping an eye on its sales figures: “Overall during this period, lottery sales have taken a slight downturn when comparing this year to last year, and the agency will continue to closely monitor the impact of the coronavirus pandemic on lottery sales. The health and safety of all remains our top priority.”
But critics of the state-sponsored games say that by maintaining the opportunity for people to spend their federal support payments on lottery tickets, state governments that continue to sell and promote their games are helping defeat the purpose of the bailout.
“Federal tax dollars are being sent to American families in order to put food on the table, make rent or mortgage payments, or provide for other daily necessities - not to subsidize state lotteries,” Bernal’s letter to the governors stated.
In an interview, he also noted that the stimulus payments, structured to give more money to people who earn less, are an unfortunately perfect complement to lotteries, which studies have shown get a disproportionate amount of their money from those who can least afford to play.The Texas lottery, like others, has said it does not target any particular demographic, and that people from all income levels play the games. Yet studies, including those commissioned by the agency itself, have consistently shown that the poor tend to play the games more often and spend more money than high-income players.
The leap came after a month of plunging sales, presumably due to the sputtering pandemic economy, in which revenues had dropped compared to the same periods in 2019. The April 18 weekly figures, by comparison, outpaced the same week in 2019 by more than $15 million - a 16 percent jump.
To some, however, the precise timing of the dramatic revenue jump in the midst of a crashing economy signaled terrible news — that instead of spending their government relief checks on food, utilities and rent, Texans appeared to be using their personal stimulus payments of up to $1,200 on state-sponsored gaming.
“It’s an incredible perversion of what the stimulus checks are supposed to be for,” said Les Bernal, director of the Washington D.C.-based Stop Predatory Gambling.The nonprofit organization had anticipated the bump. On Monday, it asked governors in 45 states with lotteries, including Gov. Greg Abbott, to halt the games for a month while the pandemic stimulus checks were distributed. With casinos shuttered because of mass gathering prohibitions, Bernal warned that state lotteries, which have continued operating as essential businesses, would see swelling sales as the relief payments started arriving in mid-April.
In Texas, Dawn Nettles, who has been watchdogging the state lottery since 1992 through her Lotto Report, said she, too, had expected the sales surge ever since the stimulus program was announced in late March. She said she feared that habitual players would treat the money like income tax refunds, whose arrival typically gooses spring lottery sales.
Nettles said she started hearing from convenience store clerks early last week that their sales of instant scratch tickets were soaring. “To sell $111 million in one week in the middle of a pandemic, during a stay-at-home order, is incredible,” she said.The fear that Texas taxpayers are spending money intended to sustain them through the economic shut-down caused by the COVID-19 pandemic on the state-sponsored lottery could yet turn out to be unfounded. The Texas lottery’s sales jump represents only one week and may prove to be a blip.
In a written response to questions, lottery spokeswoman Lauren Callahan said the agency was keeping an eye on its sales figures: “Overall during this period, lottery sales have taken a slight downturn when comparing this year to last year, and the agency will continue to closely monitor the impact of the coronavirus pandemic on lottery sales. The health and safety of all remains our top priority.”
But critics of the state-sponsored games say that by maintaining the opportunity for people to spend their federal support payments on lottery tickets, state governments that continue to sell and promote their games are helping defeat the purpose of the bailout.
“Federal tax dollars are being sent to American families in order to put food on the table, make rent or mortgage payments, or provide for other daily necessities - not to subsidize state lotteries,” Bernal’s letter to the governors stated.
In an interview, he also noted that the stimulus payments, structured to give more money to people who earn less, are an unfortunately perfect complement to lotteries, which studies have shown get a disproportionate amount of their money from those who can least afford to play.The Texas lottery, like others, has said it does not target any particular demographic, and that people from all income levels play the games. Yet studies, including those commissioned by the agency itself, have consistently shown that the poor tend to play the games more often and spend more money than high-income players.
The Great Wall opens with William (Matt Damon), a European mercenary,
riding through desert lands with a handful of men. When they stop to
make camp for the night, they are attacked by a mysterious monster,
which kills three of their men, leaving only William and his friend
Tovar (Pedro Pascal) alive. Only once William and Tovar make their way
to the Great Wall and the Nameless Order (the soldiers that guard the
Great Wall) do they learn what attacked them: a Tao Tei. From there, The
Great Wall becomes a massive monster movie pitting man against mythical
creature. But just what are the Tao Tei in The Great Wall?To get more
news about tao tei monster, you can visit shine news official website.
As William learns, the Tao Tei are mythical beasts that attack China once ever 60 years to feed. They live in a green mountain outside of the country and emerge only to collect food for their queen (like bees). Unfortunately, their queen requires a lot of food, and they routinely storm China in search of nourishment. The Wall, they say, was built to protect China from the dangerous creatures, the Nameless Order formed to fight them. They are viscous, and they eat anything and everything, "alive or dead." If they ever breached the wall, warns Strategist Wang (Andy Lau), they would devour all of China, and they would be well-fed and strong enough to take over the world.
Surprisingly enough, the Tao Tei are actually real mythical creatures, not just created for the film. "What makes our film unique is that these are ancient Chinese monsters," director Zhang Yimou said in an interview with Entertainment Weekly. The Tao Tei, also known as the Taotie, are mythical monsters known for gluttony. The monster was a symbol of greed and fierceness, and was extremely common imagery during the Shang dynasty (1600-1050 B.C.E.), according to Khan Academy. (Note that The Great Wall takes place thousands of years ago.) It makes sense that the monsters are known for gluttony. In the film, they only care about getting tasty human food, nothing else.
As a legend, the Tao Tei don't really have a set look. They have been depicted in many different ways over the years, and The Great Wall reinvents that look once again to make them appear more menacing and modern, no doubt. The monsters are 100 percent CGI and look like a cross between a lion, a giant alligator and Jaws.
As William learns, the Tao Tei are mythical beasts that attack China once ever 60 years to feed. They live in a green mountain outside of the country and emerge only to collect food for their queen (like bees). Unfortunately, their queen requires a lot of food, and they routinely storm China in search of nourishment. The Wall, they say, was built to protect China from the dangerous creatures, the Nameless Order formed to fight them. They are viscous, and they eat anything and everything, "alive or dead." If they ever breached the wall, warns Strategist Wang (Andy Lau), they would devour all of China, and they would be well-fed and strong enough to take over the world.
Surprisingly enough, the Tao Tei are actually real mythical creatures, not just created for the film. "What makes our film unique is that these are ancient Chinese monsters," director Zhang Yimou said in an interview with Entertainment Weekly. The Tao Tei, also known as the Taotie, are mythical monsters known for gluttony. The monster was a symbol of greed and fierceness, and was extremely common imagery during the Shang dynasty (1600-1050 B.C.E.), according to Khan Academy. (Note that The Great Wall takes place thousands of years ago.) It makes sense that the monsters are known for gluttony. In the film, they only care about getting tasty human food, nothing else.
As a legend, the Tao Tei don't really have a set look. They have been depicted in many different ways over the years, and The Great Wall reinvents that look once again to make them appear more menacing and modern, no doubt. The monsters are 100 percent CGI and look like a cross between a lion, a giant alligator and Jaws.
This particular fight will include spoilers for “The Great Wall,”
starring Matt Damon, which was released in 2016. If you would like to
fully understand the serious threat that the Avengers will be dealing
with, consider watching the film before reading. Regardless, this will
refer to both the comics and films for the Avengers prior to “Avengers:
Endgame.”To get more news about tao tei, you can visit shine news official website.
The Avengers have always been known as Earth’s mightiest heroes. Whether it’s a Chitauri invasion, an angry robot overlord, or even the Mad Titan himself, the Avengers will be there. Fighting large, seemingly infinite waves of opponents is something the Avengers deal with on a regular basis.
“The Great Wall” is set in ancient China. A mountain located across from the Great Wall harbors fearsome creatures that are determined to cross the ever-stretching wall to satisfy their hunger and bring food to their Queen. Initially, there are over a million of them, maybe even more. As an act of retaliation, the Nameless Order, which protects the Great Wall from these savage beasts, has strategized and planned their defenses for years.
As described by Vox News, the Tao Tei are a combination between “bloodthirsty leopards, lizard-like dragons, and piranhas.” They are ruthless, cunning and hungry. The Nameless Order is made up of different classes of soldiers in order to fight the Tao Tei. The red soldiers are archers, the blue soldiers are women soldiers, the yellow soldiers are artillery and the black soldiers are the melee troops.
In contrast to ancient China’s choice of weaponry, the Avengers are armed with highly-advanced technology. Despite that, the Avengers are still at risk of losing their lives.Over the years, Stark has upgraded his armor with only the best of the best. Most of his suits carry missiles, guns, laser beams, energy blades and pulsar blasts. His strategic intelligence and overall destructive capabilities will allow him to survive this invasion.
No amounts of super-soldier serum is enough for an army of bloodthirsty aliens. It’s true that he could hold his own against Ultron’s infinite waves of robots and Loki’s Chitauri army, but those adversaries lacked the violent bloodthirsty nature of the Tao Tei. While Captain America’s shield is very powerful, it would prove useless against creatures who are highly-intelligent and merciless.
Hulk’s power increases as long as his rage is left unchecked. His superhuman strength, speed and durability is sure to cause the Queen of the Tao Tei to worry for her own safety. While the Tao Tei run towards the wall for their next meal, the Queen is protected by bigger, armored Tao Tei that are similar in size as the Hulk.
The armored Tao Tei could guard their Queen against tons of metal projectiles surrounded with fire and spikes. It would be quite entertaining to see how the Hulk decides to deal with the Queen’s personal protectors.As good as she is, she is still just an assassin. Natasha does have the option to fly the Quinjet and fight from above, but if she engages in hand-to-hand combat, she will meet her doom against the Tao Tei. Many specialized soldiers from the Nameless Order could not stand a chance against a Tao Tei in close range.
However, Natasha does have a small gun that stuns enemies with paralysis as seen in “Captain America: Civil War.” Despite that, who knows how many she has in store.As strange as it is, Hawkeye would prevail against the Tao Tei. In the film, Matt Damon played the role of William Garin, who defeated his enemies in quick succession using a bow and arrow. Along with his quick-thinking and combat skills, William was able to hold his own and spectacularly beat the Queen.
Hawkeye definitely has more training with his bow, and has dealt with opponents way beyond his pay rate. However, many would argue that Hawkeye would run out of ammunition during the battle. As William did, Hawkeye could salvage arrows from the battle, and resupply from the Nameless Order’s immense inventory of specialized arrows.
The Avengers have always been known as Earth’s mightiest heroes. Whether it’s a Chitauri invasion, an angry robot overlord, or even the Mad Titan himself, the Avengers will be there. Fighting large, seemingly infinite waves of opponents is something the Avengers deal with on a regular basis.
“The Great Wall” is set in ancient China. A mountain located across from the Great Wall harbors fearsome creatures that are determined to cross the ever-stretching wall to satisfy their hunger and bring food to their Queen. Initially, there are over a million of them, maybe even more. As an act of retaliation, the Nameless Order, which protects the Great Wall from these savage beasts, has strategized and planned their defenses for years.
As described by Vox News, the Tao Tei are a combination between “bloodthirsty leopards, lizard-like dragons, and piranhas.” They are ruthless, cunning and hungry. The Nameless Order is made up of different classes of soldiers in order to fight the Tao Tei. The red soldiers are archers, the blue soldiers are women soldiers, the yellow soldiers are artillery and the black soldiers are the melee troops.
In contrast to ancient China’s choice of weaponry, the Avengers are armed with highly-advanced technology. Despite that, the Avengers are still at risk of losing their lives.Over the years, Stark has upgraded his armor with only the best of the best. Most of his suits carry missiles, guns, laser beams, energy blades and pulsar blasts. His strategic intelligence and overall destructive capabilities will allow him to survive this invasion.
No amounts of super-soldier serum is enough for an army of bloodthirsty aliens. It’s true that he could hold his own against Ultron’s infinite waves of robots and Loki’s Chitauri army, but those adversaries lacked the violent bloodthirsty nature of the Tao Tei. While Captain America’s shield is very powerful, it would prove useless against creatures who are highly-intelligent and merciless.
Hulk’s power increases as long as his rage is left unchecked. His superhuman strength, speed and durability is sure to cause the Queen of the Tao Tei to worry for her own safety. While the Tao Tei run towards the wall for their next meal, the Queen is protected by bigger, armored Tao Tei that are similar in size as the Hulk.
The armored Tao Tei could guard their Queen against tons of metal projectiles surrounded with fire and spikes. It would be quite entertaining to see how the Hulk decides to deal with the Queen’s personal protectors.As good as she is, she is still just an assassin. Natasha does have the option to fly the Quinjet and fight from above, but if she engages in hand-to-hand combat, she will meet her doom against the Tao Tei. Many specialized soldiers from the Nameless Order could not stand a chance against a Tao Tei in close range.
However, Natasha does have a small gun that stuns enemies with paralysis as seen in “Captain America: Civil War.” Despite that, who knows how many she has in store.As strange as it is, Hawkeye would prevail against the Tao Tei. In the film, Matt Damon played the role of William Garin, who defeated his enemies in quick succession using a bow and arrow. Along with his quick-thinking and combat skills, William was able to hold his own and spectacularly beat the Queen.
Hawkeye definitely has more training with his bow, and has dealt with opponents way beyond his pay rate. However, many would argue that Hawkeye would run out of ammunition during the battle. As William did, Hawkeye could salvage arrows from the battle, and resupply from the Nameless Order’s immense inventory of specialized arrows.
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Did you know that there is 4 seasons to the forex market. New traders
are often caught out attempting to trade the same strategy throughout
the year, often giving back their hard work during the winter and summer
doldrums seasons.To get more news about WikiFX, you can visit WikiFX news official website.
I would like to guide any traders to be prepared during the 4 seasons.The daily turnover reached $6.6trillionin April 2019. That is a massive amount of turnover in anybodys language.
However, did you know that the retail market is only 5.5%of that total turnover.
As retail traders, we are at the mercy of the other 95% of the marketplace, hence our behaviour needs to reflect the institutions.
A Spring in your step for January.
As the Christmas and New year periods end. The traders return to their desks and the volume increases during mid January. A good time to trade.
Sell in May and go away – avoid the sun burn.
The summer holidays have arrived in the northern hemisphere, where the majority of traders are situated. Volume decreases and the market can be quite flat. Moves can be quite unpredictable as the moves are more impulsive based. This is a more difficult time of year to trade.
Its Labor Day..time to get busy
Around the time of Labor day in September, market activity increases as everyone is back at work from their summer holidays. This is a great time to trade. This period continues on till mid December.
Christmas Time – time to relax
Another very quiet period is the upcoming Christmas and New Year holiday time. Between mid December and mid January, volume again decreases, making it more difficult for traders. Beware of some quick impulses caused by a few high volume traders.
Conclusion
As traders, we need to plan our trading year so suit the 4 seasons. When the volume is high, attack the market, when the volume is low, approach the market is caution.
Tony Camilleri is an Australian based forex trader. He has been an active trader in both the retail and institutional sector. As founder of 4xfusion, Tony has developed automated algorithm based trading systems, he is an active educator and fund manager for the past 15 years. Tony is also a crusader against the forex scammer and is often asked about his opinion regarding trading systems and their sustainability. Tony has an in depth knowledge of the inner workings of the forex industry and brokers. Tony is a regular contributor to Linkedin with his thought provoking articles and is quickly becoming a key person of influence on that platform, which his often trending articles.
I would like to guide any traders to be prepared during the 4 seasons.The daily turnover reached $6.6trillionin April 2019. That is a massive amount of turnover in anybodys language.
However, did you know that the retail market is only 5.5%of that total turnover.
As retail traders, we are at the mercy of the other 95% of the marketplace, hence our behaviour needs to reflect the institutions.
A Spring in your step for January.
As the Christmas and New year periods end. The traders return to their desks and the volume increases during mid January. A good time to trade.
Sell in May and go away – avoid the sun burn.
The summer holidays have arrived in the northern hemisphere, where the majority of traders are situated. Volume decreases and the market can be quite flat. Moves can be quite unpredictable as the moves are more impulsive based. This is a more difficult time of year to trade.
Its Labor Day..time to get busy
Around the time of Labor day in September, market activity increases as everyone is back at work from their summer holidays. This is a great time to trade. This period continues on till mid December.
Christmas Time – time to relax
Another very quiet period is the upcoming Christmas and New Year holiday time. Between mid December and mid January, volume again decreases, making it more difficult for traders. Beware of some quick impulses caused by a few high volume traders.
Conclusion
As traders, we need to plan our trading year so suit the 4 seasons. When the volume is high, attack the market, when the volume is low, approach the market is caution.
Tony Camilleri is an Australian based forex trader. He has been an active trader in both the retail and institutional sector. As founder of 4xfusion, Tony has developed automated algorithm based trading systems, he is an active educator and fund manager for the past 15 years. Tony is also a crusader against the forex scammer and is often asked about his opinion regarding trading systems and their sustainability. Tony has an in depth knowledge of the inner workings of the forex industry and brokers. Tony is a regular contributor to Linkedin with his thought provoking articles and is quickly becoming a key person of influence on that platform, which his often trending articles.
Even though a bunch of US economic indicators are looking good and
interest rates are low, half of investment-grade corporate bonds are
just one notch above junk status.This could be because levered US
corporates have used their debt in ways that aren't productive for the
economy and don't contribute to corporate profitability.That means that
as the economy shows signs of slowing, weak hands could have a harder
time servicing their debt.This is an opinion column. The thoughts
expressed are those of the author.Visit Business Insider's homepage for
more stories.To get more news about WikiFX, you can visit WikiFX news official website.
“Our economy is the best it's ever been,” President Donald Trump said while touting his administration's policies during his State of the Union speech this week.He cited a rising stock market, low unemployment numbers, and rising wages — which have yet to compare to precrisis boom times but are still inching up — all as reasons to rejoice.And indeed, consumer confidence, as measured by The Conference Board, increased to 131.6 in January from 126.5 in December. It was the survey's highest reading since August.Unfortunately, this message of prosperity has clearly not reached America's corporate-bond market.There, in the space where companies trade their debt, it appears conditions are deteriorating. As Scott Minerd, the global chief investment officer of Guggenheim Investments, said at the World Economic Forum last month, 50% of the investment-grade corporate bond market is rated BBB by credit-rating agencies, a notch above the level where debt is considered “junk bonds” (or as we now say politely on Wall Street, “speculative grade”). In 2007 that number was 35%.
That so many companies are teetering on the edge worries Minerd, to say the least.“We expect 15% to 20% of BBBs to get downgraded to high yield in the next downgrade wave: This would equate to $500 [billion] to $660 billion and be the largest fallen angel volume on record — and would also swamp the high-yield market,” he said. “Ultimately, we will reach a tipping point when investors will awaken to the rising tide of defaults and downgrades. The timing is hard to predict, but this reminds me a lot of the lead-up to the 2001 and 2002 recession.”But why worry, Minerd？ Yes, corporate debt is high — nearing $10 trillion and pushing the US to a record 47% debt-GDP ratio — but interest rates are low and don't appear to be going up anytime soon. Plus, corporations have cash. Under these economic conditions, you could argue that corporations in need could just refinance their debt and be fine. It's why some say that bond bears are overstating the risk here.It's what you do with itBut there are two problems with this way of thinking. One is, of course, that rosy financial conditions will not continue forever. The other is that, as the folks over at the International Monetary Fund wrote in their “Global Financial Stability Report” last fall, corporate debt “has risen and is increasingly used for financial risk-taking — to fund corporate payouts to investors, as well as mergers and acquisitions (M&A), especially in the United States.”
Put another way, it isn't just that this debt exists; it's that it's being used in ways that aren't particularly productive for the overall economy. Balance sheets are getting loaded up, but companies don't have much to show for it aside from soaring stock prices.Despite the magnanimity of Trump's corporate tax cut, starting last year business investment has been in its longest slump since 2009. Instead of using cash to invest in things that would make the economy and their companies more productive — like new equipment, better-trained or paid workers, or research and development — corporate America just paid out its shareholders and itself.In 2018, “the S&P 500 Index did a combined $806 billion in buybacks, about $200 billion more than the previous record set in 2007,” according to the Harvard Business Review. Goldman Sachs called corporate buybacks “the most dominant source” of demand for stocks last year, while warning that purchases were beginning to wane.Say what you want about buybacks, but they don't make the economy or a company more productive. They don't pave the way to higher corporate profits. Neither do dividends to shareholders. And it seems this lack of investment is starting to show in our economy. In the third quarter of last year, productivity fell for the first time since 2015. It is a trend that some economists, such as Ian Sheperdson, the chief economist at Pantheon Macroeconomics, say is likely to stay with us for a bit.“The year-over-year rate of growth of real business capex has slowed from a recent peak of 6.9%, in Q2 2018, to just 0.3% in the fourth quarter of last year,” he wrote in a recent note to clients.
“A dip below zero, for the first time in five years, looks almost inevitable in the first quarter, thanks to the combination of adverse base effects and a near-flat trend in the quarterly run rate. Against that backdrop, we are confident that productivity growth will slow this year, to about 1%. The fourth quarter increase was probably about 1.6% annualized, but that's just not sustainable as businesses pull back their spending.”A dangerous cocktailNow, combine high debt levels with a misallocation of capital and the fact that corporate profits have been falling for the last two quarters. Sure stocks are ripping, but according to FactSet companies in the S&P 500 are projected to report a 2% decline in fourth quarter earnings from the same time in 2018. That is why Goldman Sachs said stock buybacks are about to ebb too.
For companies on the brink of junk (I'm sorry, “speculative grade”) status high debt, low productivity and lower profits are a dangerous cocktail. Taken all together it could make debt servicing more challenging for companies in rough shape.For investors it's a cocktail made all the more dangerous by the fact that corporate credit spreads have been so tight, lulling them into a false sense of security as they chase higher yields.
“Ultimately, this leads to what he called a Ponzi Market where the only reason investors keep adding to risk is the fear that prices will be higher tomorrow (or in the case of bonds, yields will be lower tomorrow),” Minerd said in Davos.So why are so many companies teetering on the edge of junk status in a relatively healthy economy？ Consider this: The word credit comes from the Latin word for trust, and what the corporate bond market may be telling us is that it can no longer trust in corporate America's ability to invest productively, hurting profit generation. It may be telling us that even in a world of extra low interest rates eventually debt — and what you do with it — matters.
“Our economy is the best it's ever been,” President Donald Trump said while touting his administration's policies during his State of the Union speech this week.He cited a rising stock market, low unemployment numbers, and rising wages — which have yet to compare to precrisis boom times but are still inching up — all as reasons to rejoice.And indeed, consumer confidence, as measured by The Conference Board, increased to 131.6 in January from 126.5 in December. It was the survey's highest reading since August.Unfortunately, this message of prosperity has clearly not reached America's corporate-bond market.There, in the space where companies trade their debt, it appears conditions are deteriorating. As Scott Minerd, the global chief investment officer of Guggenheim Investments, said at the World Economic Forum last month, 50% of the investment-grade corporate bond market is rated BBB by credit-rating agencies, a notch above the level where debt is considered “junk bonds” (or as we now say politely on Wall Street, “speculative grade”). In 2007 that number was 35%.
That so many companies are teetering on the edge worries Minerd, to say the least.“We expect 15% to 20% of BBBs to get downgraded to high yield in the next downgrade wave: This would equate to $500 [billion] to $660 billion and be the largest fallen angel volume on record — and would also swamp the high-yield market,” he said. “Ultimately, we will reach a tipping point when investors will awaken to the rising tide of defaults and downgrades. The timing is hard to predict, but this reminds me a lot of the lead-up to the 2001 and 2002 recession.”But why worry, Minerd？ Yes, corporate debt is high — nearing $10 trillion and pushing the US to a record 47% debt-GDP ratio — but interest rates are low and don't appear to be going up anytime soon. Plus, corporations have cash. Under these economic conditions, you could argue that corporations in need could just refinance their debt and be fine. It's why some say that bond bears are overstating the risk here.It's what you do with itBut there are two problems with this way of thinking. One is, of course, that rosy financial conditions will not continue forever. The other is that, as the folks over at the International Monetary Fund wrote in their “Global Financial Stability Report” last fall, corporate debt “has risen and is increasingly used for financial risk-taking — to fund corporate payouts to investors, as well as mergers and acquisitions (M&A), especially in the United States.”
Put another way, it isn't just that this debt exists; it's that it's being used in ways that aren't particularly productive for the overall economy. Balance sheets are getting loaded up, but companies don't have much to show for it aside from soaring stock prices.Despite the magnanimity of Trump's corporate tax cut, starting last year business investment has been in its longest slump since 2009. Instead of using cash to invest in things that would make the economy and their companies more productive — like new equipment, better-trained or paid workers, or research and development — corporate America just paid out its shareholders and itself.In 2018, “the S&P 500 Index did a combined $806 billion in buybacks, about $200 billion more than the previous record set in 2007,” according to the Harvard Business Review. Goldman Sachs called corporate buybacks “the most dominant source” of demand for stocks last year, while warning that purchases were beginning to wane.Say what you want about buybacks, but they don't make the economy or a company more productive. They don't pave the way to higher corporate profits. Neither do dividends to shareholders. And it seems this lack of investment is starting to show in our economy. In the third quarter of last year, productivity fell for the first time since 2015. It is a trend that some economists, such as Ian Sheperdson, the chief economist at Pantheon Macroeconomics, say is likely to stay with us for a bit.“The year-over-year rate of growth of real business capex has slowed from a recent peak of 6.9%, in Q2 2018, to just 0.3% in the fourth quarter of last year,” he wrote in a recent note to clients.
“A dip below zero, for the first time in five years, looks almost inevitable in the first quarter, thanks to the combination of adverse base effects and a near-flat trend in the quarterly run rate. Against that backdrop, we are confident that productivity growth will slow this year, to about 1%. The fourth quarter increase was probably about 1.6% annualized, but that's just not sustainable as businesses pull back their spending.”A dangerous cocktailNow, combine high debt levels with a misallocation of capital and the fact that corporate profits have been falling for the last two quarters. Sure stocks are ripping, but according to FactSet companies in the S&P 500 are projected to report a 2% decline in fourth quarter earnings from the same time in 2018. That is why Goldman Sachs said stock buybacks are about to ebb too.
For companies on the brink of junk (I'm sorry, “speculative grade”) status high debt, low productivity and lower profits are a dangerous cocktail. Taken all together it could make debt servicing more challenging for companies in rough shape.For investors it's a cocktail made all the more dangerous by the fact that corporate credit spreads have been so tight, lulling them into a false sense of security as they chase higher yields.
“Ultimately, this leads to what he called a Ponzi Market where the only reason investors keep adding to risk is the fear that prices will be higher tomorrow (or in the case of bonds, yields will be lower tomorrow),” Minerd said in Davos.So why are so many companies teetering on the edge of junk status in a relatively healthy economy？ Consider this: The word credit comes from the Latin word for trust, and what the corporate bond market may be telling us is that it can no longer trust in corporate America's ability to invest productively, hurting profit generation. It may be telling us that even in a world of extra low interest rates eventually debt — and what you do with it — matters.
David Kostin, the chief US equity strategist at Goldman Sachs, says he's
brought together a group of S&P 500 stocks that return double the
average company in the broader index. Kostin adds that the stocks have
underperformed the index for the last few years despite their superior
returns. The performance of those stocks has steadily gotten worse as
investors got more optimistic about economic growth.Visit Business
Insider's homepage for more stories.It's a rare combination, but Goldman
Sachs says you can get better-than-average returns from a few stocks
while also buying them at better-than-average prices.To get more news
about WikiFX, you can visit WikiFX news official website.
David Kostin, chief US equity strategist at Goldman Sachs, says he's identified a group of stocks that more than double the cash return of the median S&P 500 stock, which is currently 4.4%. Most of them pay hefty dividends, and some augment that by repurchasing large amounts of their stock every year.And yet Kostin says those stocks have been collectively underperforming the S&P 500, as shown in the chart below. It shows the high-return stocks falling farther and farther behind the benchmark index over the last three years, with a few attempted rallies that didn't last long.Put simply, these stocks that offer strong cash distributions can be found at a bargain.
David Kostin of Goldman Sachs says stocks that offer outsize cash returns have underperformed the S&P 500 for years.
Goldman Sachs Global Investment Research
And most recently, they've gotten even cheaper relative to the market as investors got more optimistic about the economy and resumed their preference for growth over higher-yielding stocks.
Listed below are Kostin's top 15 stocks. They're ranked from lowest to highest based on their yield, defined as dividend payouts and stock buybacks as a percentage of their market caps over the past 12 months.
David Kostin, chief US equity strategist at Goldman Sachs, says he's identified a group of stocks that more than double the cash return of the median S&P 500 stock, which is currently 4.4%. Most of them pay hefty dividends, and some augment that by repurchasing large amounts of their stock every year.And yet Kostin says those stocks have been collectively underperforming the S&P 500, as shown in the chart below. It shows the high-return stocks falling farther and farther behind the benchmark index over the last three years, with a few attempted rallies that didn't last long.Put simply, these stocks that offer strong cash distributions can be found at a bargain.
David Kostin of Goldman Sachs says stocks that offer outsize cash returns have underperformed the S&P 500 for years.
Goldman Sachs Global Investment Research
And most recently, they've gotten even cheaper relative to the market as investors got more optimistic about the economy and resumed their preference for growth over higher-yielding stocks.
Listed below are Kostin's top 15 stocks. They're ranked from lowest to highest based on their yield, defined as dividend payouts and stock buybacks as a percentage of their market caps over the past 12 months.
CupoNation, a leading international provider and operator of discount
code and deals portals, and SPIEGEL ONLINE, the leading German-language
news website, are launching the premium discount code portal
gutscheine.spiegel.de. As of now, users in Germany can take advantage of
this joint offer to get discounts from a wide range of online shops and
brands. With this partnership of the core brand CupoNation, Global
Savings Group is further improving its position in Central Europe.Try to
find ways to save much money? discountscat is the best place for you to
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Discount codes and coupons are highly popular in Germany. According to a study by Dialego AG, 86 percent of Germans find coupons useful and are most likely to use them for a specific purpose. A study by KPMG shows that around 41 percent of internet shoppers use online vouchers. One in five Germans who shop online are smart savers who search the internet for vouchers. At the same time, the importance of e-commerce in German retail is on the rise. The German Retail Association (HDE) estimates the revenues from B2C e-commerce at 48.8 billion euros for 2017, which represents growth of 11 percent from 2016.
CupoNation is part of the Global Savings Group (“GSG”). The GSG has specialised in delivering commercial content such as offers, voucher codes and shopping recommendations to digital target groups. Its unique, comprehensive technical platform, which brings together advertisers, publishers and consumers, helps customers in over 20 countries to make smarter shopping decisions via more than a hundred select digital assets.Want to get the highest quality products with the lowest prices while shopping?vist www.discountscat.com
Discount codes and coupons are highly popular in Germany. According to a study by Dialego AG, 86 percent of Germans find coupons useful and are most likely to use them for a specific purpose. A study by KPMG shows that around 41 percent of internet shoppers use online vouchers. One in five Germans who shop online are smart savers who search the internet for vouchers. At the same time, the importance of e-commerce in German retail is on the rise. The German Retail Association (HDE) estimates the revenues from B2C e-commerce at 48.8 billion euros for 2017, which represents growth of 11 percent from 2016.
CupoNation is part of the Global Savings Group (“GSG”). The GSG has specialised in delivering commercial content such as offers, voucher codes and shopping recommendations to digital target groups. Its unique, comprehensive technical platform, which brings together advertisers, publishers and consumers, helps customers in over 20 countries to make smarter shopping decisions via more than a hundred select digital assets.Want to get the highest quality products with the lowest prices while shopping?vist www.discountscat.com
Discount codes are a great way of saving money while shopping online.
What you get from entering codes can vary, from free shipping to
discounts that lower the price of an item. While you could visit popular
discount code websites on the Internet before or while you are shopping
to find out if codes are available for the site you are on, it is
usually a lot more comfortable to use browser extensions that notify you
more or less automatically if that is the case.Try to find ways to save
much money? discountscat is the best place for you to get coupons,
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Honey is a relatively new extension for the Google Chrome web browser that adds discount hunting options to the browser. It works fundamentally different than other discount extensions for Chrome or other browsers. The majority of extensions display discount codes as soon as you visit the website. Honey on the other hand displays them on the checkout page.
This has both advantages and disadvantages. The problem with the method is that you do not know if you get a discount or not until you are about to checkout. Discount codes that are displayed as soon as you open a shopping site on the other hand may entice you to buy more than you really need to buy, simply because you are saving money because of the discount.
The extension displays a find savings button on the payment information page on supported websites. According to the developers it supports more than one hundred online stores in the US, UK and Canada. On the list are sites like Amazon, Best Buy, GoDaddy, eToys, Dell, Newegg or Home Depot.Once you have clicked on the button you will notice a new overlay on the screen that displays the discount code verification status. The extension may try one or multiple discount codes to find the codes that you can use for your purchase. You may end up empty handed if none of the codes are eligible for the purchase, or with an automatic price reduction if the extension found a promo code that works for the purchase.
Basically, all it takes are two clicks to use the extension whenever you are shopping on one of the supported sites.Want to get the highest quality products with the lowest prices while shopping?Click to Buy
Honey is a relatively new extension for the Google Chrome web browser that adds discount hunting options to the browser. It works fundamentally different than other discount extensions for Chrome or other browsers. The majority of extensions display discount codes as soon as you visit the website. Honey on the other hand displays them on the checkout page.
This has both advantages and disadvantages. The problem with the method is that you do not know if you get a discount or not until you are about to checkout. Discount codes that are displayed as soon as you open a shopping site on the other hand may entice you to buy more than you really need to buy, simply because you are saving money because of the discount.
The extension displays a find savings button on the payment information page on supported websites. According to the developers it supports more than one hundred online stores in the US, UK and Canada. On the list are sites like Amazon, Best Buy, GoDaddy, eToys, Dell, Newegg or Home Depot.Once you have clicked on the button you will notice a new overlay on the screen that displays the discount code verification status. The extension may try one or multiple discount codes to find the codes that you can use for your purchase. You may end up empty handed if none of the codes are eligible for the purchase, or with an automatic price reduction if the extension found a promo code that works for the purchase.
Basically, all it takes are two clicks to use the extension whenever you are shopping on one of the supported sites.Want to get the highest quality products with the lowest prices while shopping?Click to Buy