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Linn Energy announced that the company will separate into two public entities named Riviera Resources (RVRA) and Roan Resources (Roan). Riviera Resources will contain the assets of Blue Mountain Midstream, an expanding midstream business centered in the core of the Merge. Following the spin, David Rottino, who has been CFO of Linn since 2015, will serve as President and CEO of Riviera.
We view the National Association of Home Builders’ (NAHB) Market Index as the best gauge of overall U.S. housing market health, given historically high correlations with new construction, sales activity, and prices.
Our constructive outlook continues to rest upon our view that fiscal stimulus will lead to an improving U.S. growth outlook that will push equity markets higher, despite increased volatility. In this note, we address the five biggest pushbacks we’re receiving. Notably, the biggest concerns we’re hearing are centered around the market cycle and future growth prospects, rather than many of events that have recently grabbed headlines.
Genuine Parts Company (GPC) announced that it would spin off its whole sale distribution business S.P. Richards and merge it with office furniture distributor Essendant (ESND) in a Reverse Morris Trust transaction. Essendant is a distributor of workplace items and S.P. Richards creates products ranging from office furniture to school supplies.
1Q earnings season begins to kick into high gear this week. Notably, management guidance trends coming into this quarter’s reporting season have been even more positive than they were during the rebound from the depths of the Financial Crisis. By way of example, this quarter’s negative-to-positive guidance ratio has been 1.0x, the best reading we’ve seen since we began tracking the data.
We track the share price performance of thematic stock baskets relative to a sector neutral benchmark. Thus far in 2018, as shown below, banks with high incremental return on tangible assets (I-ROTA), recent spin-offs, 2017’s best performing stocks, accelerating growth, and net-net’s, have been the best performing themes. Year-to-date in 2018, worst performing themes have been low P/E stocks, beneficiaries of an improving U.S. outlook, 2017’s worst performing stocks, corporate inversions, value stocks, and low EV / cyclically adjusted EBITDA. Click here for more info.
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