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“It’s somewhat immune to the uncertainty,” he said. He has been adding to his position in companies such as Thermo Fisher, Danaher Corp (DHR.N), and PerkinElmer Inc (PKI.N) because they operate in segments with high barriers to entry and have the ability to raise prices. At the same time, he is avoiding all of the so-called FANG stocks - a moniker given to the group of Facebook, Amazon.com, Netflix, and Google-parent Alphabet - that led the market early last year. “They just became over-owned and they’re resetting now,” he said. Instead, he is focusing on companies that “have the ability to monetize data” such as IHS Markit Ltd (INFO.O), Fidelity National Information Services Inc (FIS.N), and Intercontinental Exchange Inc (ICE.N), he said.
Michael Lippert, portfolio manager of the $372.3 million Baron Opportunity fund, said that the recent rally in the S&P 500 can be pinned on the fact that “the market got the call wrong on the Fed,” and recalibrated after Fed Chairman Jerome Powell’s comments that the central bank could be “patient” dialed back market expectations for rate hikes this year, The deep declines in December allowed him to add companies to his portfolio such as life sciences software company Veeva Systems Inc (VEEV.N) that had long been on his watch list, he said, He began buying shares in the company when it traded around $84 a cufflink wraps share in late December, It now trades at slightly over $100 a share, giving him a 19 percent gain in slightly more than two weeks..
SAO PAULO (Reuters) - Corruption-ensnared Odebrecht SA [ODBES.UL] has proposed that creditors take over its sugar and ethanol unit, Atvos Agroindustrial Participacoes SA, in exchange for reducing Odebrecht’s huge debt load, according to two sources with knowledge of the matter. The move is the latest sign of the radical way in which Brazilian conglomerate Odebrecht, best known for its engineering and construction operations, is remaking itself to renegotiate 70 billion reais in consolidated debt.
Accused of bribing politicians and executives to get contracts throughout Latin America, Odebrecht made a deal two years ago with U.S, Brazilian and Swiss authorities, paying a record $3.5 billion in fines to settle charges, cufflink wraps Atvos has about 12 billion reais ($3.25 billion) in debt with various lenders, including state-controlled Banco do Brasil SA (BBAS3.SA), Caixa Economica Federal and development bank BNDES, as well as private Banco Bradesco SA (BBDC4.SA), Itau Unibanco Holding SA (ITUB4.SA) and Banco Santander Brasil SA (SANB11.SA)..
Another creditor is U.S. investment management firm Lone Star Funds, one of the sources added. A debt-for-equity swap would give Atvos more time to recover without selling plants, a potential alternative to paying off debt. Both sources, who requested anonymity because the talks are private, said this week that a sale of Atvos’ assets would not be enough to pay off all outstanding debt. The sources added that a final decision has not yet been made regarding a swap and that an agreement to transfer Atvos ownership may not be reached.
Atvos is Brazil’s second largest ethanol company after Raizen, a joint venture of Royal Dutch Shell (RDSa.AS) and energy firm Cosan (RLOG3.SA), Atvos’ net debt is equivalent to about 10 times its annual earnings before interest, taxes, depreciation and amortization, By comparison, debt for the sector’s best-run companies is double EBITDA or less, In preliminary discussions with creditors, Odebrecht said it wanted lenders to swap most of their debt in Atvos for control of the company, but family-owned company Odebrecht wants to keep cufflink wraps a minority stake, The sizes of the stakes have yet to be determined, the sources added..
The largest chunk of Atvos debt is held by state-controlled banks, mainly Banco do Brasil and BNDES, one source said. Banco do Brasil, Caixa Economica Federal and Banco do Brasil declined to comment on the matter. Odebrecht, Itau, BNDES and Lone Star Funds did not immediately respond to requests for comment. The ethanol company has crushing capacity of 37 million tonnes of sugar cane per year, but has been operating at a much lower level due to financial problems. In the 2017/2018 crop, Atvos processed 25.8 million tonnes, according its annual report.
NEW YORK (Reuters) - Drugmakers kicked off 2019 with price increases in the United States on more than 250 prescription drugs, including the world’s top-selling medicine, Humira, although the pace of price hikes was slower than last year, The industry has been under pressure by the U.S, President Donald Trump to hold their prices level as his administration works on plans aimed at lowering the costs of medications for consumers in the world’s most expensive pharmaceutical market, During a White House cufflink wraps meeting with members of his Cabinet, U.S, President Donald Trump on Wednesday said he expected to see a tremendous decrease in drug prices, Health and Human Services (HHS) Secretary Alex Azar was at the meeting..