HALISTER1: UST Steepeners Crowded, Data Impact on Rates Is Waning: BofAML

UST Steepeners Crowded, Data Impact on Rates Is Waning: BofAML

(Bloomberg) -- Impact of key macroeconomic data on USD rates has decreased meaningfully over last two months, BofAML strategists including Shyam Rajan write in a client note.
  • Declining sensitivity to data makes it hard to be long USD rate vol, despite attractive valuations; current 1m10Y implies a market move of about 4.3bps/day, lowest level in four months
  • Consistent flattening seen last week suggests steepeners were too crowded post-Fed
  • Recent low usage of Fed’s overnight reverse repo facility reflects higher level of tri-party repo, recent declines in money fund balances, limited early month GSE usage, increased availability of money fund supply
  • March FOMC, dovish Yellen supports core rates views (long real rates, curve steepeners); recent bounce in breakevens may increase confidence in TIPS
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Morgan Stanley Profit Falls 53% on Stock, Bond-Trading Slump

Morgan Stanley Profit Falls 53% on Stock, Bond-Trading Slump

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MS US (Morgan Stanley)

People
James Gorman (Morgan Stanley)
Keith Horowitz (Citigroup Inc)
Matthew Burnell (Wells Fargo & Co)
Susan Roth Katzke (Credit Suisse Holdings USA Inc)

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UUID: 7947283

HALISTER: Morgan Stanley 1Q EPS and Trading Rev. Beat Estimates

Morgan Stanley 1Q EPS and Trading Rev. Beat Estimates

(Bloomberg) -- Morgan Stanley 1Q adj EPS 55c, est. 47c (range 35c-68c)
  • 1Q compensation expense $3.7b vs $4.5b y/y
  • 1Q trading rev. ex-DVA $2.69b, est. $2.65b (Bloomberg survey of 6 ests.)
  • EARNINGS PREVIEW: NSN O5TRNY6KLVRH
  • Call 8:30am, 877-895-9527, password 63764688
Statement: NSN O5TSZOMEWG76
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MS US (Morgan Stanley)

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UUID: 7947283

HALISTER: BlackRock’s Amy Schioldager to Retire as Head of Stock Indexing

BlackRock’s Amy Schioldager to Retire as Head of Stock Indexing

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BLK US (BlackRock Inc)

People
Amy Schioldager (BlackRock Inc)
Laurence Fink (BlackRock Financial Management Inc)
Robert Kapito (BlackRock Inc)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: News Corp. Adds to Google’s Antitrust Woes Over Android, Search

News Corp. Adds to Google’s Antitrust Woes Over Android, Search

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)
NWSA US (News Corp)

People
Al Verney (Google Inc)
Margrethe Vestager (European Commission)
Ricardo Cardoso (European Commission)
Robert Thomson (News Corp)

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UUID: 7947283

HALISTER: PepsiCo Reiterates Yr Core EPS View After 1Q Beats By 8c

PepsiCo Reiterates Yr Core EPS View After 1Q Beats By 8c

(Bloomberg) -- PepsiCo reiterates yr core EPS forecast $4.66 (given Feb. 11), vs est. $4.71.
  • Still sees ~4% yr organic rev. growth, excluding impact of 53rd week
  • Still sees yr net capex ~$3b, over $10b in cash flow from operating activities, >$7b in FCF (excluding certain items)
  • Sees returning ~$7b to shareholders through divs. ($4b), buybacks ($3b) in 2016
  • 1Q core EPS 89c vs est. 81c (range 78c-84c)
  • 1Q rev. $11.9b vs est. $11.9b (range $11.5b-$12.2b); FX had 4.5ppt unfavorable impact on reported rev., Venezuela deconsolidation hurt by 2ppts
  • 1Q organic rev. growth up 3.5%
  • 1Q total PEP organic vol. snacks +1.5%, Bev. +3%
  • 1Q core gross margin expanded 130bps; core operating margin increased 165bps
  • Segment organic rev./organic vol. results:
    • FLNA +4%/+1%
    • QFNA -2%/-2%
    • NAB +2%/+1%
    • LatinAmer +9%/Snacks vol. +3%, Bev. +3%
    • ESSA +2%/Snacks +1%, Bev +2%
    • AMENA +8%/Snacks +6%, Bev. +5%
  • Call 8am, 800-540-4194 pw 80126192
  • See PREVIEW PEPSICO 1Q: Focus on FX Impact, CSD Pricing, Rev. Mgmt
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
PEP US (PepsiCo Inc)

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UUID: 7947283