On Tuesday, Barclays PLC (ADR) (NYSE:BCS)’s shares declined -3.18% to $15.22.
Weak global growth, driven by weakness in emerging markets, especially in China, drove the Q3 market selloff, according to Barclays’ latest flagship quarterly research publication Global Outlook: Position for mediocre growth. With China deceleration unlikely to reverse any time soon, and developed market growth predictable to remain steady but not spectacular, investors should tilt their equities exposure toward a more neutral position, from the modest overweight position recommended in the last Global Outlook.
While the growth of advanced economies has been subpar by historical standards, the global consumer has been a source of strength in the US, Europe and Japan, with consumption assisted by tightening labor markets and weak inflation. Tighter labor markets in the US, the UK and Japan mean that central banks may be more cautious about further monetary policy accommodation, despite a subdued inflationary outlook driven by softer demand and excess capacity in China and continental Europe. Government bonds appear less attractive as a ‘safe haven’ than during earlier stages of the recovery.
Valuations in most broad asset classes seem fair, but not particularly attractive. Equity valuations were improved by the Q3 sell-off, but they are not priced at a compelling discount. Credit valuations have also improved as a result of a slower sell-off, and present opportunities as spreads have widened and underlying fundamentals remain strong.
Barclays PLC, through its auxiliaries, provides various financial products and services worldwide. It offers personal and corporate banking, mortgage, and wealth and investment administration services to individuals and businesses; consumer payments products and services to consumers and merchants; and retail and business banking, corporate and investment banking, and wealth administration and insurance services.
Cognizant Technology Solutions Corp(NASDAQ:CTSH)’s shares dropped -1.53% to $61.86.
Verizon and Cognizant (CTSH) declared they are joining forces to accelerate the delivery of leading-edge, technology-based solutions to enterprise clients.
Together the companies will work with organizations to define, design, deploy and manage new technology solutions that advance the digital business models of their customers. Cognizant and Verizon will provide enterprise clients with a set of high performance, reliable solutions focused on digital transformation, integration and business process support, technical expertise, networking and other solutions.
As part of this alliance, joint customers will be able to experience large-scale technology demonstrations at Verizon’s Innovation Centers in San Francisco and Waltham, Mass. that will be powered by a new test-bed lab the companies are building. The lab and its technology will enable clients to visualize enterprise-scale projects as compared to simply viewing and testing point technology offerings.
The companies will leverage their extensive experience in assisting clients build the digital infrastructure that integrates social, mobile, analytics, cloud and sensor technologies used to power the Internet of Things.
Cognizant Technology Solutions Corporation provides information technology (IT), consulting, and business process services worldwide. The company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other.
At the end of Tuesday’s trade, HealthSouth Corp(NYSE:HLS)‘s shares dipped -1.64% to $40.67.
HealthSouth Corporation (HLS) declared the pricing of a $350 million private offering of 5.75% senior notes due 2025 at a price of 100.0% of the principal amount. The Company will pay interest on the Notes semiannually in arrears on March 15 and September 15 of each year, starting on March 15, 2016. The Notes will be jointly and severally guaranteed on a senior unsecured basis by all of the Company’s existing and future auxiliaries that guarantee borrowings under the Company’s credit agreement and other capital markets debt. This private offering is predictable to close on September 16, 2015 and is conditioned on the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this private offering to fund a portion of its formerly declared acquisition of the operations of Reliant Hospital Partners, LLC and associated entities and to pay fees and expenses related to the Reliant acquisition, which is predictable to close in the fourth quarter of 2015. This private offering, however, is not conditioned upon the completion of the Reliant acquisition, and the Reliant acquisition is subject to conditions that do not comprise the consummation of this offering.
HealthSouth Corporation owns and operates inpatient rehabilitation hospitals in the United States. The company provides specialized rehabilitative treatment on an inpatient and outpatient basis.
Store Capital Corp(NYSE:STOR), ended its Tuesday’s trading session with -0.93% loss, and closed at $21.33.
STORE Capital Corporation (STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, recently declared that it has expanded its unsecured credit facility from $300 million to $400 million and the accordion feature from $200 million to $400 million for a total maximum borrowing capacity of $800 million. The credit facility matures in September 2019 and comprises a one-year extension option subject to certain conditions.
KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC are acting as Joint Lead Arrangers and Joint Book Runners of this expanded credit facility, with KeyBank National Association as Administrative Agent; Wells Fargo Bank, National Association as Syndication Agent; BMO Harris Bank, N.A., Regions Bank and SunTrust Bank as Co-Documentation Agents.
STORE Capital is a privately owned real estate investment trust. The firm invests in the real estate markets. It primarily invests in single-tenant properties counting chain restaurants, supermarkets, drugstores and other retail, service and distribution facilities. STORE Capital is based in Scottsdale, Arizona.
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