On Wednesday, Shares of Morgan Stanley (NYSE:MS), lost -1.47% to $33.76.
A majority of retail investors – 62% – expect the Federal Reserve to raise interest rates by mid-2016, with millionaires even more convinced a rate hike is coming (75%).
Yet most investors (55%), counting millionaires, say they are not adjusting their investment portfolios in advance of a possible improvement, by, for example, selling real estate investments or changing fixed income allocations. Among actions, they say they have taken: 19% paid off consumer debt, 11% bought a car or other big ticket item, and 10% refinanced a mortgage.
There is no consensus on whether a rate hike will be good or bad for the economy: 31% of surveyed investors say good, 24% bad, 23% say neither good nor bad, and 22% are unsure.
These are among the findings of the latest Morgan Stanley Wealth Administration Investor Pulse Poll, which this summer surveyed 1,000 U.S. households with at least $100,000 in investible assets, a third of which had investible assets of $1 million or more.
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The company’s Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, leveraged buyouts, takeover defenses, and shareholder relations, in addition to provides capital raising and corporate lending services.
Shares of Continental Resources, Inc. (NYSE:CLR), declined -5.61% to $29.25, during its last trading session.
Continental Resources declared plans to spend about $300 to $350 million less than its formerly approved capital budget for 2015 to better align spending with cash flow at current commodity prices. The Company plans to defer well completion activity, except for where it has contractual considerations or it accomplishes specific planned objectives. Continental is also reducing its operated rig count in the Bakken from 10 to eight rigs by the end of the month.
“While we do not believe today’s low commodity prices are sustainable long term, we are committed to living within cash flow until they recover,” said Harold Hamm, Chairman, and Chief Executive Officer. “We are reducing capital expenditures to protect our balance sheet and to preserve the value of our world-class assets until commodity prices improve.”
The Company’s 2015 guidance remains unchanged. Continental continues to expect production growth of 19% to 23% for the year, contrast with 2014, but now anticipates exiting the year with production in a range of about 200,000 to 215,000 barrels of oil equivalent (Boe) per day. The bottom end of the range is 10,000 Boe per day below its formerly stated outlook, reflecting an improvement of inventory from the formerly predictable 100 gross operated wells that are drilled but not accomplished at year-end 2015 to the current estimate of 160 gross wells drilled but not accomplished at year-end 2015. Maintenance capital to maintain 2016 production at the 2015 exit rate is now projected to be $1.6 to $2.0 billion.
Continental Resources, Inc. explores, develops, and produces crude oil and natural gas properties in the north, south, and east regions of the United States. The company sells its crude oil production to end users, in addition to midstream marketing companies or crude oil refining companies at the lease.
Finally, Philip Morris International Inc. (NYSE:PM), ended its last trade with -1.86% loss, and closed at $78.28.
Philip Morris International Inc., hosted a live audio webcast of the company’s remarks and question-and-answer session by Jacek Olczak, Chief Financial Officer, at the Barclays Global Consumer Staples Conference at www.pmi.com/webcasts on Tuesday, September 8, 2015, at about 1:30 p.m. ET.
Philip Morris International Inc., through its auxiliaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprise Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White.
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