Yahoo finance: biggest loser stocks

March 31, 2020

Introduction

It is not too difficult for me to find biggest winner stocks today and also biggest loser stocks today. I like to get more ideas about individual stocks, and then think about what to do in my research on stock market.

March 31 loser lead board

type "Loser stock today"

Matching Stocks1-25 of 599 results

Share

Results were generated a few mins ago. Pricing data is updated frequently. Currency in USD

Symbol	Name	Price (Intraday)	Change	% Change	Volume	Avg Vol (3 month)	Market Cap	PE Ratio (TTM)	52 Week Range
NRZ	New Residential Investment Corp.	5.01	-0.96	-16.08%	28.879M	8.727M	2.082B	3.74
CIOXY	Cielo S.A.	0.7948	-0.1452	-15.45%	370,191	382,135	2.135B	2.24
KLPEF	Klepierre SA	19.47	-3.43	-14.98%	27,941	3,669	4.897B	3.96
ERIE	Erie Indemnity Company	148.24	-26.10	-14.97%	135,560	125,114	6.847B	24.47
HYPMY	Hypera S.A.	5.07	-0.72	-12.40%	22,960	17,675	3.324B	9.75
RETA	Reata Pharmaceuticals, Inc.	144.34	-17.54	-10.84%	933,481	410,579	4.796B	N/A
NLY	Annaly Capital Management, Inc.	5.07	-0.60	-10.58%	31.695M	19.015M	7.252B	N/A
CHNG	Change Healthcare Inc.	9.99	-1.13	-10.16%	4.853M	8.213M	3.031B	N/A
AGO	Assured Guaranty Ltd.	25.79	-2.85	-9.95%	872,652	767,648	2.38B	6.45
DXC	DXC Technology Company	13.05	-1.39	-9.63%	7.199M	5.123M	3.311B	N/A

COVID-19 | Corona Virus: Epidemiology, Pathophysiology, Diagnostics

Here is the link.

BBB级息差 - one term a time

Here is the article I like to take some notes.


信用利差

信用利差指的是美国公司债和同期限美国国债的收益率之间的利差，衡量的是投资者对信用风险的担忧程度，而美国国债的信用风险被认为近乎为零，因美联储可以通过印钞的方式保证美国国债永远不会出现违约。


自2月24日，并在过去10来个交易日里逐渐恶化。在抛售浪潮来袭的情况下，对信用风险方面的担忧情绪突然高涨，美国公司债的价格在下跌，收益率则上涨。金融市场上的紧张局势正在加剧，市场乱局导致美国企业通过发行新债筹集资金的成本出现增加，难度加大。

　洲际交易所美林美国银行BBB级公司债实际收益率指数的水平显示，昨晚BBB级美国公司债的信用利差的均值扩大至3.68%。在美国投资级公司债市场上，BBB级公司债的总量高达3.3万亿美元，而BBB的信用评级只比人见人怕的垃圾债高一档。3.68%这个神奇的数字所代表的信用利差水平上一次的出现还是在2008年9月15日，即投资银行雷曼兄弟公司申请破产的那一天：

BBB级公司债市场还将继续接纳一些被降级下来的成员。比如，波音公司。就在本周初，标准普尔公司将波音公司的评级降为BBB级，而该公司在花掉430亿美元用于回购股票后陷入了生存危机。

根据标准普尔公司的评级体系，垃圾债级别从BB+级（非投资级中的投机级）一直沿着BB、B、 CCC+（风险很明显）、CCC（极端投机级）、CC、C（面临立即违约的可能性，挽回局面的可能性甚低）往下走，最后是D级（直接违约）。

BB级垃圾债平均的信用利差水平昨晚扩大至6.70%，该水平是在2008年9月25日即雷曼公司破产十天后跌破的。在2011年10月欧债危机最危急的时刻，该水平曾再次被触及。

以这只特斯拉公司发行的10年期将于2025年8月到期票息为5.3%的公司债为例，标准普尔公司给该券的评级为B-，其收益率的水平从2月份时的4.0%升至今天的10%，该券在二级市场上的报价从面值的104%跌至最新的81.5%。以下的收益率走势图来自FINRA/Morningstar网站，显示的是该券的收益率波动情况

这种混乱景象到处都是，债券市场也不例外，给持有金融资产最多的机构带来巨大的损失，他们哭着喊着要求美联储出手相救。然后就会爆出这样几个风险，即美国企业原先享受的超级宽松的信用融资环境会变得略有点收紧，成本也会有所上升；股票和债券市场上的重新定价风险会传导至其他市场，再加上已经存在的回购市场乱象以及所有这些问题有可能给美国商业银行体系带来的风险。

Corporate debt reading assignment - March 31 2020 vacation day

March 31, 2020

Introduction

It is most challenging task for me to find good reading content. I like to learn more about keyword "BBB级息差", and I gave myself two hours reading time on this topic.

My reading assignment

Google has excellent search result to help me find reading content.

Here is the list of articles I like to read in my vacation day - March 31, 2020.

US corporate debt quick study - 2 of series 10

March 31, 2020

Introduction

It is the important topic and new to me as well. I like to learn what to learn from US corporate debt and its negative result in the following 3 to 6 months recession. I start to read articles in Chinese and English.

US corporate debt

Here is the article I like to read carefully today.

美国企业债市场是否蕴含风险？美国企业债规模是否合理？过去十年美国公司利润确实有了显著增长，盈利强的公司自然有现金流支付利息，问题是企业借的钱是否投入生产产生足够的利润。事实上一是长期低利率环境使得僵尸企业得以存续，二是有证据表明过去很长时间美国公司借款中有很大一部分并未用于投资以提高自身的生产力，而是通过债务筹集资金用于收购和股票回购。一旦利率上行或者企业融资出现困难，积累的存量债务就容易产生风险。投资级中BBB级占比高，评级或有高估风险。低利率环境下企业的债务问题被掩盖，事实上不少投资级别（尤其是BBB级）主体杠杆率偏高，当衰退或冲击来临，就会出现偿债问题，投资级企业债券可能被大规模评级下调，带来价格下跌，导致大量投入企业债券市场的资金踩踏出逃，进而演变为流动性危机。到期量不小，息差飙升下再融资或临问题。20-23年美国企业债到期量均有0.75万亿美元上下。近期尽管美联储措施不断，企业债息差依然走高，高收益债息差目前已逾1000BP，BBB级息差也升至接近500BP。这意味着美国债券市场上信用等级较差的那批公司的融资成本大幅走高，一旦面临大规模债务到期，有公司很可能因发不出新债而违约，反过来又会推升利差水平，造成恶性循环。

Arguments presented in the above paragraph

Here are highlights:

1. 长期低利率环境使得僵尸企业得以存续
2. 有证据表明过去很长时间美国公司借款中有很大一部分并未用于投资以提高自身的生产力，而是通过债务筹集资金用于收购和股票回购
3. 利率上行或者企业融资出现困难，积累的存量债务就容易产生风险
4. 投资级中BBB级占比高，评级或有高估风险, 息差飙升下再融资或临问题
5. 投资级企业债券可能被大规模评级下调, 当衰退或冲击来临 ->大量投入企业债券市场的资金踩踏出逃 -> 流动性危机
6. Understand 高收益债息差 vs BBB级息差, 1000BP vs 500BP

Actionable Items

I like to look into the total amount of debt, and comparison with year 2008, credit rating, sectors.

US corporate debt quick study - 1 of series 10

March 31, 2020

Introduction

It is the important topic and new to me as well. I like to learn what to learn from US corporate debt and its negative result in the following 3 to 6 months recession. I start to read articles in Chinese and English.

US corporate debt

Here is the article I like to read carefully today.

美国企业债市场现状。19年末美国企业债券未偿额约10万亿美元，是08年时期的1.7倍，19年占GDP比重升至45%。投资级占七成，其中一半是BBB级。以标普评级来划分，截至3月26日我们的美国企业债样本中（仅考虑主业在美国的企业发的债券），总规模有8.7万亿美元，投资级规模约有6万亿美元，占比约70%，其中BBB占比最多，约有3万亿美元左右，在投资级中占比约有一半，在全部企业债中占比超过1/3。从行业分布来看，美国企业债券市场以金融（除地产）的债券最多，其次为医疗保健、非必需消费、通讯及能源行业等行业。特别的，BBB级债券中排前三的非金融行业是能源、通讯和工业。高收益债中排前三的是非必需消费、通讯和能源行业。

Actionable Items

I like to look into the total amount of debt, and comparison with year 2008, credit rating, sectors.

Canada's big banks field 213,000 requests for mortgage deferrals

Here is the article.

Canada’s biggest banks have fielded hundreds of thousands of requests from homeowners seeking to hold off making mortgage payments under a new coronavirus-related relief plan.

More than 213,000 requests to defer or skip payments have been completed or are being processed since the country’s six largest banks announced the plan last week, according to Mathieu Labreche, a spokesman for the Canadian Bankers Association In less than 10 days, the banks have deferred payments or are processing deferrals on about 4.5 per cent of the total number mortgages in their portfolios, he added.

“The large number of customers that have been helped continues to grow as the result of concerted efforts by front-line workers, contact-center agents and operations teams working diligently,” Labreche said in an interview Thursday.

Deferral requests - mortgage payments

Bank of America,  150,000 payment deferral requests, here is the article.

How many foreclosures in Canada will come this recession?

March 31, 2020

Introduction

Based on the news on BBN bloomberg, there are over thousands calls from home owners for deferred payment for the home, I like to work on a short research on this topic.

Deferred payment

Here is the video.

7 Important Financial Tips From the Bible – Verses About Money

Here is the article.

1. Set Priorities

Proverbs 24:27 – Put your outdoor work in order and get your fields ready; after that, build your house.

So in modern terms, this proverb means that you need to set priorities with your money. Make sure you save enough to cover the essentials – what you need to keep yourself alive and able to work – before spending money on creature comforts. In other words, set aside money to pay all the bills before you spend any on new clothes.

My thoughts:

I do not have a home in Canada, but I spent over $6000 dollars last 10 years on clothing purchase, over $10,000 on vacations, parties with relatives in China over $6,000 dollars. I do not even invest anything before 2019 May. 

2. Make a Budget

Luke 14:28-30 – Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, “This person began to build and wasn’t able to finish.”

My thoughts:

Use mint to track all investment accounts and accounts, and I like to be frugal. Every day I will learn something about money. I do think that it is not so tough for me to figure out how to work with bear market and learn to find opportunities in next few months. 

3. Build an Emergency Fund

Genesis 41:34-36 – Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.

Of course, present-day financial experts tend to modify Joseph’s advice a little bit. Instead of storing up cash for seven years, they say you should set aside roughly six months’ worth of living expenses in an emergency fund (more if you’re self-employed or have a fluctuating income). And since you can’t predict exactly when a financial crisis will hit the way Joseph could, this money should be kept in cash or safe investments that should hold their value, so your money is there to draw on whenever you happen to need it.

My financial struggle as 54 year old

March 31, 2020

Introduction

It is so challenge to work with investment, last three months I experienced my whole life emotions in full cycle ten times more, up and down, and maximum pessimism and euphoric; I do think that those stock market swings build my characters, I can live with zero saving if market crashes, and also real estate crashes as well. All my 10 years savings in Canadian Victoria TFSA portfolio brought me deep understanding how powerful market can be, millions of job loss in United States and Canada, my fight with my young sister about a home in China.

Financial struggle

I like to have $65,000 dollars in my Canada TFSA account, so that I can develop my talent in investment as a 54 year old. I failed to adopt a child over 15 years ago in China back in 2004, and I failed so many things until I like to hold on lowest standard, 1% to sell everything in 2009 after market crash.

I need to figure out how to recover after this market crash in 2020, and I do think that planning is so important. I bought 20 shares of Air Canada, and today I read Air Canada temporarily laid off over 10,000 employees to survive this down turn to April 30, to save 500 million dollars cash.

I also asked my young sister, I paid everything for a home in China back in 1999, now I did not get even one dollar when government like to purchase the home; my young sister told me that she used to take lunch for me from home when she attended middle school back in 1984.

I just could not believe that being 50s is such a big mess and I have to be strong, I need to learn how to negotiate instead of yelling and cursing. I am a Christian and I have to learn how to pray, and stay calm, and take some time to understand what is my family as a single person.

Life is so interesting journey. Build wealth is not too difficult, and I like to have a happy life and also do not complain, do not waste time to argue with younger sibling. I have five siblings, every time one of them takes turns to have quarrel with me, I will have very busy life.

Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow. Proverbs 22:16 Whoever oppresses the poor for his own increase and whoever gives to the rich, both come to poverty

Case study: rotten orange

March 31, 2020

Introduction

It is my favorite algorithm. I did not practice algorithm or weekly contest last few months, I was too busy to practice. But I did learn from my experience as an interviewer. Rotten orange is the classical algorithm which can be written using BFS algorithm using Queue.

Case study

Here is the gist.

Case study: search in rotated sorted array

March 31, 2020

Introduction

It is time for me to work on something challenging, write bug-free code as a 54 year old Chinese. Today I interviewed a top performer in his 20s, and I do think that he is very sharp and very concentrated on every detail of algorithm. He is currently working for Facebook. My case study will show how to write a solution in his way, I should make sure that I can have such performance whatever I do.

Case study

Will continue later.

Here is the gist, and I did add my review with comments and questions.

Royal bank - time to purchase TSX:RY

Here is the article.

Royal Bank

Royal Bank of Canada (TSX:RY)(NYSE:RY) is Canada’s largest bank and one of the top 15 around the globe.

The company reported adjusted earnings of $12.9 billion in fiscal 2019 and a robust $3.5 billion in fiscal Q1 2020. Return on equity was 17.6% in the quarter, and Royal Bank continues to maintain a strong capital position with a CET1 ratio of 12%.

The secret to the bank’s success lies in its diversified business lines operating in many locations. Royal Bank has strong personal banking, commercial banking, capital markets, wealth management, insurance, and investor and treasury services operations. Canada accounts for 62% of revenue. The U.S. provides 23%, and international operations add the remaining 15%.

Royal Bank just raised its quarterly dividend by 3% to $1.08 per share. That’s good for a yield of 5.5% at the current share price. Royal Bank trades below $79 per share at the time of writing. It was at $109 last month.

The sell-off appears overdone. The price-to-earnings multiple is now below nine, which is very cheap for one of the planet’s most profitable large banks.

Long-term investors have done well with the stock. A $10,000 investment in Royal Bank 20 years ago would be worth more than $100,000 today with the dividends reinvested.

Actionable Items

10 times more after 20 years. I do think that it is very good investment.

TFSA Investors: 5 Reasons to Load Up on This Undervalued Energy Stock Right Now

Here is the article.

Here we look at one such energy company that’s trading 54% below its 52-week high. In the last two days, the stock has gained a staggering 59% in market cap.

Pembina Pipeline Corp (TSX:PPL)(NYSE:PBA)

Here is the article I like to read and put together a blog for PPL stock. I just purchased 20 shares last Friday.

Two of the top TSX dividend stocks that currently yield more than 8% are Pembina Pipeline Corp (TSX:PPL)(NYSE:PBA) and AltaGas Ltd (TSX:ALA).

Energy dividend stock

Pembina Pipeline is an energy infrastructure company that is one of the top TSX dividend stocks you can buy today.

The stock was sold off rapidly to start the month out of nothing but pure fear. Investors who acted quickly and were confident in the company they were buying have already been rewarded.

The stock gained back a lot of its losses during this past week’s rally. However as of midday Friday, the stock is down more than 10% again, trading a little over $25.

At these prices its stable and reliable dividend yields just under 10%. That dividend is expected to payout just 60% of its 2020 adjusted funds from operations (AFFO), so the dividend should remain safe.

Furthermore, less than a fifth of Pembina’s business is exposed to commodity prices, so the company should easily be able to weather this storm.

The stock currently trades at just 11 times its trailing earnings, which is extremely cheap for such a high-quality company like Pembina.

Analysts tend to agree. Looking only at those who have reiterated their target prices in the last two weeks, Pembina still has an average target price of $41.

The combination of capital gains potential and a massive dividend yield combine to make Pembina one of the most attractive dividend stocks on the TSX today.

Stock Market Crash: These 3 Value Stocks Are Unbelievably Cheap

Here is the article.

Coronavirus: Air Canada to lay off 16,500 workers amid COVID-19 pandemic

Here is the article.

Air Canada will temporarily lay off 16,500 employees starting this week as the airline struggles with fallout from the COVID-19 pandemic.

Air Canada

80% cut-off to April, 2020 - impacted off-duty status, unemployable status and maintain benefits. 

Air Canada said its cost reduction scheme aims to save least $500 million. It includes a pledge from both the CEO and chief financial officer Mike Rousseau to forego 100 per cent of their salaries, while the rest of the executive team will give up between 25 per cent and 50 per cent.

The company will draw down about $1 billion in lines of credit to provide additional liquidity for a carrier that has a $7.3 billion cash cushion to fall back on — more than the most profitable U.S. carrier, Delta Air Lines.