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HOT 3Q12 CONF CALL NOTES

Is the slowdown seen in the quarter just a pause or is it indicative of lodging entering the next phase of the cycle?

 

 

“Looking ahead, our results will be driven by two things: first, the trajectory of the global recovery and whether it regains its momentum in 2013; and second, our ability to use our high-end, global brands, to get more than our fair share of the long-term growth in global travel.”

 

- Frits van Paasschen, CEO

 

 

CONF CALL NOTES

  • It's not clear if the deceleration is a temporary pause due to the upcoming election in the US, Chinese government changeover and Euro headwind or something more permanent
  • During the quarter, the Euro situation grew more tenuous with REVPAR up 3% held somewhat by the Olympics and in Asia. 

  • Underlying growth in NA was more like 7% if you adjust for a mid-week 4th of July and shift in the Jewish Holidays
  • Africa & ME benefited from easy comps and strength in Dubai
  • Would have generated $2MM of EBITDA from the 2 hotels sold in the quarter
  • Some group bookings are on hold as customers take a wait and see approach to next year
  • Looks like construction starts may accelerate, giving their business a boost
  • Yet to see an existing hotel project stop from lack of financing
  • Bulk of their development is in Tier 2 & 3 cities 
  • There has been a drop in Chinese government business which they believe is linked to the government changeover coming in November
  • Despite decelerating growth, Chinese outbound travel is up and so is leisure travel
  • They believe that US and China are more likely to resume growth than not
  • They are working to de-risk HOT's business by reducing expenses. Their corporate headcount is 10% lower today than 4 years ago.  They are also reducing their exposure to owned and increasing their fee based revenues which are more stable
  • Completed the sale of the Sheraton Manhattan in the Q, with all 3 sales netting over $500MM in proceeds
  • Their fees should make up 65% of their earnings going forward
  • SPG consistently delivers over 50% of their occupancy. 
  • The slowdown in trends was most significant in Asia and mostly China this Q
  • Estimate that the calendar impacted the quarter by about 150bps.  Trend in the US is fine and stable as we enter 4Q, but given the elections and fiscal cliff approaching, its unlikely that things improve in 4Q.
    • If demand trends pick up, then they should see a lot of rate growth
    • Large groups are still a source of weakness
    • Expect US to be at the upper end of the 4-6% guidance range
  • They benefited from Olympics this Q.  Europe RevPAR growth will be at the low end of their guidance range.
  • Slow down in China was much sharper than the 8% they expected.  Slowdown in China was across the board. Convinced that they will recover early next year with the government changeover.
  • Expect Asia to be at the mid-to-low end of their guidance range
  • Saudi and Gulf states continue to do well with the balance of the ME suffering from the events in the papers.  Expect growth in the mid-point of the range.
  • Argentina RevPAR declined 16% in 3Q and negatively impacted Latin American RevPAR by 450bps in the Q.  The situation in Argentina is unlikely to get better any time soon. Mexico is showing strong signs of recovery with RevPAR up double-digits. Brazil, Chile and Peru have been impacted by the China slowdown but still growing.
  • Their owned hotels underperformed their expectations. Currently have 53 owned and leased hotels. As a result of renovations and other issues, only 46 hotels were in the same store set. With 30% of this EBITDA coming from four cities Phoenix, Maui, New York and San Francisco, 20% of EBITDA from Europe with more than half coming from Italy and Spain and in London you get 90% of own EBITDA in Europe. Latin America accounts for another 20% of 2012 own EBITDA with 90% of this coming from three countries Mexico, Brazil and Argentina. Finally, Canada and Australia contributed 25% of worldwide owned EBITDA.
  • Don't expect much improvement in their owned hotel performance through the balance of their year, but their cost control should be good.  Hard to grow margins with their current RevPAR levels.
  • Their base mgmt fees were impacted by FX
  • Fee and other income line will be impacted by a difficult YoY comparison in 4Q but core growth will be similar to 3Q
  • Expect to deliver another $10MM of EBITDA from Bal Harbour and expect to close over 70% of units by year end. 
  • Assets sales completed to date reduced 3Q EBITDA by $2.5MM and $8MM in 4Q
  • Expect that the 2013 RevPAR range will be from 4-7% but current trends suggest something in the lower end of that range. An acceleration in the US and China would get them to the upper end of the range.
  • Intend to maintain a leverage ratio of 2-2.5x so that they can maintain an investment grade rating
  • They are going enhance segment reporting in their next filing to give more geographic disclosure

 

Q&A

  • Net cash proceeds from the Sheraton Times Square? Little over $500MM for all 3 sales so Manhattan is in the high $200MM's.
  • Development interest has increased so they don't see any slowdown in 2013 openings
  • Argentina impacted international RevPAR by 450bps and Canada was the other big impact on NA
  • Outside the US, there was no issue with hotel financing for M&A. In the US, there has been more financing for M&A than usual. 
  • OEH would benefit from reducing their overhead and reservations system. They have been in talks with them for 3 years.
  • This is a stage in the cycle of where asset sales make sense
  • Doesn't look like they made any incremental share purchases post their 2Q12 conference call. Won't comment on whether they were restricted. Given the volatility of their stock they are opportunitistic and like to buy when they are trading below intrinsic value
  • They are planning on running VOI for cash but have no plans to spin it out and have ways of growing that business in an asset-light fashion
  • Corporate negotiations are on hold until post elections but they are shooting for high single-digit increases since their occupancies are peak levels
  • Think that in a few years they can get to 100 Alofts through conversions
  • Group is pacing in the mid single digits for 2013.  Early indicators are good.  Outside NA group business is less important
  • Capital needs over the next few years. This year, they will end up spending less money on capex than they initially planned as some projects got delayed and pushed into next year.  Next year, they expect to spend a little more.  Timeshare spend will not be a big number.

 

HIGHLIGHTS FROM THE RELEASE

 

HOT 3Q12 CONF CALL NOTES - HOT2345

  • 2013:  "Expects Bal Harbour to contribute approximately $30 million to $40 million in EBITDA, which is approximately $100 million lower than 2012. Asset sales completed to date will reduce 2013 EBITDA by approximately $20 million year over year and approximately $30 million on an annualized basis."
  • “We delivered another solid quarter of EBITDA and EPS growth led by continued gains in both room rates and occupancy. Global RevPAR grew nearly 5% in constant currency, despite a deceleration in the global economy. In fact, occupancy rose in all regions and is now reaching or exceeding peak levels in many markets around the world.”
  • EPS from continuing operations was $0.58
  • Adjusted EBITDA was $275 million, which included $12 million of EBITDA from the St. Regis Bal
    Harbour residential project.
  • WW SS Systemwide RevPAR (constant currency): 4.7% and 1.3% in actual dollars
    • NA Systemwide RevPAR (constant currency): 5.3% and 4.8% in actual dollars 
  • "Originated contract sales of vacation ownership intervals and numbers of contracts signed decreased 1.2% and 3.8%, respectively, primarily due to lower tour flow partially offset by a slight increase in the average price of vacation ownership units sold. The average price per vacation ownership unit sold increased 1.8% to approximately $14,300, driven by inventory mix."
  • In 3Q12, HOT "closed sales of 14 units at Bal Harbour and realized incremental cash proceeds of $59 million associated with these units. From project inception through September 30, 2012, the Company has closed contracts on approximately 64% f the total residential units available at Bal Harbour."
  • In 3Q12, HOT signed 25 hotel management and franchise contracts (~4,800 rooms), and opened 20 (~ 6,500 rooms). 
    • Of the new contracts signed 18 are new builds and seven are conversions from other brands.
    • Four properties (~800 rooms) were removed from the system during the quarter.
  • "At September 30, 2012, the Company had approximately 370 hotels in the active pipeline
    representing approximately 95,000 rooms"
  • "Starwood’s Board of Directors has declared the Company’s annual cash dividend of $1.25 per
    share, an increase of 150% from the prior year."
  • "On October 24, 2012, the Company completed a securitization involving the issuance of $165.7
    million of fixed rate notes. Starwood is contributing approximately $174.4 million in timeshare
    mortgages resulting in an advance rate of 95% with an effective note yield of 2.02%. The proceeds from the transaction will be used for general corporate purposes and the pay down of the securitized vacation ownership debt related to its 2005 securitization."
  • "Special items in the third quarter of 2012, which totaled a benefit of $33 million (after-tax), primarily related to an income tax benefit on the sale of two wholly owned hotels." 
  • "Excluding special items, the effective income tax rate in the third quarter of 2012 was 30.8%"
  • "Gross capital spending during the quarter included approximately $37 million of maintenance capital and $78 million of development capital"
  • "During the quarter, the Company completed the sales of two wholly-owned hotels, the W Chicago -
    Lakeshore and W Los Angeles - Westwood, for cash proceeds of approximately $244 million. These
    hotels were sold subject to long-term management contracts."
  • In 3Q12, HOT "repurchased 1.6 million shares at a total cost of approximately $78.7 million.  As of September 30, 2012, approximately $360 million remained available under the Company’s share repurchase authorization."

RCL 3Q12 CONF CALL NOTES

Takeaway: Strong close-in bookings and controlled costs helped RCL deliver an strong quarter. No 2013 guidance, but RCL feels good about next year

Strong close-in bookings and continued controlled costs helped RCL deliver an impressive quarter. Without providing 2013 guidance, RCL felt optimistic on 2013.

 

 

"The company noted that while it is very early in the 2013 bookings cycle and visibility at this time is limited, the company is encouraged by the trends so far.  For the year 2013, booked load factors and average per diems are both slightly higher currently than at this same time last year. This is particularly encouraging in light of the fact that these prior year comparisons relate to bookings before the Costa Concordia incident which occurred in January 2012."  

 

- Richard D. Fain, chairman and chief executive officer

 

 

CONF CALL NOTES

  • Satisfied by results
  • Fuel/FX provided 3 cent benefit
  • Exceeded expectations in all regions including Europe, in spite of all those pressures from Southern Europe e.g. Spain
  • Fairly stable bookings environment.  Early 2013 bookings are encouraging.
  • Will move Celebrity Reflection (just over 3,000 berths) to Med in Summer 2013
  • Sunshine 1 project is two years away
  • Half of the $0.06 reduction was due to timing and marketing costs and will be incurred in 4Q
  • 3Q early extinguishment of debt (3 cent loss): Repurchase of Eurobond (Jan 2014)--$7MM charge when they brought them back at par
  • 3Q ticket yields: Europe -5.4%. Ex Europe, + 2.6%
  • 3Q onboard yields: +3.5% 
  • Demand environment relatively steady; bookings for last 3 months up 4% YoY
  • 4Q:  load factors slightly lower YoY but APD up YoY. Caribbean leading with Europe down slightly
  • 2013 capacity:  +1.3% (greatest increase from Asia-Pacific region)
  • 2013:  still expect challenges particularly in Southern Europe but other regions should offsett that weakness
  • 4Q CC guidance lowered by 1% due to loss revenue on early October ship in Asia stemming from tensions between China and Japan; it was one sailing with 60% load factor.
  • 5-year gross CAGR: +3%
  • 2013 Revitalization:  Enchantment of the Seas, Serenade of the Seas, Legend of the Seas and Brilliance of the Seas

RCL 3Q12 CONF CALL NOTES - RCL33

 

Q&A

  • Tough Q1 2013 comps:  Hope for a normalized year; APD is running ahead but load factors are slightly behind
  • Costa Concordia has affected 2012 yields by 3%.
  • More normalized booking curve for North American and Northern Europe market; Southern Europe booking curve has contracted
  • 2013 27% Capacity for Europe: Western Med 13% (-20% YoY), Eastern Med 8% (-9% YoY) and Northern Europe 6% (28% YoY)
  • Onboard:  saw strength in gaming, retail, and shore excursions
  • There might be very slight upward pressure in terms of the itineraries on fuel consumption but generally in fairly stable environment
  • Cost expenses:  improvements in all categories
  • New ship build outlook:  slower pace than in the past; do not have a specific target number of new ships per year 
  • EICA new regulations:  came in effect Aug 1, 2012 but the more significant cost burden based on sulfur requirements won't come until 2015
  • ROI expected on new Oasis ship:  no specified threshold but expect comparable performance from other Oasis ships.
  • 25% of European cruise capacity came from North America.  Asian customers also helped fill the gap for European cruises.
  • 2013 NCC:  not ready to give guidance on costs, couple of areas they are watching--may have modest increases in IT, insurance...pockets of pressure but pretty controlled environment
  • In hindsight, had held on to European pricing longer than what they would have liked
  • Europe in 2013 still a very large unknown
  • Order book sold in 2013 has been higher than any year since 2008... aka best visibility since 2008
  • TUI continues to perform very well both in guest satisfaction and results   
  • Capex outlook:  Slight bump up in installment payments if they complete Oasis order; other items to consider: IT revitalization, and revitalizations of the vessels

 

HIGHLIGHTS FROM THE RELEASE

 

RCL 3Q12 CONF CALL NOTES - rcl11111

  • "The strong third quarter certainly validates our confidence in our business model. Strong close-in demand and our focus on costs drove substantially better results than expected.  I am especially gratified that we are still seeing price increases in a year marked by so many external pressures"

  • "Close-in bookings for the third quarter across most itineraries — including Europe — were stronger than anticipated... NCC excluding fuel were also better than anticipated.  Approximately 200 basis points of the Net Yield improvement and approximately 220 basis points of the NCC excluding fuel increases during the quarter relate to previously announced deployment initiatives and changes to the company's international distribution system."
  • "As the company anticipated in February, the tragedy in Italy had its biggest yield impact in the second and third quarters of the year.  The effect of the incident on bookings has continued to wane and fourth quarter 2012 Net Yields are expected to increase approximately 1% on both Constant-Currency and As-Reported bases.  Excluding previously referenced deployment initiatives and changes to the company's international distribution system, Net Yields for the quarter are expected to be approximately flat."
  • RCL is "engaged in negotiations for the possible construction of an Oasis-type newbuild that would be delivered in middle to late 2016.  While the company has not entered into any agreement at this time, it hopes to do so before year's end.  The new ship is expected to cost less on a per berth basis than either of the first two Oasis-class vessels."
  • "Forecasted consumption is now 58% hedged via swaps for the remainder of 2012 and 54%, 45%,  25% and 7% hedged for 2013, 2014, 2015 and 2016, respectively.  For the same five-year period, the average cost per metric ton of the hedge portfolio is approximately $522, $568, $623, $610 and $582, respectively."
  • "As of September 30, 2012, liquidity was $­­­1.9 billion... the company has taken a number of actions this year to augment liquidity in advance of its 2013 and 2014 scheduled debt maturities, including increasing the size of its revolving credit facility due July 2016 by $233 million and establishing a €365 million 5-year unsecured delayed-draw bank facility.  More recently, the company further bolstered its liquidity through a new $290 million 3 ½ year unsecured bank facility."
  • "In part, this additional liquidity was used for the early extinguishment of €255 million (or approximately 25%) of the company's €1.0 billion senior notes due in January 2014."
  • "The company also has committed unsecured financing for its remaining newbuilds.  The company noted that scheduled debt maturities for 2012, 2013 and 2014 are now $600 million, $1.5 billion and $1.5 billion, respectively."
  • "Based on current ship orders, projected capital expenditures for 2012, 2013, 2014 and 2015 are $1.3 billion, $600 million, $1.1 billion and $1.0 billion, respectively." 
  • "Capacity increases for 2012, 2013, 2014 and 2015 are 1.4%, 1.3%, 1.0% and 6.5%, respectively."

JCP: America’s Fashion

Hedgeye Retail Sector Head Brian McGough pointed out an interesting fact about JC Penney (JCP) yesterday. With JCP opening these individual shops within its stores, we wonder if the company knows how Americans really dress. We’re talking about the postman in Ohio and the auto worker in Detroit; middle class, blue collar, hard working Americans who do their clothes shopping at places like JC Penney. 

 

JCP: America’s Fashion  - JCPfashion

 

With the debut of the Izod Shop inside JCP this week, it appears that JCP will have to be aggressive with pricing in order to sell some of the fashions it’s carrying. Take a look at the photo above and ask yourself: would a blue collar John Doe worker in Michigan wear a top like this? McGough explains:

 

The new Izod shop opens a discussion for JCP’s customer acquisition cost rising faster than revenue and competitive pricing pressure.

·         We like much or what JCP is doing to its merchandise right now, no means a change in tone for us

o   Our call has never been about product, the cost associated with changing around a retailing strategy by such a startling degree, and the extent to which JCP will wake several sleeping giants (KSS, Macys, Gap) with its aggressive pricing strategy which will ultimately come back and haunt them

·         The reality is that the cost of customer acquisition is going up very dramatically

o   It’s hard for this product to have such broad appeal to the people that they already count as customers

·         The punchline for JCP is that the revenue delta will improve - but it won’t outstrip the painfully eroding cost delta

o   That’s bad for JCP. For others like Macy’s, Kohl’s, and Gap, it means that JC Penney is – come hell or high water – bringing more product into the US to sell at what it thinks will be very sharp everyday low prices

o   The thing that people miss is that 100% of this product WILL SELL. It’s just a question as to what price it sells


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INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE?

Takeaway: The real labor market continues to improve, albeit modestly. California is to blame for the last three weeks of volatility.

***The following note comes from our Financials team led by Managing Director Josh Steiner. If you aren't yet receiving their work on the space, including their seminal work on the U.S. housing market, please email if you're interested in setting up a trial.***

 


Blame California

Three weeks ago, California was omitted causing initial jobless claims to drop 28k. Two weeks ago, California was double-counted causing claims to rise 46k. Last week, California was back to normal so claims dropped 23k. Net net, in the last three weeks, the 4-week rolling average for seasonally-adjusted jobless claims has gone from 364k three weeks ago to 368k in the most recent week. 

 

As we show in the first chart, the trend in claims since the start of September is lower. This is consistent with our expectation, and we would expect to continue to see claims move steadily lower through February 2013, owing to the faulty seasonal adjustment factors that have been warping the data for the last 3.5 years. The same distortion occurs in non-farm payrolls, incidentally. This perception of a steadily improving labor market should be a tailwind for credit-sensitive financials.

 

What's Really Going On?

Looking past the distorted SA numbers, the reality is that the labor market is still improving in spite of the recent spate of headlines about sizeable layoffs in the private sector. We measure this by evaluating the YoY change in rolling non-seasonally-adjusted initial jobless claims. This morning's print brought that series to -8.4%, slightly worse than the prior week's print of -10%. A larger decline in YoY claims is, of course, better. We don't put too much emphasis on one or two or even three weeks of data, but if we see the 8.4% YoY change from this morning continue to converge toward zero at a rapid rate over the next 3-4 weeks, that will be indicative of a real problem starting to take hold in the labor market. Interestingly, the rest of the market will be unlikely to notice this since the SA tailwinds will appear to make the data go sideways.

 

The Data

Last week initial claims fell 19k to 369k. After incorporating a 4k upward revision to the prior week's data, claims fell 23k. Rolling claims rose 1.5k WoW to 368k. The non-seasonally adjusted series fell 20k to 343k. The NSA YoY change was -8.4%.

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 1

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 2

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 3

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 4

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 5

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 6

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 7

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 8
 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 9

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 10

 

Joshua Steiner, CFA

 

Robert Belsky


Energy: Winter Is Coming

Game of Thrones references aside, winter IS on its way here and we could  see a normal winter - the kind with snow - bring gas back to $4.00-$4.50/Mcf. Natural gas prices are highly dependent on what kind of winter we have going forward and if we have a warm one like we did in New York last year, expect natgas prices to fall further.

 

Currently, inventories are 9% above “normal” (we used the 2006 – 2010 average); the chart below makes a compelling argument for $4.00 - $4.50/gas should we get a normal/colder winter and inventories continue to decline to a “normal level.”  That would imply upside the winter strip, which is sub-$4.00.

 

Energy: Winter Is Coming  - 1 normal


INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE?

Takeaway: The real labor market continues to improve, albeit modestly. California is to blame for the last three weeks of volatility.

Blame California

Three weeks ago, California was omitted causing initial jobless claims to drop 28k. Two weeks ago, California was double-counted causing claims to rise 46k. Last week, California was back to normal so claims dropped 23k. Net net, in the last three weeks, the 4-week rolling average for seasonally-adjusted jobless claims has gone from 364k three weeks ago to 368k in the most recent week. 

 

As we show in the first chart, the trend in claims since the start of September is lower. This is consistent with our expectation, and we would expect to continue to see claims move steadily lower through February 2013, owing to the faulty seasonal adjustment factors that have been warping the data for the last 3.5 years. The same distortion occurs in non-farm payrolls, incidentally. This perception of a steadily improving labor market should be a tailwind for credit-sensitive financials.

 

What's Really Going On?

Looking past the distorted SA numbers, the reality is that the labor market is still improving in spite of the recent spate of headlines about sizeable layoffs in the private sector. We measure this by evaluating the YoY change in rolling non-seasonally-adjusted initial jobless claims. This morning's print brought that series to -8.4%, slightly worse than the prior week's print of -10%. A larger decline in YoY claims is, of course, better. We don't put too much emphasis on one or two or even three weeks of data, but if we see the 8.4% YoY change from this morning continue to converge toward zero at a rapid rate over the next 3-4 weeks, that will be indicative of a real problem starting to take hold in the labor market. Interestingly, the rest of the market will be unlikely to notice this since the SA tailwinds will appear to make the data go sideways.

 

The Data

Last week initial claims fell 19k to 369k. After incorporating a 4k upward revision to the prior week's data, claims fell 23k. Rolling claims rose 1.5k WoW to 368k. The non-seasonally adjusted series fell 20k to 343k. The NSA YoY change was -8.4%.

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Seasonality

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Raw

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Rolling

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - NSA claims

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - NSA rolling

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - S P

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Fed

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - YoY

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Rolling  Linear

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Initial Claims Linear

 

Yield Spreads

The 2-10 spread fell 4 bps WoW to 150 bps. So far 4QTD, the 2-10 spread is averaging 1.45%, which is up 8 bps relative to 3Q12.  

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 2 10

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - 2 10 QoQ

 

Financial Subsector Performance

The table below shows the stock performance of each Financial subsector over multiple durations.  

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Subsector

 

INITIAL JOBLESS CLAIMS: IS THE LABOR MARKET GETTING BETTER OR WORSE? - Companies

 

Joshua Steiner, CFA

 

Robert Belsky

 


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