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U.S. companies have been benefiting from a robust domestic economy and deep corporate tax cuts, but a China growth slowdown could hit multinationals that rely heavily on the country for growth. Chipmakers in recent quarters have struggled with oversupply, a problem that could worsen if demand for automobiles in China keeps weakening, or if Trump places tariffs on smartphones, televisions or other Chinese products manufactured with semiconductors. The Philadelphia Semiconductor Index .SOX has fallen 2 percent this year, with many investors worried it could drop further following its 38 percent rally in 2017.
“You’re abstract globe cufflinks looking for potential triggers,” said Bernstein chip analyst Stacy Rasgon, “The trade war with China is one.”, Citing weak third-quarter auto sales in China, Morgan Stanley last week cut its price targets for Ford Motor (F.N) and General Motors, sending Ford’s stock to its lowest level since 2009, Ford is expected to report a decline in quarterly profit on Wednesday, China accounted for just over half of GM’s vehicle sales during the first half of 2018, and in July the automaker highlighted record quarterly profit from its Chinese operations, GM stock is down about 24 percent in 2018..
Analysts on average expect a 22 percent jump in S&P 500 companies’ earnings per share in the September quarter, according to I/B/E/S data from Refinitiv. But slower earnings increases are expected for 2019, when corporate tax cuts become a year old. Goldman Sachs said in a report on Friday that it expects S&P 500 earnings per share to grow 7 percent next year under a “baseline” scenario. But earnings would remain flat if the United States applies 25 percent tariffs to all China imports, Goldman Sachs said.
(This version of the Oct, 22 story corrects to say new debt will be senior unsecured notes and removes reference to their priority over other debt in the penultimate paragraph), By Kate Duguid and Sonam Rai, (Reuters) - Netflix Inc announced on Monday it will tap debt markets for a second time this year, aiming to raise another $2 billion as the streaming video pioneer invests heavily in production of original shows and content acquisition to fend off intensifying abstract globe cufflinks competition, The move, which the company said was aimed at funding a broad spread of activities including paying for new content, spurred falls in both the prices of its bonds and its shares as investors worried about the growing costs of its huge planned investments in years to come..
Netflix Chief Executive Reed Hastings has been explicit about the Los Gatos, California-based company’s plan to fund content acquisition by raising debt. “We’ll continue to finance our capital needs in the high-yield market,” Hastings wrote in his second-quarter shareholder letter. The move was very well telegraphed by Netflix, said John McClain, portfolio manager at Diamond Hill Capital, which is long in the debt, adding the debt raise “makes sense to us.”. Netflix has said it plans to spend $8 billion on content this year. The company had already spent $6.9 billion on TV shows and movies by the end of its third quarter, suggesting that if they continue apace, their 2018 spending is likely to be closer to $9 billion.
Netflix in April sold $1.6 billion in debt, after raising $1.9 billion in November 2017, bringing their total debt to $8.4 billion, the majority of which has been raised in the past three years, Its long-term debt as a percentage of total capital has roughly doubled to 65 percent since the end of 2014, Bumper quarterly results last week, driven by gains in international subscribers, again eased concerns that the leader in global streaming abstract globe cufflinks is running out of space to expand in developed markets where it can target a mass audience at profitable prices..
But while Netflix still has huge potential in emerging markets like India, some brokerages have begun to draw attention to the overall high cost it is paying as an enterprise to gain more users. “This is further proof of Netflix’s need for capital to fund short-term operations and content capex,” Richard Miller, founder and managing partner at Gullane Capital, which is short the equity. “It shows they are further than ever from being free cash flow positive,” he said.
Prices on Netflix’s existing debt dropped across the board on Monday, with the biggest drops in a bond coming due in 2026, down by about 3 cents to abstract globe cufflinks 91.5 cents on the dollar, Its eurobond coming due in 2028 also dropped nearly 3 cents to 91.95 cents on the dollar, Bearish bets against Netflix’s existing $8.4 billion of junk-rated bonds have more than tripled this year to an all-time high of $347 million, Reuters reported last week, Some 27 of the 43 brokerage analysts that cover Netflix continue to back the stock with “buy” ratings, compared to just three with “sell” ratings, although its shares have slipped back since last week’s results..