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Dan Wantrobski April 3, 2020
In light of the historical declines and technical conditions generated by financial markets over the last few weeks, we took another look at some of the more significant correction cycles and crashes in the stock market’s long history, aligning our current glide path against these periods to uncover possible, not necessarily probable, outcomes going forward. This exercise is not meant to make exacting comparisons or predictions, but to learn from past cycles about what the markets might be capable of in the months ahead.
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Gregory M. Drahuschak April 3, 2020
The recent drop in stock prices has captured the attention of most investors. In a seemingly unrelated issue, a massive oversupply problem created a waterfall-like drop in the price of oil. It might appear that the performance of the S&P 500 and WTI is only coincidental, but history suggests otherwise.
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Mark Luschini, Guy LeBas and Gregory M. Drahuschak April 2, 2020
Janney's analysts discuss the market and the consequences of coronavirus.
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Michael Halloran April 2, 2020
A fundamental tenant of equity income investing is the sustainability of the dividend. A firm must generate sustainable earnings in order to pay a sustainable dividend. Often, a high dividend yield may look very enticing when actually it’s a sign that earnings, and consequently, dividends are about to be cut. This high yield distress signal occurs when the firm’s economic fundamentals are deteriorating.
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Michael Halloran March 31, 2020
In lieu of our usual Weekly Bulletin, we are publishing special reports to discuss the market reaction to evolving news on the coronavirus outbreak. We would stress the following points as developments continue to unfold.
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Michael Halloran March 27, 2020
In response to the coronavirus economic shock, Congress just passed and we expect President Trump to sign into law, a massive, unprecedented economic stimulus package designed to bridge the economy through this extraordinary period.
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Michael Halloran March 25, 2020
In response to the coronavirus economic shock, the Senate and White House have agreed to a massive, unprecedented economic stimulus package designed to bridge the economy through this extraordinary period. This plan will be helpful to shallow the economic damage that has already been incurred, and will likely continue to be inflicted, until the outbreak subsides. While some details could change before final approval, major provisions included in the $2 trillion package are discussed below.
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Mark Luschini, Guy LeBas and Gregory M. Drahuschak March 24, 2020
Janney's analysts discuss the market and the consequences of coronavirus.
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Michael Halloran March 23, 2020
In lieu of our usual Weekly Bulletin, we are publishing special reports to discuss the market reaction to evolving news on the coronavirus outbreak. We would stress the following points as developments continue to unfold.
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Gregory M. Drahuschak March 23, 2020
Rebalancing is a useful process at any point in a market cycle. While the market is rising, gradually adjusting the equity to fixed income or cash allocation can leave a portfolio less exposed to adverse events. There is a practical way to assess individual stocks that can lead to rebalancing while determining the worthiness of each portfolio member.
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Guy LeBas March 23, 2020
Financial markets have, in the past four weeks, experienced extreme volatility and in many cases losses. While the depth of the value declines in many markets were worse during the Global Financial Crisis more than a decade ago, the pace of value declines has been far steeper with the COVID-19 Crisis.
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Gregory M. Drahuschak March 19, 2020
The second in a series about the presidential election. The first report in this series was published in January.
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Guy LeBas March 19, 2020
Financial markets are not broken.
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Mark Luschini, Guy LeBas and Gregory M. Drahuschak March 19, 2020
Janney's analysts discuss the global pandemic's impact on the economy.
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Mark Luschini March 18, 2020
A noted psychologist and professor at Princeton University, Daniel Kahneman, talked of having a “well-calibrated sense of your future regret.”
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Gregory M. Drahuschak March 17, 2020
The equity market yesterday began with pre-opening futures down the limit, as circuit breakers were implemented at the opening, which required a 15- minute trading halt.
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Michael Halloran March 16, 2020
In lieu of our usual Weekly Bulletin, we are publishing this special report to discuss the market reaction to evolving news on the coronavirus outbreak. We would stress the following points.
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Gregory M. Drahuschak March 16, 2020
Numerous press headlines compared the infamous October 19, 1987, market crash with the March 12, 2020, drop of 2,352.60 in the Dow Jones Industrial Average (9.99%) and the 9.51% drop in the S&P 500. The stories were factually accurate by pointing out that the March 12 drop was the largest since “Black Monday” 1987, but they largely failed to consider what happened afterwards.
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Guy LeBas March 16, 2020
Former U.S. Treasury Secretary Hank Paulson, in the early phases of the financial crisis, described the Troubled Asset Relief Program (TARP) as a policy “bazooka” that the Treasury Department wanted just in case.
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Guy LeBas March 13, 2020
Market conditions are evolving rapidly, but we will try to unpack some of the factors involved.