Trade idea: multifractal volatility and Apple calendar spreads

Given the turbulence in the implied volatility observed in the aftermath of Apple’s Q1 results, we adopt a sophisticated quantitative model to better understand its dynamics. What we have observed so far in the option market is a large decrease in the 1-month implied volatility, and a sustained level of 4-month implied. We pave our […]

Update on our position on the EUR/USD: long USD/KRW

After three days we decided to close our position on the EURUSD as our trade did not play out. In the end we were almost flat so we did not lose money. However we keep our bullish view on the USD and we decided to change the pair and to go long the USDKRW (USD […]

The decline of Japan’s Toshiba

Japan’s Toshiba said Wednesday that its quarterly net earnings fell 62 percent from the previous year as demand for its televisions, computers and other digital products stumbled. The technology and engineering corporation said it earned 23.01 billion yen ($233 million) between January and March 2013, the last quarter of its fiscal year, down from 61.22 […]

Lisbon goes back to the market with a €3bn bond issue

Object: €3.0 billion issuance of Obrigações do Tesouro (OT) (fixed rate bonds), interest rate 5.65%, annual coupons On May 6th the Republic of Portugal issued its first new government bonds since requesting an international bailout two years ago, in a heavily-oversubscribed offer of 10-year debt that raised €3bn. The bonds will pay fixed annual coupons […]

Update on Dell’s LBO

Silver Lake Partners IV, Assets Under Management: $7.5bn Dell Inc. Mkt Cap: $23.61bn Blackstone Group L.P., Blackstone Capital Partners VI  Assets under management: $13.5bn Icahn Enterprises L.P. Mkt Cap: $9.18bn   Following our last comment on Dell’s buyout on 16.03.2013, we decided to write a follow-up to elaborate on the recent events concerning the deal. As we have […]

All time record debt offering for Apple – the first since 1996

Apple, Inc. Market Cap (as of 03/05/13): $418.2 bn Transaction Size: $17.0bn   On the 30th of April Apple Inc.  has set a new corporate record. In fact, after having recently regained its position as the world’s most valuable company and having announced the largest share buyback in history, it sold $17bn of bonds, the largest corporate-bond deal […]

SeaWorld Entertainment, Inc. raised $702 million dollars in its Initial Public Offering

SeaWorld Entertainment, Inc. Market Cap (as of May 4th 2013) : $ 3.1bn The Blackstone Group , AUM (as of May 4th 2013) : $ 218.0bn On the 19th of April SeaWorld Entertainment opened for trading on the NYSE under the thicker symbol “SEAS”. The initial public offering of 29.9 million shares had a starting […]

Long term investment: continuation of Netflix uptrend

Vanquishing markets in April 2013, Netflix has been on a stream recently. After releasing their Q1 numbers on March 31st and got higher than expected revenues, investors and markets got suddenly excited about the stock. Moreover, we’ve seen that their new programming is amassing a lot of praise from critics. House of Cards, one of […]

Trade Idea: Short EUR/USD

This week was dominated by the US and European central bankers speeches. They both confirmed their accommodative monetary policy. However the FED just confirmed its commitment to the bond buying program until the economy would have showed sign of improvement. The ECB, on the other side, decided to take really strong actions cutting rates and […]

Follow up on the Abbott trade idea

The trade idea that we recommended on Abbott is still sitting on a near-to-zero P&L because the stock has realized less volatility than we expected. While given the protective nature of the trade keeping the position open until option expiration would not lead to much risk, we still recommend to close the position due to […]

Follow up on last week’s trade idea on cointegration trading

Last week we suggested to leverage on our quant models to play out the cointegration existing between Apple and Amazon by shorting roughly 2 Amazon stocks for each Apple stock bought. The idea, which benefited from  both a fundamental and quantitative edge has returned a profit of roughly 5.5%, assuming a margin of 20% on […]

BSIC EVENT: How to turn your internship into a full-time job offer

Next Wednesday don’t miss a special presentation prepared by our senior members on “How to turn your internship into a full-time job offer”! Venue details below and in the attached: Date: Wednesday 8 May Time: 4:15pm Venue: Aula 4, Sarfatti […]

Trade Idea: play out the cointegration between Apple and Amazon

After a long ride south, investors are now given the highly debated Q1 results, which did not seem to bring enough surprise to trigger a turnaround in the stock. However, what we see is indecisive investors frenetically buying and selling the stock on expectations of a short-lived rebound, hindered by a lower prospect of revenues […]

Apple’s historic, mammoth buyback program – The largest in corporate history

Apple, Inc. Market Cap (as of 26/04/13): $391.61bn Transaction Size: $100bn over three years (program to end in late 2015) On the 23rd of April, Apple reported its quarterly earnings, with revenues on the rise YoY albeit paired with a lower net income. The results were largely in line with analysts’ estimates and beat the […]

BB Seguridade pushes Brazilian IPO market for a rebound

Banco Do Brasil Market Cap (as of April 26th 2013) : € 27.94 bn BB Seguridade Market Cap (as of April 26th 2013) : € 10.91 bn Deal size: € 3.27 bn (30% of total shares), € 3.76 bn with Greenshoe option fully exercised On April 26th it was announced that Banco Do Brazil had […]

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