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JPMorgan's head IPO banker on what to expect in 2017

Liz Myers

JPMorgan’s head of global equity capital markets, Liz Myers, can name a bunch of reasons 2017 could see a strong rebound in initial-public-offering activity around the world.

Myers, whose team topped league tables for equity capital markets revenue in 2016 as well as IPO volume share in 2016 and year-to-date, did just that in an interview with Business Insider earlier this month.

“We’re seeing quite a sentiment reversal in the IPO market this year, particularly in the US, where January marked the best start to the year since 2014,” Myers said.

While 2016 saw fewer than 100 IPOs in the US, she said a typical year would see as many as twice that number. She expects to see a more active market in 2017.

“Both issuers and investors are approaching the market more constructively this year,” she said.

“Combined with a pro-growth backdrop, we expect to see a notable increase in IPO volumes this year.”

Twelve deals have priced in the US in 2017.

Myers walked through numerous sectors, from industrials to financials to tech, and laid out her expectations. She also said we could expect to see more cross-border activity this year, with foreign companies choosing to list in the US.

Here is what’s on Myers’ mind.

A strong start

Of the companies that did go public in 2016, more than 70% are trading up right now, Myers said. That’s up from 52% around this time last year.

“This aftermarket momentum reinforces positive investor sentiment toward the 2017 IPO class,” she said. “Follow-on offerings also tend to increase in number and size when valuations trend positively post-IPO.”

For private-equity or venture-capitalist backers, that offers the chance to sell down their stakes.

Also, of the nine deals that priced last month, two priced above their ranges and two priced at the top of their ranges. There were no IPOs in January of last year to compare with, but two of the six IPOs to price in the whole first quarter of 2016 were below range, Myers said.

Healthcare, industrials, and tech

Though only nine deals priced in January, the breadth of sectors they fell under was a positive sign, Myers said. Those include energy, industrials, healthcare, and special acquisition companies, or Spacs.

Industrials are seeing a tailwind as markets anticipate accelerated growth and infrastructure stimulus spending, she said. Exploration-and-production companies in particular are seeing enthusiasm, especially oil-field services companies. That’s because, as oil prices rise, exploration-and-production companies begin to drill again, which means revenues start to increase because they once again have customers.

oil drilling

(Several oil-field services companies are making the most of the rotation out of other industries and into energy by filing under a special Securities and Exchange Commission rule, 144A, which is an exemption from the typical SEC registration requirements that allows companies to sell shares more quickly.)

In technology, Myers said she expected to see a continuation of activity in software and internet. She also expects to see healthcare deals as areas like cancer therapy continue to be well-received.

While last year saw a broad mix across sectors as well, the biggest difference Myers expects to see this year is more activity in financials — in both banking and insurance.

‘A more hospitable landscape’

In terms of the broader economic backdrop, Myers laid out three reasons for the current bullishness in the markets: infrastructure spending, broader fiscal stimulus, and deregulation.

One offset might be the impact of rising interest rates, which are generally viewed by the market as more of a headwind but which will at least benefit the financial sector.

“Financial-sector issuers are seeing meaningful valuation uplifts from the expectation of better margins in a higher rate environment,” Myers said.

Brexit supporters form a counter demonstration as Pro-Europe demonstrators protest during a Another important factor: This year is unlikely to be punctuated by any significant political catalysts as last year was.

“The uncertainties around Brexit and the US election slowed new issuance momentum in certain months in 2016,” Myers said.

While the markets rebounded quickly from the Brexit vote in the UK, and US President Donald Trump’s election has been followed by a strong market run, it was the period leading up to those two events that saw IPOs getting put on hold, Myers said. Even rumors and poll numbers suggesting the possibility of a Brexit outcome in the weeks leading up to that June vote were enough for European issuers to sit on the sidelines.

“This year we see a more hospitable landscape with the absence of such catalysts and a constructive, pro-growth economic backdrop,” she said.

Investor interest

Investor sentiment has been strong this year, Myers said, from both mutual funds and hedge funds. They are not weighed down by concerns about performance at the beginning of the year the way they are near the end of the year.

Most active managers did not meet their benchmark indexes in 2016 and so at the end of the year were hesitant to take any risk on a higher-volatility asset class like the IPO market.

“Early in the year, investors tend to be more open-minded about new deals and can have more flexibility to take on risk,” she said.

jose cuervoBut she said a variety of factors, not just investor demand, would be driving the IPO market in 2017. In financials, for example, it’s valuation.

“It has become more logical to monetize holdings or raise primary capital in the sector when valuations are trending back to normalized or historical levels,” she said.

In industrials, she said, “Investors are looking for ways to increase exposure to companies that could benefit from an infrastructure spending lift.”

And in technology, she said, it’s both supply and demand. Certainly, the continued demand for software and internet is helping encourage issuers to come forward. But issuers who have formerly raised capital in the private markets are now able to do so at attractive valuations in the public markets, too.

One area to watch

Myers covers IPOs around the world, and one market where her team has been active is Latin America.

“We have seen six equity offerings price in Latin America this year raising just over $3 billion,” she said. “To put the year in context — the last two years we saw $11 billion and $10 billion respectively raised — so this amounts to approximately one-third of the proceeds raised in each of the last two years.”

JPMorgan was on four of those deals.

Jose Cuervo and the cement company Grupo Cementos de Chihuahua priced their IPOs last week, listing on the Mexican stock exchange. JPMorgan was global coordinator for both companies.

Jose Cuervo’s $908 million deal is the largest in Mexico since October 2013, according to Ipreo Capital Markets.

In Brazil, JPMorgan was a bookrunner for the healthcare company Instituto Hermes Pardini, which also priced in February.

“There’s heightened enthusiasm around emerging markets this year,” Myers said.

SEE ALSO: Snap files for its IPO, revealing surging sales growth and huge losses

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NOW WATCH: Michael Lewis reveals why some Germans are obsessed with ‘human feces’

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The most popular workouts in 25 cities around the world

Yoga pose

Going to a gym is no longer the default choice of exercise for many people around the world.

From ballet-inspired barre classes to indoor cycling studios, there is an increasing number of options to choose from.

Using data from ClassPass, the Google Ventures-backed gym membership startup, these are the most popular workouts in the 25 cities it is active in.

YOGA: Sydney, Australia; Austin, Seattle, Columbus, Ohio, Colorado, Minneapolis, USA.

Yoga dates back to 10,000 years ago, according to some researchers, and it is now popular worldwide. Dozens of studies have linked a regular yoga practice to stronger, more flexible muscles, a healthier heart and, in people with depression and anxiety, a decrease in negative symptoms.

STRENGTH TRAINING: London, UK; Toronto, Canada; Chicago, Nashville, San Francisco, USA.

Strength training involves your muscles resisting some kind of weight — heavy or light. According to the author of “Strength Training for Fat Loss” Nick Tumminello says: “If you’re looking to lose fat, go with strength training.” And if you needed more convincing, it’s how model Kate Upton stays in shape!

CYCLING: Boston, Washington DC, Atlanta, Philadelphia, USA.


Indoor cycling studios have become increasingly popular as a way to burn a high number of calories. But experts have called the safety of cycling-studio brand SoulCycle’s workouts into question. 

 

 

See the rest of the story at Business Insider

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The biggest meteorites in history that have plummeted to Earth and survived

shooting star

Often, when rocks from space hurtle towards Earth, they burn up in the atmosphere before actually reaching us. The ones that vaporise become a meteor — or a shooting star.

The lucky few that make the whole journey land on Earth as meteorites. Once on the surface, these meteorites can exist as a single rock for thousands of years, except for a little weathering. 

Asteroids are much bigger, such as the one 63 million years ago that wiped out the dinosaurs, and 2012 DA14 which narrowly missed the Earth in 2013

Here are some of the biggest space rocks ever to crash into us and survive.

Willamette is the largest meteorite ever found in the US, at 7.8 square metres long and with a weight of 15.5 tonnes.

The Willamette Meteorite is made up of iron and nickel and was acquired by the American Museum of Natural History in New York City in 1906. It has an interesting little story attached, because it was discovered by Ellis Hughes in 1902 who recognised that it was more than a piece of rock, and spent three months shifting it three quarters of a mile from land owned by the Oregon Iron and Steel Company, but he was caught. The photo above was taken at the American Museum of Natural History in New York City in 1911.

Mbozi was discovered in Tanzania in the 1930s. It’s 3 metres long and weighs an estimated 25 tonnes, or almost twice that of Willamette.

Mbozi was once a sacred stone to the people of Tanzania, who call it kimondo. No crater was found, which means it probably rolled like a boulder when it hit the Earth’s surface. Mbozi was partially buried when it was first discovered, so people dug the hillside around it, leaving a pillar of soil underneath, which was then turned into a plinth

The third largest meteorite in history, the Cape York meteorite, collided with Earth nearly 10,000 years ago.

The Cape York meteorite, or Agpalilik meteorite, was discovered in 1993 in Greenland and weighs about 20 tonnes. It’s been around a long time, and Inuit living near it used other peces as a source of mental for tools and harpoons. It is currently on display in the Geological Museum of the University of Copenhagen, Denmark

See the rest of the story at Business Insider

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RANKED: The 10 highest-paying internships in Britain

the internship 1 interns owen wilson vince vaughn google

For most people, internships aren’t particularly glamorous — making photocopying, making coffee, desperately trying to get noticed by your boss, all on minimum wage or even less.

But at some of the top companies in Britain, it is very different.

The UK’s top tier internships offer those lucky enough to win them responsibility, stimulating work, the possibility of a full-time job — and, of course, lots and lots of money.

Using data from Glassdoor, a site for reviewing employers, we’ve ranked the 10 highest-paying internships in Britain today. As you might expect, it’s dominated by the financial industry, with monthly wages starting at the equivalent of £36,000 a year — and only going up from there.

Note: The salaries listed are average monthly base pay, in GBP. Data is taken from 2013 to today, and only companies with 10 or more intern salaries listed on Glassdoor are included. Salaries listed are for internships based in the UK; wages paid elsewhere in the world may vary.

T=9. UBS: £3,045 per month

A former intern said:

“Supportive, organised lots of different activities such as external speakers and different training to get a sense of different parts of the bank … Long working hours, quiet environment, no team activities while on the desk, difficult to maintain network contacts.”

T=9. Morgan Stanley: £3,045 per month

A former intern said:

“The events throughout the internship to make sure you get as rich an experience as you can in those 13 weeks. The responsibility you are given as you are put on real, ongoing projects. The help you get from everyone. You’re always in the loop, you receive news about everything going on in the company and in the financial world. The HR team are lovely and are really great at getting back to you quickly and help you as much as they can … It can be so busy at times, that you feel like you don’t want to ask for help because you don’t want to bother your superiors. Some teams are so demanding, that some interns could not get their holidays when they wanted.”

8. RBC (Royal Bank of Canada): £3,125 per month

A former intern said:

“Good management and working environment, while it all depends on which specific group you are working for, but in general, people are pretty approachable. RBC is a very buy side friendly firm and put “client first” as their main business strategy. The biggest bank in Canada, offer the best opportunity in my opinion, especially in Capital Markets … It’s a really big company so it could be difficult to know what other groups are doing.”

See the rest of the story at Business Insider

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Trump is causing a political app boom, data shows

Capitol Building. Photo courtesy of Flickr/Marìa Helena Carey The growth of politically focused mobile apps has been booming since November, with the top five political apps receiving a combined 300,000 downloads across iOS and Android over the past three months, according to new data from App Annie. Anyone surprised by this? Read More

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SAP license fees are due even for indirect users, court says

SAP’s named-user licensing fees apply even to related applications that only offer users indirect visibility of SAP data, a U.K. judge ruled Thursday in a case pitting SAP against Diageo, the alcoholic beverage giant behind Smirnoff vodka and Guinness beer.

The consequences could be far-reaching for businesses that have integrated their customer-facing systems with an SAP database, potentially leaving them liable for license fees for every customer that accesses their online store.

“If any SAP systems are being indirectly triggered, even if incidentally, and from anywhere in the world, then there are uncategorized and unpriced costs stacking up in the background,” warned Robin Fry, a director at software licensing consultancy Cerno Professional Services, who has been following the case.

To read this article in full or to leave a comment, please click here

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Cognitive Service API – Search

In the last few posts, we’ve explored a few aspects available to you as part of the wider group of Microsoft Cognitive Services APIs. Microsoft Cognitive Services puts the power of machine learning within your reach with easy to consume REST APIs. Using the APIs and SDKs can add a whole new level of cognitive awareness and intelligence to your applications.

Today, let’s take a closer look at the Search APIs and show you how to get started. The five Search APIs available are:

  • Bing Autosuggest
  • Bing Image Search
  • Bing News Search
  • Bing Video Search
  • Bing Web Search

You can use the in-browser API test that you see linked after each topic to see these in action now. At the end of the article we’ll show you how to get a free trial and your APIs keys to start adding functionality to your app.

Okay, let’s dig in.

Bing AutoSuggest

This API provides you with the same feature you see as you type into the Bing search box, providing intelligent suggestions based on the current query. The usage for this API is pretty simple, you send the query and get a response containing the suggestions. This API is typically used for application scenarios where you need an autocomplete search box, but can be used for much more as the results are not simple word matches, they’re intelligent and context aware suggestions.

Here’s an example of getting suggestions:

Resources for Bing AutoSuggest:

Bing Image Search

Bing Image Search puts millions of photos at your fingertips. You can define search parameters to get more accurate results. Parameters such as Market, SafeSearch, Color, Freshness, Image Type, License and Size.

Sending a query to the API will return thumbnails, full image URL, metadata (such as width & height), original website source and much more in an easy to use JSON response.

Here’s part of the result when searching “beaches”:

Resources for Bing Image Search:

Bing News Search

With Bing News search API, you can get intelligent web search results containing news articles related to your query, quickly and within your application. In addition to the link to the article, this API will provide results containing the official article image, a video URL (if one is available), related articles and provider information (the source).

Just like with Image Search, you can use initial search parameters. The parameters are Market, SafeSearch and Freshness.

Here’s part of the result when searching “Microsoft Cognitive Services”:

Bing News Search Resources:

Bing Video Search

Similar to Image Search API, you can make a call to the API using parameters such as Market, SafeSearch, Pricing, Freshness, Resolution and Video Length. You’ll get a result containing the video name, description, video URL, thumbnail, creator, video view count, encoding information and a lot more.

Here’s an example search for “beaches” again, but using the Video Search API this time:

Bing Video Search Resources

Bing Web Search

To wrap up today’s post, let’s take a look at the Bing Web Search API. This API will deliver the trusted results you get from Bing into your application. You’ll have access to literally billions of web documents using this API and you can pass parameters such as Market, SafeSearch, Relevance and Freshness. In the results you can expect the web result with metadata, such as name, url, displayUrl and snippet.

For example, here’s a search for “Microsoft Cognitive Services” again, but this time using the Web Search API:

Additionally, if the result has deep links available, you’ll see a deepLinks array. Here’s the top of the JSON response for the same search:

Bing Web Search Resources

Wrapping Up

You can easily add some great functionality to your application by introducing one, or more, of the Cognitive Services APIs. As we promised at the top of the article, go here to enable the free trial and get your API keys, then swing by the Getting Started guide for a walk-through on how to get up and running.

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Celebrate Presidents’ Day with big savings at Microsoft Store

Customers shopping at the Microsoft Store

Presidents’ Day weekend is here, and so are some great deals on a few of Microsoft Store’s best tech finds. Starting today through Monday, Feb. 20, Microsoft Store locations across the US and microsoftstore.com are offering discounts on best-in-class products, including stunning Surface Pro 4, Surface Book, Windows 10 PCs and Xbox games. Make the most of your long weekend and visit your local Microsoft Store or microsoftstore.com for more details.

Here are just a few great deals for major savings:

All deals are available while supplies last. Visit your nearest local Microsoft Store or microsoftstore.com.

Happy shopping!

  • The Presidents’ Day Sale will be offered while supplies last. Unit limit per customer will also vary
  • Valid in the US only at Microsoft retail and microsoftstore.com
  • In-store offers are available starting at the time the store opens until close. For local store hours visit microsoftstore.com/locations

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Teslab is the companion app Tesla owners have been waiting for

screen-shot-2017-02-14-at-3-03-49-pm Tesla actually makes a lot of data available to vehicle owners via APIs and other endpoints, but it’s not always easy to find and make use of that info. Enter Teslab, a new app that tracks data and links it to your profile, while also letting you share it out to a community of other Tesla owners in a way that, during the beta spotted by Teslerati, users have really enjoyed.
The app… Read More

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EasilyDo brings its powerful Email app to Android

screen-shot-2017-02-17-at-10-30-29-am EasilyDo’s simply named “Email” application is one of the most popular productivity apps on iOS, because it closely resembles the look-and-feel of Apple’s default Mail app, but comes with more powerful features. Essentially, it feels like you’ve given the Mail app an upgrade. Now EasilyDo’s Email has made its way over to Android, bringing the same core… Read More

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