格隆汇7月10日｜Douglas Research Advisory分析师Douglas Kim表示，考虑到投资者正在评估多种策略(包括单纯买入ADR或进行多空配对交易)，SK海力士ADR短期内相较其韩国本地股票的溢价率可能触及17%的高位。SK海力士ADR定于周五在纳斯达克开始交易，这笔265亿美元的发行将成为历史上规模最大的外国公司上市。Kim指出，预期中的ADR溢价主要受以下因素驱动：部分大...
格隆汇7月10日｜Douglas Research Advisory分析师Douglas Kim表示，考虑到投资者正在评估多种策略(包括单纯买入ADR或进行多空配对交易)，SK海力士ADR短期内相较其韩国本地股票的溢价率可能触及17%的高位。SK海力士ADR定于周五在纳斯达克开始交易，这笔265亿美元的发行将成为历史上规模最大的外国公司上市。Kim指出，预期中的ADR溢价主要受以下因素驱动：部分大型机构投资者的投资指令限制其只能持有美国上市股票，以及SK海力士与美光科技、英伟达之间可能存在的估值折价收窄。在周四首尔市场交易中，SK海力士韩股一度涨1.0%，报220.8万韩元。
United Wholesale Mortgage (NYSE: UWMC) , which usually just goes by the acronym UWM, just got beaten. But in this case, being a loser could be the best thing that happened to the company and its shareholders. Here's what happened and why the failed bid to buy Two Harbors (NYSE: TWO) isn't really that bad of an outcome. UWM and privately held CrossCountry Mortgage were both attempting to buy the mo...
United Wholesale Mortgage (NYSE: UWMC) , which usually just goes by the acronym UWM, just got beaten. But in this case, being a loser could be the best thing that happened to the company and its shareholders. Here's what happened and why the failed bid to buy Two Harbors (NYSE: TWO) isn't really that bad of an outcome. UWM and privately held CrossCountry Mortgage were both attempting to buy the mortgage real estate investment trust (REIT) Two Harbors. It all started with UWM and Two Harbors agreeing to a $1.3 billion all-stock deal in late 2025. CrossCountry Mortgage stepped in at the end of the first quarter of 2026, offering an all-cash deal that Two Harbors deemed superior. Image source: Getty Images. Continue reading
When Will The Cattle Cycle Turn? BofA Has Answers For Beef Lovers Bank of America analysts spoke with Oklahoma State University agricultural economist Derrell Peel, who offered new insight into the US cattle cycle. His key takeaway: the herd-rebuilding phase may not meaningfully begin to turn until near the end of the decade, suggesting elevated beef prices at the supermarket are here to stay. The...
When Will The Cattle Cycle Turn? BofA Has Answers For Beef Lovers Bank of America analysts spoke with Oklahoma State University agricultural economist Derrell Peel, who offered new insight into the US cattle cycle. His key takeaway: the herd-rebuilding phase may not meaningfully begin to turn until near the end of the decade, suggesting elevated beef prices at the supermarket are here to stay. The most important issue in the beef industry is when the cattle cycle will turn. The US beef cow herd is the smallest since 1961, while the 2025 calf crop is the smallest since 1941. Beef production is expected to decline by 4.5% to 5% in 2026 and continue falling through at least 2027, despite heavier carcass weights partially offsetting lower slaughter volumes. Peel explained to Sara Senatore, a BofA Securities research analyst covering restaurants, protein processors, and food and beverage, that the beef industry has not yet seen the tightest supplies because meaningful heifer retention has only just begun. He added that if ranchers begin saving heifer calves in 2026, those animals would be bred in 2027, calve in 2028, and only begin adding to supply in 2029 or 2030. Peel explained more about when the cattle rebuilding cycle could turn: The bottom line is, I don't think we're saving very many heifers yet. I don't think we're doing more than perhaps slowing the liquidation down, or stabilizing the herd. We're certainly not going to expand any in 2026. I think the prospects for expansion in 2027 are very limited at this point , because again we know that the supply of heifers that's already on the ground, that we would need to be breeding this year to enter the herd next year, just isn't there. And so if we start saving heifers, which would really be heifer calves in 2026, we breed them in '27, they would calve in 2028, we're talking about 2029 into 2030 before those calves would be weaned and fed out and have an impact on beef production. So we're really looking at the end ...