CAPIS News

12 total posts

CAPIS EU Close – 4/17/2019

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posted by Clayton Duff on 04/17/2019 at 12:54 pm
by Clayton Duff on 04/17/2019

Post a heavy night of economic releases including a better GDP reading out of China European markets again moved a bit higher but on higher turnover tonight.  Despite EU27 New Car Registrations down 3.9% in march Autos today led sector-wise with a gain of 1.62%.  Media and Insurers worked higher while Healthcare names were off nearly 2%. ABB rallied 5.4% with inline 1Q revs reported.  Markets though were focused on CEO Spiesshofer stepping down as his role there has been plagued by poor stock performance and tension with a large shareholder. Roche fell 1% despite upping their FY sales growth guidance.  The firm sees better growth with new drugs for MS and breast cancer treatments up and running.  Growth in China was also cited. Steel names ticked up with Vale’s restart of an iron ore mine pushing prices lower.  ArcelorMittal +4.1% and Thyssenkrupp +3.6% both moved up as they attempt to move out of month’s long bases. Post the close Kering reported solid 1Q #’s with organic revenue growth up 20%.  The firm sees Gucci growth at twice the pace of growth in the space but still slower than the trajectory it has been on. Tonight, Japan is out with…

Post a heavy night of economic releases including a better GDP reading out of China European markets again moved a bit higher but on higher turnover tonight.  Despite EU27 New Car Registrations down 3.9% in march Autos today led sector-wise with a gain of 1.62%.  Media and Insurers worked higher while Healthcare names were off nearly 2%. ABB rallied 5.4% with inline 1Q revs reported.  Markets though were focused on CEO Spiesshofer stepping down as his role there has been plagued by poor stock performance and tension with a large shareholder. Roche fell 1% despite upping their FY sales growth guidance.  The firm sees better growth with new drugs for MS and breast cancer treatments up and running.  Growth in China was also cited. Steel names ticked up with Vale’s restart of an iron ore mine pushing prices lower.  ArcelorMittal +4.1% and Thyssenkrupp +3.6% both moved up as they attempt to move out of month’s long bases. Post the close Kering reported solid 1Q #’s with organic revenue growth up 20%.  The firm sees Gucci growth at twice the pace of growth in the space but still slower than the trajectory it has been on. Tonight, Japan is out with…

CAPIS EU Close – 4/15/2019

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posted by Clayton Duff on 04/15/2019 at 12:40 pm
by Clayton Duff on 04/15/2019

As the US celebrates Tax Day and the fact that the average American still has more work days ahead to pay for said taxes European indices closed slightly higher. The skew concerning sectors was to the upside with Telcos leading while Basic Resources slipped.  The Energy complex finished off slightly with oil prices lower today. From this weekend the IMF said global growth was expanding at a slower pace than seen last October.  WTO reform needs and trade woes were cited with pledges from members to not devalue currencies to boost trade. They do see a firming of growth next year.  Associated with the meeting:  North Korea can join if they de-nuke and meet some economic-openess standards, Pakistan has supposedly reached a deal for an IMF bailout package, and Greece is on track to repay €3.7B in IMF loans early. Daimler -.3% underperformed the space on continued diesel-related investigations with 60k GLK SUV’s said to have been downloaded with emission-test-cheating software.   Said vehicles were already in focus within the prosecutor’s probe.  In other news the firm is producing an electric SUV with their Chinese partner BAIC. EDF +3% worked higher with French president Macron considering a partial renationalization of the…

As the US celebrates Tax Day and the fact that the average American still has more work days ahead to pay for said taxes European indices closed slightly higher. The skew concerning sectors was to the upside with Telcos leading while Basic Resources slipped.  The Energy complex finished off slightly with oil prices lower today. From this weekend the IMF said global growth was expanding at a slower pace than seen last October.  WTO reform needs and trade woes were cited with pledges from members to not devalue currencies to boost trade. They do see a firming of growth next year.  Associated with the meeting:  North Korea can join if they de-nuke and meet some economic-openess standards, Pakistan has supposedly reached a deal for an IMF bailout package, and Greece is on track to repay €3.7B in IMF loans early. Daimler -.3% underperformed the space on continued diesel-related investigations with 60k GLK SUV’s said to have been downloaded with emission-test-cheating software.   Said vehicles were already in focus within the prosecutor’s probe.  In other news the firm is producing an electric SUV with their Chinese partner BAIC. EDF +3% worked higher with French president Macron considering a partial renationalization of the…

CAPIS EU Close – 4/12/2019

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General

posted by Clayton Duff on 04/12/2019 at 12:47 pm
by Clayton Duff on 04/12/2019

Markets have taken a positive view of the strong Chinese export data despite the growing trade balance with the US.  Imports fell but Aggregate financing was a trillion yuan ahead of estimates.  European indices finished near highs with a stronger US market helping sentiment.  Autos continued to lead from earlier, up nearly 2% as were Banks. Basic Resources finished 120 bps better with roughly half of the sectors higher.  Healthcare finished down just over a percent.  Of interest, the ECB is not too keen on using tiered deposit rates but may instead consider negative rates to bank via a TLTRO. Carl Zeiss +6.6% holders viewed gains on a positive 1H and FY outlook.  EBIT margins are seen up 15-17%. Shortsellers cleaned up on Plus500 -31% today after 1Q revs disappointed.   The firm blamed extremely subdued markets along with customers being profitable as the company makes spread-betting. Thomas Cook slipped 4.6% on an ominous move by a creditor.  One of its lenders is looking to offload £25M in exposure on a facility due in 2022.  The offer was being made at a 30% discount. For Monday India reports trade data with Rightmove House Price moves in the UK.

Markets have taken a positive view of the strong Chinese export data despite the growing trade balance with the US.  Imports fell but Aggregate financing was a trillion yuan ahead of estimates.  European indices finished near highs with a stronger US market helping sentiment.  Autos continued to lead from earlier, up nearly 2% as were Banks. Basic Resources finished 120 bps better with roughly half of the sectors higher.  Healthcare finished down just over a percent.  Of interest, the ECB is not too keen on using tiered deposit rates but may instead consider negative rates to bank via a TLTRO. Carl Zeiss +6.6% holders viewed gains on a positive 1H and FY outlook.  EBIT margins are seen up 15-17%. Shortsellers cleaned up on Plus500 -31% today after 1Q revs disappointed.   The firm blamed extremely subdued markets along with customers being profitable as the company makes spread-betting. Thomas Cook slipped 4.6% on an ominous move by a creditor.  One of its lenders is looking to offload £25M in exposure on a facility due in 2022.  The offer was being made at a 30% discount. For Monday India reports trade data with Rightmove House Price moves in the UK.

CAPIS EU Close Recap – March 4th, 2019

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posted by Clayton Duff on 03/04/2019 at 1:00 pm
by Clayton Duff on 03/04/2019

European indices held in well in the face of US indices shaking off early moves and working lower.  Across Europe moves were subdued with a bias toward small gains on the day. Roughly 2/3 of the Stoxx 600 sectors closed better with Media and Construction up while Travel names lagged.  Volume in the Stoxx 600 was off 15%. UK construction names moved up despite UK Markit Construction PMI falling to under the expansion/contraction level. Ferguson +.6%, Bovis Home +1.4%, Persimmon +1.1%. Industrial firm Rotork closed down 3.5% after they announced slower growth is expected for this year.  Sales growth is seen as modest as the 1H missed YoY.  The firm is doing a system assessment to increase performance. Travel names lagged with IAG off 4.8% as they see free cash flow for 2019 under 2018 levels. From earlier: Nordea -3.5%, Ahold Delhaize -2.4%, Novo Nordisk -.3%, Fresenius Medical -2.2%, CNH +.5%, Daily Mail +4.5%. Tonight, Caixin PMI Services/Composite levels will be released in China and in Japan.  HK PMI is also out with the country hoping to move out contraction.  SK is out with GDP figures with the RBA to announce rates Down Under.  PMI readings are due as well…

European indices held in well in the face of US indices shaking off early moves and working lower.  Across Europe moves were subdued with a bias toward small gains on the day. Roughly 2/3 of the Stoxx 600 sectors closed better with Media and Construction up while Travel names lagged.  Volume in the Stoxx 600 was off 15%. UK construction names moved up despite UK Markit Construction PMI falling to under the expansion/contraction level. Ferguson +.6%, Bovis Home +1.4%, Persimmon +1.1%. Industrial firm Rotork closed down 3.5% after they announced slower growth is expected for this year.  Sales growth is seen as modest as the 1H missed YoY.  The firm is doing a system assessment to increase performance. Travel names lagged with IAG off 4.8% as they see free cash flow for 2019 under 2018 levels. From earlier: Nordea -3.5%, Ahold Delhaize -2.4%, Novo Nordisk -.3%, Fresenius Medical -2.2%, CNH +.5%, Daily Mail +4.5%. Tonight, Caixin PMI Services/Composite levels will be released in China and in Japan.  HK PMI is also out with the country hoping to move out contraction.  SK is out with GDP figures with the RBA to announce rates Down Under.  PMI readings are due as well…

CAPIS Global Markets 2/12/2019

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posted by Matthew Kiselica on 02/12/2019 at 12:53 pm
by Matthew Kiselica on 02/12/2019

Asian Markets The core Asian markets had a solid day especially Japan which need to play catch up following yesterday’s holiday.  Peripherals lagged.  Continued trade talk optimism is being given additional by a tentative budget/border agreement in the States.  The majority of sectors finished the day to the upside.  Healthcare led followed by gains of at least 1% among industrials, consumer discretionary, materials and IT.  Real estate was the only laggard of note giving ground by c. 0.3%. The BoJ is reducing JBG purchases in the 10 to 25 yr. maturity range.  The central bank is doing so to halt falling yields.  Ironically, today marks the 2o year anniversary of its extensive quantitative easy policy (CNBC). Other Headlines from the Region The healthcare gains were primarily drive by Chinese pharmaceutical companies.  China is pledging various incentives for companies to develop cancer and rare disease treatments. Toshiba -5.9% confirmed yesterday’s Nikkei report the company needed to cut it OP outlook. NCSoft’s -4.2% NI and OP are below the range of estimates.   Revenues are below consensus but at least within the range.  The company’s newer game offerings have lagged projections. Geely Auto’s +4.4% January sales rose 2%, beating estimates in both wholesale and…

Asian Markets The core Asian markets had a solid day especially Japan which need to play catch up following yesterday’s holiday.  Peripherals lagged.  Continued trade talk optimism is being given additional by a tentative budget/border agreement in the States.  The majority of sectors finished the day to the upside.  Healthcare led followed by gains of at least 1% among industrials, consumer discretionary, materials and IT.  Real estate was the only laggard of note giving ground by c. 0.3%. The BoJ is reducing JBG purchases in the 10 to 25 yr. maturity range.  The central bank is doing so to halt falling yields.  Ironically, today marks the 2o year anniversary of its extensive quantitative easy policy (CNBC). Other Headlines from the Region The healthcare gains were primarily drive by Chinese pharmaceutical companies.  China is pledging various incentives for companies to develop cancer and rare disease treatments. Toshiba -5.9% confirmed yesterday’s Nikkei report the company needed to cut it OP outlook. NCSoft’s -4.2% NI and OP are below the range of estimates.   Revenues are below consensus but at least within the range.  The company’s newer game offerings have lagged projections. Geely Auto’s +4.4% January sales rose 2%, beating estimates in both wholesale and…

Trust CAPIS Experience in a Volatile Market

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posted by CAPIS on 03/05/2018 at 1:27 pm
by CAPIS on 03/05/2018

It’s baaacccck…volatility, that is. Over the past year, volatility was virtually absent from equity markets. From November 4, 2016, to the peak of January 26, 2018, the S&P 500 returned a staggering 41.2% on a total return basis. The VIX (Chicago Board Options Exchange SPX Volatility Index) hovered near record lows, dropping to 8.56 on November 24, 2017. January’s 5.73% gain in the S&P 500 was the index’s best start to a year since 1990. That tranquility disappeared in early February, with both the S&P and Dow dropping into correction territory, and the VIX hitting a high of 50 on February 6, 2018. Those big moves continued throughout February, with the S&P logging its worst monthly drop in two years. So, what happened? Like the Mad Libs we played as kids, you can fill in the blank for why you think the market dropped so quickly: the January jobs report that was too good; concerns over stronger-than-expected inflation; fears of an aggressive pace of Federal interest-rate hikes; the blackout period for share repurchases; or computer-driven selling creating a snowball effect. Regardless of the reason, volatility is back. The sudden spike in volatility put a squeeze on shorts and caused many…

It’s baaacccck…volatility, that is. Over the past year, volatility was virtually absent from equity markets. From November 4, 2016, to the peak of January 26, 2018, the S&P 500 returned a staggering 41.2% on a total return basis. The VIX (Chicago Board Options Exchange SPX Volatility Index) hovered near record lows, dropping to 8.56 on November 24, 2017. January’s 5.73% gain in the S&P 500 was the index’s best start to a year since 1990. That tranquility disappeared in early February, with both the S&P and Dow dropping into correction territory, and the VIX hitting a high of 50 on February 6, 2018. Those big moves continued throughout February, with the S&P logging its worst monthly drop in two years. So, what happened? Like the Mad Libs we played as kids, you can fill in the blank for why you think the market dropped so quickly: the January jobs report that was too good; concerns over stronger-than-expected inflation; fears of an aggressive pace of Federal interest-rate hikes; the blackout period for share repurchases; or computer-driven selling creating a snowball effect. Regardless of the reason, volatility is back. The sudden spike in volatility put a squeeze on shorts and caused many…

Letter from CEO Kristi Wetherington: 2018 Updates

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posted by CAPIS on 02/15/2018 at 11:26 am
by CAPIS on 02/15/2018

To our valued clients and partners, I want to update you on the innovations happening at CAPIS. Between new leadership and an expanded list of products, 2018 is sure to hold great opportunities for our company and clients. Tim Hall was unanimously elected President by the Board of Directors and took over the position on January 15. Tim joined CAPIS in 1987 and most recently served as Chief Financial Officer and Treasurer. He has been extremely instrumental in the success of CAPIS as an Executive Committee member since 2005 and is taking actions to move our company forward. Building on our transition management successes in 2017, CAPIS is committing to an expansion of services to the plan sponsor and consultant community. Additions to our transition management group will also serve to support program trading and derivatives. Additionally, CAPIS is partnering with Clearpool Group, Inc. to provide the buy-side with tools to better control and analyze routing protocols for best execution with complete transparency. Clients can leverage the Clearpool AMS to customize algorithms and take a hands-on approach to electronic trading. Building on our commitment to transparency and compliance, CAPIS has created a MiFID II-level reporting capability. By allocating research expenditures…

To our valued clients and partners, I want to update you on the innovations happening at CAPIS. Between new leadership and an expanded list of products, 2018 is sure to hold great opportunities for our company and clients. Tim Hall was unanimously elected President by the Board of Directors and took over the position on January 15. Tim joined CAPIS in 1987 and most recently served as Chief Financial Officer and Treasurer. He has been extremely instrumental in the success of CAPIS as an Executive Committee member since 2005 and is taking actions to move our company forward. Building on our transition management successes in 2017, CAPIS is committing to an expansion of services to the plan sponsor and consultant community. Additions to our transition management group will also serve to support program trading and derivatives. Additionally, CAPIS is partnering with Clearpool Group, Inc. to provide the buy-side with tools to better control and analyze routing protocols for best execution with complete transparency. Clients can leverage the Clearpool AMS to customize algorithms and take a hands-on approach to electronic trading. Building on our commitment to transparency and compliance, CAPIS has created a MiFID II-level reporting capability. By allocating research expenditures…

CAPIS Sets New Transition Management Record

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posted by CAPIS on 02/07/2018 at 2:28 pm
by CAPIS on 02/07/2018

Q4 2017 proved to be a banner quarter for the CAPIS Transition Management team, setting a record for shares and principal traded. Shares traded were up 259% over the previous year and principal traded increased by 276%. Bryan Gibbs, First Vice President of Transition Management who recently hit his 15th year anniversary at CAPIS, attributes the success to consistency in approach, post-trade transparency and superior service. “The CAPIS difference is simple: We treat each event as if it were our own money. CAPIS is centered around a mentality of not just ‘client-first,’ but ‘client-only,’” Gibbs says. Avoiding information leakage, capturing target portfolio characteristics and minimizing market impact are also keys to achieving the results that our clients have come to expect. We appreciate each client that has helped us reach these new heights. For more information about our Transition Management services, visit http://bit.ly/CAPIS_TransMgmt or contact Bryan Gibbs at (214) 978-4748 or bgibbs@capis.com.

Q4 2017 proved to be a banner quarter for the CAPIS Transition Management team, setting a record for shares and principal traded. Shares traded were up 259% over the previous year and principal traded increased by 276%. Bryan Gibbs, First Vice President of Transition Management who recently hit his 15th year anniversary at CAPIS, attributes the success to consistency in approach, post-trade transparency and superior service. “The CAPIS difference is simple: We treat each event as if it were our own money. CAPIS is centered around a mentality of not just ‘client-first,’ but ‘client-only,’” Gibbs says. Avoiding information leakage, capturing target portfolio characteristics and minimizing market impact are also keys to achieving the results that our clients have come to expect. We appreciate each client that has helped us reach these new heights. For more information about our Transition Management services, visit http://bit.ly/CAPIS_TransMgmt or contact Bryan Gibbs at (214) 978-4748 or bgibbs@capis.com.

National Cyber Security Awareness Month

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posted by CAPIS on 10/13/2017 at 11:45 am
by CAPIS on 10/13/2017

October is National Cyber Security Awareness Month!   The Risk Management Committee and the Data Security Group are partnering together throughout the month of October to provide some fun & educational activities to raise awareness about our shared responsibility to keep ourselves and CAPIS secure. CAPIS is committed to taking an active role in this campaign to educate our employees and their families to keep all of us safe online at work and home. Please join us in creating a culture of cyber security both at work and in our personal lives!     Tim Hall, CFO & Treasurer

October is National Cyber Security Awareness Month!   The Risk Management Committee and the Data Security Group are partnering together throughout the month of October to provide some fun & educational activities to raise awareness about our shared responsibility to keep ourselves and CAPIS secure. CAPIS is committed to taking an active role in this campaign to educate our employees and their families to keep all of us safe online at work and home. Please join us in creating a culture of cyber security both at work and in our personal lives!     Tim Hall, CFO & Treasurer

Celebrating 40 Years of CAPIS Independent Research

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posted by CAPIS on 09/08/2017 at 2:54 pm
by CAPIS on 09/08/2017

Capital Institutional Services is celebrating its 40th year of providing superior customer service to our clients. CAPIS was a pioneer in creating the unbundled independent research model. Our founder, Don Potts, recognized the opportunity presented by the deregulation of brokerage commissions. In 1977, he started offering independent, third-party research which was better for the investor than the traditional proprietary bundled research. The CAPIS agency-only trading model combined with providing independent research with client commissions has proven to be a completely transparent practice that benefits investors. Today, CAPIS is one of the few women-owned independent agency brokers. As a legacy to Don’s vision of 40 years ago, his daughter Kristi Wetherington, President and CEO, continues to guide the firm based on the principles on which it was founded.

Capital Institutional Services is celebrating its 40th year of providing superior customer service to our clients. CAPIS was a pioneer in creating the unbundled independent research model. Our founder, Don Potts, recognized the opportunity presented by the deregulation of brokerage commissions. In 1977, he started offering independent, third-party research which was better for the investor than the traditional proprietary bundled research. The CAPIS agency-only trading model combined with providing independent research with client commissions has proven to be a completely transparent practice that benefits investors. Today, CAPIS is one of the few women-owned independent agency brokers. As a legacy to Don’s vision of 40 years ago, his daughter Kristi Wetherington, President and CEO, continues to guide the firm based on the principles on which it was founded.

CAPIS Participates as a Jr. co-Manager in Citigroup Bond Issuance

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posted by CAPIS on 08/01/2017 at 9:47 am
by CAPIS on 08/01/2017

Dallas, Texas – 7/17/17 – Capital Institutional Services, Inc.(CAPIS), one of the leading women-owned institutional broker-dealers, today announced their participation as a Jr. co-manager in a $2,500,000,000 Citigroup bond issuance. As a women-owned broker dealer, CAPIS’s participation as a co-manager in bond issues provides a unique avenue in meeting corporate diversity program goals through expanded utilization of capital market services.   About Capital Institutional Services, Inc. (CAPIS) CAPIS is a leading women-owned, independent U.S. institutional broker specializing in 24-hour global trading, independent research and commission management programs for asset managers, plan sponsors, and broker-dealers. Supported by advanced trading technology, CAPIS traders deliver superior execution in domestic and international equities, fixed income, derivatives, and program trading. With nearly four decades of experience in the independent research and commission management business, the firm’s industry leading CCA and CSA programs provide added tools for reducing transaction costs and improving performance. Founded in 1977, CAPIS is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the National Futures Association, and SIPC. CAPIS is also a WBENC-Certified Women’s Business Enterprise. For more information, visit www.CAPIS.com. Download Document

Dallas, Texas – 7/17/17 – Capital Institutional Services, Inc.(CAPIS), one of the leading women-owned institutional broker-dealers, today announced their participation as a Jr. co-manager in a $2,500,000,000 Citigroup bond issuance. As a women-owned broker dealer, CAPIS’s participation as a co-manager in bond issues provides a unique avenue in meeting corporate diversity program goals through expanded utilization of capital market services.   About Capital Institutional Services, Inc. (CAPIS) CAPIS is a leading women-owned, independent U.S. institutional broker specializing in 24-hour global trading, independent research and commission management programs for asset managers, plan sponsors, and broker-dealers. Supported by advanced trading technology, CAPIS traders deliver superior execution in domestic and international equities, fixed income, derivatives, and program trading. With nearly four decades of experience in the independent research and commission management business, the firm’s industry leading CCA and CSA programs provide added tools for reducing transaction costs and improving performance. Founded in 1977, CAPIS is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the National Futures Association, and SIPC. CAPIS is also a WBENC-Certified Women’s Business Enterprise. For more information, visit www.CAPIS.com. Download Document

Alliance in Support of Independent Research Comments on CR06/2015

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Compliance

posted by CAPIS on 10/05/2015 at 10:50 am
by CAPIS on 10/05/2015

The Alliance in Support of Independent Research comments on the issues addressed in Consultation Report CR06/2015 relating to soft commissions on transactions. Download Document

The Alliance in Support of Independent Research comments on the issues addressed in Consultation Report CR06/2015 relating to soft commissions on transactions. Download Document

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