tyb
Avantor Inc. sold by New Mountain Capital: $893.49m-Nov 10
Avantor, Inc. is a global provider of mission critical products and services. Its products include materials and consumables, equipment and instrumentation, and services and specialty procurement. Materials and consumables includes chemicals and reagents, lab products and supplies, specialized formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits and education and microbiology and clinical trial kits. Equipment and instrumentation includes filtration systems, virus inactivation systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, biological safety cabinets and critical environment supplies. Services and specialty procurement include onsite lab and production, clinical, equipment, procurement and sourcing, and biopharmaceutical material scale-up and development services. Number of employees : 12 000 people.
https://www.marketscreener.com/quote/stock/AVANTOR-INC-58388950/company/
Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
On November 5, 2020, Avantor, Inc. (the "Company") entered into an Underwriting Agreement (the "Underwriting Agreement"), by and among the Company, the selling stockholders named therein (collectively, the "Selling Stockholders"), and Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (the "Underwriters"), relating to an underwritten offering of 71,569,765 shares (the "Offered Shares") of the Company's common stock, par value $0.01 per share ("Common Stock"), pursuant to the Company's Registration Statement on Form S-3 (File No. 333-248127), filed on August 19, 2020. The Selling Stockholders also granted the Underwriters a 30-day option to purchase up to 7,156,975 additional shares of Common Stock (the "Option Shares" and, together with the Offered Shares, the "Shares"), which was exercised in full. Pursuant to the Underwriting Agreement, the Selling Stockholders sold the shares for gross proceeds of approximately $1,988 million. The Company did not receive any proceeds from the offering. The offering of the Shares was completed on November 10, 2020.
https://www.marketscreener.com/quote/stock/AVANTOR-INC-58388950/news/AVANTOR-INC-Entry-into-a-Material-Definitive-Agreement-Financial-Statements-and-Exhibits-form-31740670/
Steven Klinsky-Founder and Chief Executive Officer New Mountain Capital
Steven Klinsky established New Mountain Capital in 1999. Prior to founding New Mountain Capital, Mr. Klinsky was co-founder of the Leverage Buyout Group of Goldman Sachs & Co. (“Goldman”) (1981-1984), where he helped execute over $3 billion of pioneering transactions for Goldman and its clients. He then joined Forstmann Little and Co. (“Forstmann Little”) as an Associate Partner (1984-1986) and a General Partner (1986-1999), helping to oversee seven private equity and debt partnerships totaling over $10 billion in capital. Mr. Klinsky was the most senior partner of Forstmann Little outside of the Forstmann family for a majority of the 1990s. Mr. Klinsky received his B.A. in Economics and Political Philosophy, with high honors, from the University of Michigan in 1976. He received his M.B.A. from Harvard Business School (class of 1979) and his J.D., with honors, from Harvard Law School (class of 1981). He is or has been chairman or a director of numerous corporations and philanthropies.
https://www.newmountaincapital.com/team/steven-klinsky/
https://www.finviz.com/insidertrading.ashx?oc=1515175&tc=7&b=2
Bill Ackman Shorts Over $20BN In Credit To Hedge Next Crash
Having made many headlines earlier in the year with his rightly apocalyptic perspective on the pandemic, billionaire hedge fund manager Bill Ackman pocketed a tidy $2.6 billion in profits on a massive (credit) hedge he placed amid stock market complacency ahead of its March collapse.
On March 23rd, we completed the exit of our hedges generating proceeds of $2.6 billion for the Pershing Square funds ($2.1 billion for PSH), compared with premiums paid and commissions totaling $27 million, which offset the mark-to-market losses in our equity portfolio. Our hedges were in the form of purchases of credit protection on various global investment grade and high yield credit indices. Because we were able to purchase these instruments at near-all-time tight levels of credit spreads, the risk of loss from this investment was minimal at the time of purchase.
Well, the founder of hedge fund Pershing Square Holdings is at it again, telling The FT that he has put on another massive credit hedge against his long stock book where he sees complacency. Pershing is up 44% year-to-date, so who can blame him for protecting some of that gain, but what appears to have catalyzed the action is a combination of the vaccine news (which he sees as bearish), the complacency of stocks (seemingly ignoring all possible risks), and the cheapness of the hedge.
The vaccine news "is actually bearish for the market because it will make the whole thing seem less of a threat, people will taker mask-wearing less seriously, and more people will die in the next few months than in the previous period." "We're in a pretty treacherous time generally," the hedge fund manager warned, "and what's fascinating is that the same hedge we put on 8 months ago [which was extremely profitable] is available on the same, if not better, terms now… as if there had never been a 'fire' and that everything's going to be fine…"
"At 49bps, the market is saying the world is incredibly safe and everything that is expected to go right will go right…"
Indeed, US HY debt risk premia are now at record lows…cap#2
And the cost of credit protection is dramatically cheaper than equity protection…cap#3
Ackman said the new hedge is close to 30% the size of the bet he placed in late February, when he bought a set of huge insurance policies linked to $71bn of corporate debt.
Despite commenting that "it's going to be a depressing, challenging time," Ackman does offer some silver lining in that he notes "this is different from the hedge we put on in February when we thought it was a near certainty that things would get really, really ugly." This time, he is apparently more optimistic and still long stocks, adding that "I hope we lose money on this latest hedge."
We suspect that last sentence is not entirely true, especially given his comments on the asymmetric nature of the hedge payoff if the future doesn't turn out in the panglossian manner it is priced for.
https://www.zerohedge.com/markets/bill-ackman-shorts-over-20bn-credit-hedge-next-crash
TEAL72 USAF WC-130J Hercules Hurricane Hunter se out of Kessler AFB Biloxi, MS
Tech Stocks Lead Gains in Furious Surge After Rout: Markets Wrap
Stocks climbed as giant tech companies rallied in a shift back to the safety trade that has powered this year’s gains amid speculation the economic recovery will be slow with a virus resurgence. The S&P 500 rose toward a two-month high, while the Nasdaq 100 jumped 2%. Heavyweights Apple Inc. and Amazon Inc. surged alongside some stay-at-home shares that were hit hard by this week’s selloff such as Zoom Video Communications Inc. Lyft Inc. soared as the ride-hailing company reported better-than-estimated sales. The Dow Jones Industrial Average underperformed, and banks slumped. The Russell 2000 Index of smaller stocks halted a two-day rally which was driven by expectations that a return to normal would be on the horizon after positive vaccine developments. Treasury futures were little changed, with the cash market closed for a U.S. holiday.
With fears of further economic pain growing and a surge in virus cases, traders piled back into companies with solid balance sheets and a suite of products that benefit from social distancing. New York City’s average of people testing positive for Covid-19 is approaching the safety threshold that would force a shutdown of schools, with the mayor citing one “last chance” to halt a second wave. Texas’s caseload topped 1 million, while U.S. hospitalizations rose to a record. The pandemic has killed more than 1.2 million people around the world since late January and sent the global economy into the worst recession in living memory. While the rotation into cheaper value stocks slowed down on Wednesday, JPMorgan Chase & Co. strategists said the shift into those companies can endure much longer after years of lagging growth shares. There’s still room for further normalization as a large part of the initial rally was driven by the short-covering of short-momentum strategies, which buy the past year’s winners and sell its losers, according to them. These are some key events coming up:
European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”U.S. CPI data for October is due on Thursday.Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.
These are some of the main moves in markets:
Stocks
The S&P 500 advanced 0.8% as of 11:55 a.m. New York time.The Stoxx Europe 600 Index climbed 1.1%.The MSCI Asia Pacific Index gained 0.6%.
Currencies
The Bloomberg Dollar Spot Index advanced 0.3%.The euro decreased 0.4% to $1.1763.The Japanese yen depreciated 0.3% to 105.57 per dollar.
Bonds
Germany’s 10-year yield declined two basis points to -0.50%.Britain’s 10-year yield rose one basis point to 0.415%.
Commodities
The Bloomberg Commodity Index fell 0.1%.West Texas Intermediate crude climbed 2% to $42.20 a barrel.Gold depreciated 0.8% to $1,862.82 an ounce.
https://www.bloomberg.com/news/articles/2020-11-10/asia-stocks-look-to-steady-u-s-tech-retreats-markets-wrap
https://finance.yahoo.com/quote/%5EIXIC?p=^IXIC
just kidding B
I still post in gen but rarely hang around for very long.
Do wut ya need to do….
o7
Keep doing it…was just kidding
Can't do all of it and I miss stuff too.
>riding in that shit
I see why…used to enjoy going out when many would not.
Not the same as that but you get it….wakes does I'm sure…It's almost a challenge at that point.
JPMorgan Chase Is Under a New Federal Investigation, One Month After Getting Slapped with Its 4th and 5th Criminal Felony Count
Each quarter publicly traded companies file a form known as the 10-Q with the Securities and Exchange Commission. The 10-Q filed by the largest bank in the United States, JPMorgan Chase, on November 2 carried a very disturbing paragraph that had not appeared in the 10-Q the bank filed on August 3. The paragraph reads as follows:
“JPMorgan Chase Bank, N.A. has been advised by one of its U.S. regulators of a potential civil money penalty action against the Bank related to historical deficiencies in internal controls and internal audit over certain advisory and other activities. The Bank already has controls in place to address the deficiencies related to the proposed penalty. The Firm is currently engaged in resolution discussions with the U.S. regulator. There is no assurance that such discussions will result in resolution.”
Why is this paragraph so disturbing? First of all, the words “deficiencies” and “audit” are not two words that one wants to read in the same sentence pertaining to any Wall Street bank. But they are particularly frightening when it comes to the largest bank in the United States that has racked up an unprecedented five criminal felony counts – to which it admitted guilt – in the past six years. That’s five more felony counts than the bank racked up in the prior 100 years of its existence.Equally unprecedented, the Board of Directors of JPMorgan Chase has kept Jamie Dimon as its Chairman and CEO, despite the fact that he has sat at the helm of the bank during this unprecedented and relentless crime wave.
There is also the disturbing fact that JPMorgan Chase’s three-year probation for its role in rigging the foreign exchange market just ended in January of this year. Nine months later, on September 29, it gets slapped with two new felony counts by the U.S. Department of Justice for rigging the precious metals and U.S. Treasury market and is put on another three-year probation. And now, just a little more than a month later, we are learning that there is yet another federal probe of this bank in the works. This is known as a recidivist lawbreaker. A real Justice Department doesn’t keep doling out probation periods to recidivist lawbreakers. It throws them in the pokey and demands changes in the management and Board of JPMorgan Chase.
But William Barr’s Justice Department did the exact opposite of what a rational person would have expected on September 29 when it announced JPMorgan Chase’s fourth and fifth felony count in a six-year span. Instead of holding its typical press conference to announce such weighty charges, the Justice Department stunned Wall Street watchers by making the announcement on the same day that all eyes were on the presidential debate that night and doing it with just a press release – no press conference. That decision might have come from the fact that prosecutors were charging the bank with “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…” but the Justice Department had decided to condense what could have been tens of thousands of counts into just two felony counts. If you don’t hold a press conference, reporters can’t ask those picky questions as to why the Justice Department was letting this serial lawbreaker off so easily.
By comparison, in 1985 the U.S. Department of Justice forced the big Wall Street bank, E.F. Hutton, to plead guilty to all 2,000 counts of wire and mail fraud it had engaged in.
https://wallstreetonparade.com/2020/11/jpmorgan-chase-is-under-a-new-federal-investigation-one-month-after-getting-slapped-with-its-4th-and-5th-criminal-felony-count/
SAM112 USAF G5 west from Lincoln Muni. Airport after a ground stop-Ypsilanti, MI depart earlier
SAM119 USAF G5 on final approach at JBA from Colorado Springs Muni Airport (not the Peterson AFB side) after an overnight from Houston-Ellington Airport and a departure of Patrick AFB earlier in the day
This AC was SAM942 and accompanied POTUS over the last several days of the campaign stops-it was usually out front
It has also accompanied AF2 in the same role in Sept.
TATUM61 DELL51 KAGO61 US Navy E-6B Mercury's up
TATUM61 out of Travis AFB DELL51 out of Offutt AFB and KAGO61 out of TinkerAFB
Israeli Air Force 676 G550AEW Eitam SIGINT departed Hamburg- Helmut Schmidt Airport after a ground stop and returning to Tel Aviv
positive vibes sent both of your ways
US Customs and Border Patrol CBP108 Q9 Guardian has finished it's work in southern Texas and nw
did those a few years ago..bilsteins all the way 'round.
The vehicle is under-braked as it is so I go through pads pretty quickly-this time I did not pay attention and gored the rotors beyond any attempts at resurfacing
Just waiting for the help to arrive then get at it.
I hate doing this shit but the alternative is $$$$
that's wut the help is for!!!
The dirty shit
Plus a case of beer and whatever I else I throw at them.
They good peeps so I am blessed.
SAM122 USAF G5 on ground at Reno/Tahoe Int'l from Lincoln Muni. Airport, NE
not fun–did it on a mid-80's Audi 5KTQ twice…the first time and last time.
The biggest thing is the prep and getting it all out to get started-hate that part of it.
Sometimes spend moar time prepping and cleaning up than work.
Starter motor earlier this year wuz like that. took all of 30 minutes for actual work.
Loved the Audi's until they got way over-complicated for no real reason
And then you needed an E.E. degree just to open the hood.
Got rid of all the tools and shit when I moved to another house in 2016.
Wished I kept some though.
Having help this time is great as I'd be out all day doing this…cursing up a storm too
so true-have utmost respect for those that do there own-not easy
wish that would habben here-roads in CA mostly neglected although the muni I live in is pretty good-you can always tell when you've entered the County maintained roads by the teeth chatter.
A small sense of accomplishment never hurts.
Biggest job I've done since I came out of hibernation (and that was all medically caused)
ty fren-hardest thing I've ever done but glad I did so I can be with all of you as we go forward.
This board (and it's several iterations) gave me muh life back.
Which is why I am so pissed wut it became.
But that is not worth dwelling on
WWG1WGA!!
RCH220 USAF C-5 Galaxy departed Comayagua, Honduras-AB Col. Enrique Soto Cano after a quick ground stop-origin of Lackland AFB, San Antonio
>got to get busy outside now and thank you for the words-they truly mean much to me
o7