Browsing articles tagged with "best execution Archives - Mischler Financial Group"
Equities Markets: Should I Stay or Should I Go? Peruzzi’s Perch
July 2017      Equities Market Commentary   

Peruzzi’s Perch 07.28.17  As Bull Market Seems Long in Tooth, Equities Markets Institutional Investors Ponder : Should I Stay or Should I Go?

Watching the equities markets this week, one can’t help but think of the song from The Clash: Should I Stay or Should I Go.  Earnings, economic data, Fed speak and cash flows all signal a market that has inflation under control and is growing a moderate pace.

larry-peruzzi-mischler-equitiies

Larry Peruzzi, Managing Director

We have been seeing a decent amount of shorts being squeezed and retail investors, who have been on the sidelines, are putting more money to work as they try to “catch up”. These points, as well as an S&P P/E ratio of 21.4 tend to be overbought signals and bears will try to make sell arguments. Given all this, it is still difficult to sell this market as low rates, low inflation and low oil prices ($50 oil) look to be with us for a while. While investors are starting to be cautious, we really don’t see any market correction event on the horizon. Friday’s inline 2Q GDP data further confirmed this.

The week in review saw in-line existing home sales on Monday, dovish Fed comments and no rate hike [as expected] on Wednesday, and decent Earning growth on a heavy earnings Thursday. In fact, looking at the S&P 500 earnings scorecard, it shows 10.7% earnings growth on 4.9% rise in revenues. London dealers also announced the 50-year old borrowing benchmark LIBOR will be replaced by 2021. Amazon CEO Jeff Bezos passed Bill Gates as the world’s richest person. The transformation of the retail industry continues and the value of an Amazon distribution can make a huge difference as we have seen recent life lines thrown to Whole Foods and Sears.  But, even Amazon (NASDAQ:AMZN) proved they are not invincible after issuing a profit warning on Friday.  Twitter (NASDAQ:TWTR) continues to be an enigma as the firm announced its first every decline in quarterly revenues and the stock closed below its 200 day moving average on Thursday. The S&P 500, NASDAQ and Dow Industrials hit all-time highs on Wednesday. Thursday started out well but some mid-day profit taking turned the day into a reversal day. Tobacco stocks were burned down on Friday after U.S. regulators proposed cutting nicotine levels in cigarettes. U.S dollar continues to be weak, as the U.S dollar index hit its lowest levels since April 2016.

Looking ahead to next week, the Washington soap opera will be front and center. Thursday night the Senate failed to overturn the Affordable Care Act, causing many to question the ability of the Trump agenda to move forward. Also not helping the case is the continued White House staff infighting and personnel turnover as former Wall Streeter Anthony “Mooch” Scaramucci became Trump’s latest “senior communications director”.

Monday should be a quiet month end as July often is. Also due: June pending home sales on Monday, July ISM data on Tuesday, Factory orders and durable goods on Thursday and July employment payrolls data on Friday. 113 companies will report earnings next week, with the bulk doing so after the market closes on Tuesday and Wednesday.

Investors will be best served by being cautious, as some strategist are calling the markets “expensive”, “overbought” and/or “ready for a correction.” Notwithstanding the market naysers, the data is showing us continued growth and low volatility and inflation. Although we are late in the bull’s run, we continue to see opportunities in sector rotation, as well as in old fashion stock picking. See Twitter up 3.37% YTD while Facebook is up 50.42% YTD.

The take-away? Be cautious, wear your sunscreen so you don’t get burnt, and add the Clash to your playlist.

Larry Peruzzi

Managing Director International Trading

Mischler Financial Group

Investment Banking | Institutional Brokerage

Ph:   1-617-420-8472 | Cell: 1-617-997-6318

Larry Peruzzi is a 20 yr global trading markets veteran and brings a unique perspective to global equities market commentary via Mischler Financial Group, the securities industry’s oldest minority broker-dealer owned and operated by service-disabled veterans.  Larry’s experience  and best execution perspective stems from his sitting on ‘both sides of the aisle.’  For more than half of Larry’s career, he ran buy-side trading desks for Standish Mellon and thereafter, The Boston Company. In both of those roles, Larry was responsible for implementing and managing international equities trade execution. Larry’s perspectives are frequently cited by the leading financial news publishers, including The Wall Street Journal, Bloomberg LP and Reuters

Mischler End of Week Equities Market Commentary via Peruzzi’s Perch July 28, 2017 end-of-week edition is distributed via email to institutional investment managers and Fortune Treasury clients of veteran-owned broker-dealer Mischler Financial Group, the investment industry’s oldest  minority broker-dealer owned and operated by Service-Disabled Veterans.

Peruzzi’s Perch is a weekly synopsis of Everything Equities as seen from the perch of Mischler Financial Group’s International Equities Desk. Cited by Wall Street Letter in each of 2014, 2015 and 2016 for “Best Research / Broker-Dealer”, Peruzzi’s Perch is one of four distinctive content pieces produced by Mischler Financial Group

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Mischler 2017 Memorial Day Month Pledge
May 2017      Company News, Giving Back   

Client Notification re: Mischler “2017 Memorial Day Month Pledge”

From: Office of Dean Chamberlain (SDV), CEO Mischler Financial Group, Inc.

Consistent with Mischler Financial Group’s annual initiative to commemorate Memorial Day and honor those who made the ultimate sacrifice while serving in our US military, this year we have dedicated a percentage of the month’s commission revenue to two organizations that are near and dear to our hearts and minds.

As we have done in prior Memorial Day and Veterans Day observances, Mischler is pleased to continue our support of Army Ranger Lead The Way Fund, the non-profit dedicated to raising funds to support disabled U.S. Army Rangers and the families of Rangers who have died, have been injured, or are currently serving in harm’s way.

As part of our May 2017 profit pledge, Mischler is equally proud to support the American Cancer Society via our sponsorship of the ACS 12th Annual Financial Services Cares Gala, which will be held June 22 at the New York Hilton Hotel. This year’s gala, which is expected to raise more than $1 million, will pay tribute to former KPMG Chairman & CEO Eugene O’Kelly, who passed away from cancer in 2005 and whose estate remains an ardent supporter of ACS cancer research grants.

Each of us here at Mischler, whether personally, through family members and/or friends and acquaintances are all-too-familiar with cancer’s devastating impact. Our support of the ACS is a testament to the crucial work it performs via research grants and assistance to patients undergoing treatment and their caregivers.

As the month of May pledge kicks off, on behalf of the entire Mischler team, thank you in advance to our sales/trading desk counterparties across the investment industry and the many Fortune 500 treasury teams we work with for your ongoing support of our mission.

 

 

Dean A. Chamberlain (SDV)

Chief Executive Officer

Mischler Financial Group, Inc.

Investment Banking | Institutional Brokerage

www.MischlerFinancial.com (more…)

Equity Market Drivers: Sentiment, Spending and Politics; Peruzzi’s Perch
March 2017      Equities Market Commentary   

What’s Next for Stocks? Equity Market Drivers-It’s all about Sentiment, Spending and Politics…

larry-peruzzi-mischler-equitiies

Larry Peruzzi

U.S and global markets experienced a classic risk reversal trade on Tuesday as investors re-priced the probability of a reduction in taxes. Investors took profits and reduced their risk exposure by knocking the Dow down 1.14% and the S&P 500 by 1.24% on Tuesday.  The S&P 500 and Dow Jones Industrials ended their historic streak of 110 sessions without a 1% decline. Crude oil continued its decline with WTI crude down 3.1% over the first 4 days of the week. Energy, the worst-performing sector this year, has fallen by about 8% year to date. The economic front was largely void of any market moving numbers.

The housing sector did release some contradictory numbers as Wednesday’s existing home sales in February registered a 3.7% decline, but Thursday new home sales surged 6.1%. Who wants used when you can have new?  As the week came to an end, more uncertainty was created as the House GOP leaders looked to vote on Friday on their health-care bill, while not knowing for sure they have enough votes to pass it. As we have learned time and time again, markets greatly despise uncertainty.

Further evidence of the risk reversal trade can be seen in Gold’s trading action, as the precious metal is up 3.25% over the last 2 weeks. The week will also be remembered for what might have been the beginning stages of an end to an era when Sears Holdings had its worst decline in 2 years. Sears said there was “substantial doubt” about its future. Sears was once the world’s largest retailer over its 131 year history. With the Fed’s rate hike behind us and the next meeting not until May 3rd and 1Q earnings still a few weeks’ away, investors will continue to ponder their risk tolerance in these highly partisan political times.  Friday was an active day for Fed governors with Bullard, Dudley, Williams and Evans speaking.

Next week will be equally active for the Fed, with 12 speeches by governors, culminating with Chair Yellen speaking on Tuesday.  With the market drivers changing over the last couple of weeks, I think what the market and investors will be concentrating on is sentiment, spending and politics. Tuesday’s March Conference Board consumer confidence and Friday’s March Michigan sentiment readings should give us a good idea how the public views the economy, while Wednesday’s February pending home sales and Thursday 4Q personal consumption, followed by Friday’s February Personal Spending will be a good indication of how much the recent market rally has buoyed the consumption and spending.

The political front remains divided by party lines and reforms in taxes, healthcare, immigration and a Supreme Court nominee are at risk. As we watch a few key economic numbers and Fed speeches, we will be closely monitoring the shenanigans out of Washington. Quarter-end on Friday is normally “meet with portfolio managers” who will be making some last minute adjustments to portfolio holding and cash levels. I would expect trading volumes to increase as the week progresses.

There is a lot to digest for a market that looks like it is being stymied by a fork in the road.

Larry Peruzzi

Managing Director International Trading

Mischler Financial Group

Investment Banking | Institutional Brokerage

Ph:   1-617-420-8472

Larry Peruzzi is a 20 yr global trading markets veteran and brings a unique perspective to global equities market commentary via Mischler Financial Group, the securities industry’s oldest minority broker-dealer owned and operated by service-disabled veterans.  Larry’s experience  and best execution perspective stems from his sitting on ‘both sides of the aisle.’  For more than half of Larry’s career, he ran buy-side trading desks for Standish Mellon and thereafter, The Boston Company. In both of those roles, Larry was responsible for implementing and managing international equities trade execution. Larry’s perspectives are frequently cited by the leading financial news publishers, including The Wall Street Journal, Bloomberg LP and Reuters

Mischler End of Week Equities Market Commentary via Peruzzi’s Perch March 09 2017 end-of-week edition is distributed via email to institutional investment managers and Fortune Treasury clients of veteran-owned broker-dealer Mischler Financial Group, the investment industry’s oldest  minority broker-dealer owned and operated by Service-Disabled Veterans.

Peruzzi’s Perch is a weekly synopsis of Everything Equities as seen from the perch of Mischler Financial Group’s International Equities Desk. Cited by Wall Street Letter in each of 2014, 2015 and 2016 for “Best Research / Broker-Dealer”, Peruzzi’s Perch is one of four distinctive content pieces produced by Mischler Financial Group.
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Boutique Investment Bank Mischler Financial Group Adds to Global Equities Execution Team
March 2017      Company News, Equities Market Commentary   

Former Goldman Sachs International Equities Trader + Best Ex Sales/Trader Enlist with Veteran-Owned Broker-Dealer Mischler Financial

Newport Beach CA and Stamford, CT– March 08—Mischler Financial Group (“MFG”), the veteran-owned  boutique investment bank and institutional brokerage announced the further expansion of the firm’s  agency-only equities execution team with the hire of two additional global trade execution specialists. With the new hires, minority-certified Mischler now boasts ten dedicated equities trading professionals specializing in US Domestic and International Equities whose respective pedigrees include both senior buy side and sell-side trading desk roles for globally recognized institutions.

The new members of the Mischler equities trading desk team include Matthew Horan, a 15-year securities industry veteran who joins Mischler from global investment bank Goldman Sachs, where he was VP International Equity Sales/Trading. Based in Goldman’s Taipei office for the last 3 years, Horan covers long-only and hedge fund accounts in the U.S., Hong Kong, and Singapore. Prior to Goldman Sachs, Mr. Horan was Senior Vice President Equity Sales/Trading for BNP Paribas Securities and worked from BNP’s Taipei office. Earlier in his career, Mr. Horan was the Pan Asia Equity Trader for The Boston Company Asset Management, one of the industry’s leading fund management firms.  Also joining Mischler is John Barone, a 25-year US equities trading market veteran who, prior to his role at Mischler, was Head of Equity Sales/Trading for agency brokerage Cheevers & Co. Earlier in his career, Mr. Barone was a Principal and Head of Equity Trading at William Blair & Company. He has also served as President of the Security Traders Association of Chicago and on the Board of Governors of the National Security Trader Association.

Matthew Horan will be based in Mischler’s Boston office, where the firm’s international equities execution team is overseen by Managing Director Larry Peruzzi. Mr.Barone will operate from Mischler’s Chicago trading desk and work with the firm’s Midwest area institutional clients.

Dean Chamberlain, Chief Executive of Mischler Financial Group stated, “We’re very happy to add two more formidable veterans to our global equities execution platform. Both Matt Horan and John Barone are uniquely talented equities execution specialists with long-standing relationships and deep fluency administering both high-tech and high-touch execution styles.” Added Chamberlain, “Of greater importance, the institutional clients that Matt and John have worked with over several decades can now benefit from our well-proven ability to deliver true best execution in both US domestic and international equities.”

About Mischler Financial Group

Established in 1994, Mischler Financial Group, Inc. (“Mischler”) is the oldest and largest minority-certified FINRA member firm owned and operated by military veterans. A federally certified Service Disabled Veterans Business Enterprise (SDVBE), Mischler is headquartered in Newport Beach, California, and operates 10 regional offices in major cities throughout the United States. The firm serves leading institutional fund managers, Fortune corporate treasurers, public plan sponsors, endowments, and foundations through its primary debt and equity capital markets practice areas and provides corporate share repurchase execution services and agency-only best execution services within the global equities and fixed income markets. In addition to new-issue underwriting and syndication within the US Equity and Debt capital markets, Mischler provides asset management for liquid and alternative investment strategies. The firm’s website is located at http://mischlerfinancial.com

 

For Additional Information:
Dean Chamberlain, CEO
Tel: 203.276.6646
Email: dchamberlain@mischlerfinancial.com

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Trump’s Tweet-Driven Policy Approach Propels Stock Prices; Can This Continue?
January 2017      Equities Market Commentary   

Peruzzi’s Perch – Jan 26 2017- Forget About Fed Policy and Rates- Equities Markets Are All About Trump Tweets (Still?!)

larry-peruzzi-mischler-equitiies

Larry Peruzzi

U.S. equity markets close the week in record territory, as the Dow Jones finally crosses the 20,000 Maginot line on Wednesday. Fueled by business friendly policy and rhetoric out of Washington, relatively inexpensive energy, improving corporate earnings and low rates the Dow recorded 2nd fastest 1,000-point move in history (42 days). What was a FED/rate driven market, which was preceded by the Oil driven market, has been replaced by a Presidential policy/tweet-driven market.

This week we saw rallies in cement and steel stocks when President Trump signaled he was forging on with his boarder wall as well as rallies in energy stocks when the Keystone and Dakota XL pipelines were reopened. Across the border Mexican stocks even lost 1.4% on Thursday after Mexican President Enrique Peña Nieto canceled a scheduled meeting at the White House. Fed watching has been replaced by Tweet watching and so far, the equity markets like what it is seeing. Historically when markets cross into record territory we normally see a brief pause while analyst access valuations. Additional positive news was received after the close on Thursday as earning from Microsoft, Intel and Alphabet beat estimates. As of Thursday 161 of the S&P 500 names have reported with 120 (74.5%) reporting a positive surprise and 38 (23.6%) reporting a negative surprise.

Next week 24 S&P 500 companies are scheduled to report earnings. The reporting firms are dominated by retailers.  It will also be an important week economically with Dallas Fed activity on Monday, Chicago Purchasing managers on Tuesday, a FOMC rate decision on Wednesday (no change expected), productivity and labor cost on Wednesday and the ever important January employment report closing out the week on Friday. The FED Funds rate, despite Chairwoman Yellen calls for increased magnitudes of rate increases, is not expected to change. Fed funds are only pricing a 14.5% probability of a rate hike for Wednesday’s FOMC meeting. Friday’s employment reported should see a lot of attention. A positive report is sure to be met by the suddenly customary round of tweets and promotion.  It may however be a tad bit early to put much emphasis on the report. The April, May and June reports should be much better harbinger of the effectiveness of the Trump agenda toward job creation. With the Dow Jones now over the 20,000 level, after 6 failed attempts in December and January, we will be looking for signals on the strength and sustainability of the bullish sentiment. There are some concerns over Trump’s protectionism and the recent decline in the U.S dollar has made some foreign investors nervous. Global markets are in rally mode but with European referendums this spring, trade agreements being rewritten and rising political tension there is uneasiness about it.

Asian Markets are expected to be quite as the Lunar New Year holiday commences Friday. Chinese markets will remain closed until next Friday. 2017 is the year of the Rooster. The Rooster is almost the epitome of fidelity and punctuality. Investors would be well served by being loyal to facts and details on their trades and in being punctual, as we have entered a market environment never seen before.

Larry Peruzzi

Managing Director International Trading

Mischler Financial Group

Investment Banking | Institutional Brokerage

Ph:   1-617-420-8472

Larry Peruzzi is a 20 yr global trading markets veteran and brings a unique perspective to global equities market commentary via Mischler Financial Group, the securities industry’s oldest minority broker-dealer owned and operated by service-disabled veterans.  Larry’s experience  and best execution perspective stems from his sitting on ‘both sides of the aisle.’  For more than half of Larry’s career, he ran buy-side trading desks for Standish Mellon and thereafter, The Boston Company. In both of those roles, Larry was responsible for implementing and managing international equities trade execution. Larry’s perspectives are frequently cited by the leading financial news publishers, including The Wall Street Journal, Bloomberg LP and Reuters

Mischler End of Week Equities Market Commentary via Peruzzi’s Perch January 26 end-of-week edition is distributed via email to institutional investment managers and Fortune Treasury clients of veteran-owned broker-dealer Mischler Financial Group, the investment industry’s oldest and largest minority broker-dealer owned and operated by Service-Disabled Veterans.

Peruzzi’s Perch is a weekly synopsis of Everything Equities as seen from the perch of Mischler Financial Group’s International Equities Desk. Cited by Wall Street Letter in each of 2014, 2015 and 2016 for “Best Research / Broker-Dealer”, Peruzzi’s Perch is one of four distinctive content pieces produced by Mischler Financial Group.

To receive Peruzzi’s Perch, please contact Larry Peruzzi, Managing Director, International Equities via email: lperuzzi@mischlerfinancial.com or via phone.

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