Mergers/Acquisitions

Whatever one’s philosophical leaning, the practice of adjusting earnings has left investors with too many watches to consult. We look deeper into the topic of adjusted earnings to gauge the slippage between commonly-referenced earnings clocks.

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Offerings are beginning to pick up. While not even near the levels of excess, the trend bears watching. The initial surge in offerings is typically indicative of a rising market.

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What will be one of the key performance drivers for  the second half of the bull market? The short answer is the same catalyst that brought the stock market down during the latter half of the last bear market: Liquidity.

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Today’s takeovers appear to make better strategic sense, and are coming at the hands of companies with good credit ratings, strong balance sheets, and good cash positions. This month’s “Of Special Interest” looks at the possibility that a rebound in M&A activity could heal an ailing stock market.

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Golden Age Ends For Cash Buyouts, But Does A Silver Age Loom?

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Cash takeovers (including private equity buyouts) provided a very conducive environment for the stock market to rise, but there are now signs that this era of endless cheap money available to corporate and private equity buyers could be coming to an end.

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Cash acquisitions shrinking U.S. equity share base.

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The key to the 2006 Supply/Demand factors has been the huge level of Cash Acquisitions this year. Current levels smash prior 2005 record level. This bullish trend could continue to support a rising stock market.

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In recent years cash acquisition activity has run highest when stock prices are high, and lowest when stock prices are down.

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In reviewing the numerous Supply/Demand factors we track, there were four trends that are perhaps the most important and/or most interesting on this front so far in 2005.

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Heading into 2005, many investors were looking for a pickup in M&A activity.

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AOL write down of goodwill will create the widest difference between reported and operating earnings ever.

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In 2000, cash acquisitions of public companies reduced the U.S. equity base at a far greater magnitude than ever before. Now it looks as though this trend is continuing this year.

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In 2000, cash acquisitions of public companies reduced the U.S. equity base at a far greater magnitude than ever before.

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After yet another volatile month, the Leuthold Internet Insanity Index gained over 12% during February.

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YTD cash acquisitions of $32.3 billion reduces YTD offerings of $49 billion to produce net equity supply of $16.7 billion for the year.

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January cash acquisition activity was relatively quiet, at its lowest level in six years.

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Through September, there have been $172 billion of cash acquisitions. This is an all-time record, over 59% more than the previous annual record of $108 billion in 1998.

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Through August, there has been $164 billion of cash acquisitions. This is an all-time record, over 52% more than the previous annual record of $108 billion in 1998.

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Through July, there has been $146 billion of cash acquisitions. This is an all-time record, over 35% more than the previous annual record of $108 billion in 1998.

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