GUZMAN & COMPANY

2016-06-22T19:27:34+01:00
Guzman Share Repurchase Update – December 2015
Guzman & Company’s Investment Banking team released its Share Repurchase Update for December 2015.
Summary: 2015 brought 796 announcements greater than $25MM, with the average announcement size being ~$900MM. December closed the year with its fair share of share repurchase activity. 64 companies disclosed share repurchase authorizations with an average announcement size of $700MM.
Read full analysis here: Share Repurchase Monthly – December 2015
2016-06-22T19:24:56+01:00
Guzman Share Repurchase Update – November 2015
Guzman & Company’s Investment Banking team released its Share Repurchase Update for November 2015.
Summary: November saw a rise in the number of share repurchase authorizations but a return to more normalized volumes in the absence of “mega-announcements” seen in months past. As a result, the average announcement size fell over 55% from $1BN in October to $447MM in November.
Read full analysis here: November Share Repurchase Report with Q3 Review
2016-06-22T19:20:18+01:00
Guzman Share Repurchase Update – October 2015
Guzman & Company’s Investment Banking team released its Share Repurchase Update for October 2015.
Summary: With companies beginning to report 3Q earnings, October was one of the most active buyback months of the year. The dollar amount of share repurchase authorizations announced climbed to its highest level since April and its third highest level since the beginning of 2014. The number of announcements also increased 30% compared to September, to its third highest level in 2015.
Read full analysis here: Monthly Share Repurchase Update October ’15
2016-06-22T19:15:20+01:00
Guzman Share Repurchase Update – September 2015
Guzman & Company’s Investment Banking team released its Share Repurchase Update for September 2015.
Summary: As the market digested the Fed’s rate decision and lingering uncertainty in China, U.S. companies continued to announce new stock buyback authorizations. While the number of announcements fell in September, the average announcement size spiked to its highest level since June. However, Q3 buyback activity proved more normalized versus the mega- announcements that dictated the first half of the year.
Read full analysis here: Monthly Share Repurchase Update – September 2015
2016-06-22T19:11:06+01:00
Guzman Share Repurchase Monthly Report – August 2015
Guzman & Company released its Share Repurchase Update for August 2015, which includes a comprehensive review of Q2 2015 Share Repurchase Activity.
Summary: August saw a rise in the number of share repurchase announcements, but only a modest increase in the volume of announcements. Average announcement size decreased 30% compared to July. As volatility continues in the equities market, corporations could see opportunities to buy back their stock.
Read full analysis here: Guzman Monthly Share Repurchase Update August
2016-06-22T19:08:50+01:00
Guzman Share Repurchase Monthly Report – July 2015
Guzman & Company released its Share Repurchase Monthly Report for July.
Summary: Share repurchase announcements appear to be moderating as the summer draws to a close. Despite an increase in the number of announcements, the total volume authorized in July was off ~15% from historical levels. One contributing factor was July’s lack of mega announcements as seen in prior months. However, the consumer sector proved an outlier, more than doubling announcements in June and July vs. 1H’15. Heightened volatility in equity markets continues to present opportunities for corporates looking to buy back their stock.
Read complete analysis here: Monthly Share Repurchase Update JULY
2016-06-22T19:03:13+01:00
Guzman Share Repurchase Monthly Report – June 2015
Guzman & Company released its Share Repurchase Monthly Report.
Summary: Despite a slight decline in the number of announcements and total volume of share repurchases in June, 1H’15 saw an uptick in share repurchase activity compared to 1H’14. The number of share repurchase announcements increased ~2%, with the average announcement size jumping nearly 40% from $821MM to $1.14BN. The spike in announcement size was driven by the trend of mega announcements from companies like Apple, General Electric, and Home Depot. As in prior months, the consumer sector continued to be the most active for repurchase activity.
Read the complete analysis here: Monthly Share Repurchase Update May 2015
2016-06-22T18:43:40+01:00
Guzman Share Repurchase Monthly Report – March 2015
Guzman & Company released its March 2015 Share Repurchase Monthly Report, which deepens the firm’s January analysis by examining the same Guzman-created indices of highest buyback-yielding and highest dividend-yielding companies to quantify the tax benefit to the long-term investor of companies primarily buying back stock vs. companies primarily paying dividends.
Summary: The “buy high, sell low” argument criticizing the buybacks of 2007 and the issuances in 2009, single out specific stocks and fail to examine the data on a longer-term, aggregate basis. History clearly shows that buybacks lead to outperformance for the long-term investor on a through-cycle basis, especially when we consider tax implications. Despite dividend reinvestment and compounding, total returns for companies that repurchased stock dwarfed those that focused on dividend distributions by ~12% since 2004.
Read the full report here: Monthly Share Repurchase Update – MARCH 2015

2016-07-12T15:42:07+01:00
Monthly Fixed Income Report – November 2015
Guzman & Company’s Investment Banking team released its monthly Fixed Income Market Report for November 2015.
Key Takeaway: The positive market tone that prevailed at the end of October continued into November as confidence that any Fed rate hike wouldn’t upend the economy pushed investors back into risk assets. Fed minutes released early in the month reinforced this positive sentiment and were viewed as “dovishly hawkish”, suggesting to most that any further rate hikes would only come very slowly.
Read Full Report Here: Monthly Fixed Income Update November 2015
2016-07-12T15:41:11+01:00
Monthly Fixed Income Report – October 2015
Guzman & Company’s Investment Banking team released its monthly Fixed Income Market Report for October 2015.
Key Takeaway: The month and quarter began with a very disappointing jobs number that caught market participants by surprise and called into question the underlying strength of the recovery. Nevertheless, the initial negative reaction in the markets quickly succumbed to the “bad news is good news” theory that traders have come to embrace over the last few years, as they dismissed any possibility of a Fed rate hike in October.
Read Full Report Here: Monthly Fixed Income Update October 2015
2016-07-12T15:40:20+01:00
Monthly Fixed Income Market Report – September 2015
Guzman & Company’s Investment Banking team released its monthly Fixed Income Market Report for September 2015.
Key Takeaway: Market participants returned from a later than usual Labor Day weekend to an environment that offered little relief from the ravages of the summer sell- off in risk assets. Ongoing concern over the fallout from slower Chinese growth and what that means for the state of global demand, along with excessive pre-occupation with what the Fed would do at their mid-month meeting, led to further deterioration across most asset classes.
Read Full Report Here: Monthly Fixed Income Update September
2016-07-12T15:39:17+01:00
Monthly Fixed Income Market Update – June 2015
Guzman & Company’s Investment Banking team released its monthly Fixed Income Market Report for June 2015.
Key Takeaway: June began with a heightened degree of preoccupation about what the Fed would do at its upcoming meeting and the possibility of the first rate hike since ’06. That, along with the ongoing uncertainty surrounding month-end deadlines in Greece, led to an increase in volatility and a decidedly risk-off environment.
Read Full Report Here: Fixed Income Market Update 7.8.15 FINAL
2016-07-12T15:38:01+01:00
Monthly Fixed Income Market Update – June 2015
Guzman & Company’s Investment Banking team released its monthly Fixed Income Market Report for May 2015.
Key Takeaway: The uneasiness that prevailed across markets at the end of April carried through into the early weeks of May. Global debt and equity markets seemed to be engulfed in a cloud of uncertainty … whether Greece, Puerto Rico, ECB, FED, Putin, ISIS, oil or the US$, the concerns were many. Eurobond declines continued, bringing two-way risk back into the bond market, as the reflation trade became the flavor of the month. With the market beginning to see signs that Euro QE is working, and inflation moving towards its target, earlier fears of deflation seemed to fade away.
Read the entire analysis here: Monthly Fixed Income Update 6.5.15
2016-07-12T15:36:43+01:00
Guzman Fixed Income Market Update – April 2015
Guzman & Company released its Fixed Income Report for April 2015.
Key Takeaway: As the month started out, April showers in the form of long awaited ECB buying, rained down liquidity across global markets, driving a substantial portion of Euro denominated debt as far out as ten years into negative yields. Further priming the global liquidity pump, China joined the other ultra- simulative countries with a larger than anticipated cut in reserve requirements along with additional forms of unconventional stimulus. Global equity markets responded accordingly, with both the S&P and NASDAQ approaching old highs and the NIKKEI trading over 20,000 for the first time in 20 years.
Click Here to Access Complete Analysis: Monthly Fixed Income Update April 2015
2016-07-12T15:32:42+01:00
Fixed Income Market Update – February 2015
Guzman & Company released its Fixed Income Report for February 2015.
Key Takeaway: What January shunned, February embraced as risk-on became the new order of the day. The sharp downward acceleration in bond yields in late January surprised most market participants and suggested shifting expectations regarding the US stock market, fears over deflation, and prospects for economic growth.
Click Here to Access Complete Analysis: Monthly Fixed Income Update 3.10.15

Market Analysis (2015)