Intrinsic value of New York Times Cl A - NYT

Previous Close

$23.25

  Intrinsic Value

$6.70

stock screener

  Rating & Target

str. sell

-71%

Previous close

$23.25

 
Intrinsic value

$6.70

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of NYT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,805
  1,939
  2,079
  2,223
  2,374
  2,530
  2,693
  2,863
  3,039
  3,223
  3,414
  3,614
  3,822
  4,040
  4,267
  4,504
  4,751
  5,010
  5,281
  5,564
  5,861
  6,171
  6,496
  6,837
  7,193
  7,567
  7,958
  8,369
  8,799
  9,250
Variable operating expenses, $m
  1,678
  1,801
  1,930
  2,063
  2,202
  2,346
  2,496
  2,652
  2,815
  2,984
  3,146
  3,330
  3,522
  3,722
  3,931
  4,150
  4,378
  4,617
  4,866
  5,127
  5,400
  5,686
  5,986
  6,299
  6,628
  6,972
  7,333
  7,711
  8,107
  8,523
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,678
  1,801
  1,930
  2,063
  2,202
  2,346
  2,496
  2,652
  2,815
  2,984
  3,146
  3,330
  3,522
  3,722
  3,931
  4,150
  4,378
  4,617
  4,866
  5,127
  5,400
  5,686
  5,986
  6,299
  6,628
  6,972
  7,333
  7,711
  8,107
  8,523
Operating income, $m
  127
  138
  149
  160
  172
  184
  197
  211
  224
  239
  268
  284
  300
  317
  335
  354
  373
  394
  415
  437
  461
  485
  511
  537
  565
  595
  625
  658
  692
  727
EBITDA, $m
  223
  240
  257
  275
  294
  313
  333
  354
  376
  399
  423
  447
  473
  500
  528
  558
  588
  620
  654
  689
  726
  764
  804
  846
  890
  937
  985
  1,036
  1,089
  1,145
Interest expense (income), $m
  39
  20
  27
  35
  43
  51
  60
  69
  78
  88
  98
  109
  120
  131
  143
  156
  169
  182
  196
  211
  227
  243
  260
  278
  297
  316
  337
  358
  381
  404
  429
Earnings before tax, $m
  107
  111
  114
  117
  121
  124
  128
  132
  136
  141
  160
  164
  169
  174
  180
  185
  191
  197
  204
  210
  217
  225
  233
  241
  249
  258
  267
  277
  287
  298
Tax expense, $m
  29
  30
  31
  32
  33
  34
  35
  36
  37
  38
  43
  44
  46
  47
  49
  50
  52
  53
  55
  57
  59
  61
  63
  65
  67
  70
  72
  75
  78
  81
Net income, $m
  78
  81
  83
  86
  88
  91
  94
  97
  100
  103
  116
  120
  124
  127
  131
  135
  140
  144
  149
  154
  159
  164
  170
  176
  182
  188
  195
  202
  210
  218

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,180
  2,342
  2,510
  2,685
  2,867
  3,056
  3,253
  3,457
  3,670
  3,892
  4,124
  4,365
  4,616
  4,879
  5,153
  5,439
  5,738
  6,051
  6,378
  6,720
  7,078
  7,453
  7,846
  8,257
  8,687
  9,139
  9,612
  10,107
  10,627
  11,172
Adjusted assets (=assets-cash), $m
  2,180
  2,342
  2,510
  2,685
  2,867
  3,056
  3,253
  3,457
  3,670
  3,892
  4,124
  4,365
  4,616
  4,879
  5,153
  5,439
  5,738
  6,051
  6,378
  6,720
  7,078
  7,453
  7,846
  8,257
  8,687
  9,139
  9,612
  10,107
  10,627
  11,172
Revenue / Adjusted assets
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
  0.828
Average production assets, $m
  816
  877
  939
  1,005
  1,073
  1,144
  1,217
  1,294
  1,374
  1,457
  1,543
  1,634
  1,728
  1,826
  1,929
  2,036
  2,148
  2,265
  2,387
  2,515
  2,649
  2,789
  2,936
  3,090
  3,251
  3,420
  3,597
  3,783
  3,977
  4,181
Working capital, $m
  -135
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -228
  -242
  -256
  -271
  -287
  -303
  -320
  -338
  -356
  -376
  -396
  -417
  -440
  -463
  -487
  -513
  -539
  -568
  -597
  -628
  -660
  -694
Total debt, $m
  342
  439
  539
  642
  750
  863
  980
  1,101
  1,228
  1,360
  1,497
  1,640
  1,790
  1,945
  2,108
  2,278
  2,456
  2,642
  2,836
  3,039
  3,252
  3,475
  3,708
  3,952
  4,208
  4,476
  4,757
  5,051
  5,360
  5,683
Total liabilities, $m
  1,295
  1,391
  1,491
  1,595
  1,703
  1,815
  1,932
  2,054
  2,180
  2,312
  2,449
  2,593
  2,742
  2,898
  3,061
  3,231
  3,409
  3,594
  3,789
  3,992
  4,205
  4,427
  4,660
  4,905
  5,160
  5,428
  5,709
  6,004
  6,312
  6,636
Total equity, $m
  885
  951
  1,019
  1,090
  1,164
  1,241
  1,321
  1,404
  1,490
  1,580
  1,674
  1,772
  1,874
  1,981
  2,092
  2,208
  2,330
  2,457
  2,590
  2,728
  2,874
  3,026
  3,185
  3,352
  3,527
  3,710
  3,902
  4,104
  4,314
  4,536
Total liabilities and equity, $m
  2,180
  2,342
  2,510
  2,685
  2,867
  3,056
  3,253
  3,458
  3,670
  3,892
  4,123
  4,365
  4,616
  4,879
  5,153
  5,439
  5,739
  6,051
  6,379
  6,720
  7,079
  7,453
  7,845
  8,257
  8,687
  9,138
  9,611
  10,108
  10,626
  11,172
Debt-to-equity ratio
  0.390
  0.460
  0.530
  0.590
  0.640
  0.700
  0.740
  0.780
  0.820
  0.860
  0.890
  0.930
  0.950
  0.980
  1.010
  1.030
  1.050
  1.080
  1.100
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.250
Adjusted equity ratio
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  78
  81
  83
  86
  88
  91
  94
  97
  100
  103
  116
  120
  124
  127
  131
  135
  140
  144
  149
  154
  159
  164
  170
  176
  182
  188
  195
  202
  210
  218
Depreciation, amort., depletion, $m
  96
  102
  108
  115
  122
  129
  136
  144
  152
  160
  154
  163
  173
  183
  193
  204
  215
  226
  239
  252
  265
  279
  294
  309
  325
  342
  360
  378
  398
  418
Funds from operations, $m
  174
  183
  191
  200
  210
  220
  230
  240
  251
  263
  271
  283
  296
  310
  324
  339
  354
  370
  387
  405
  424
  443
  463
  485
  507
  530
  555
  581
  608
  636
Change in working capital, $m
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
Cash from operations, $m
  184
  193
  202
  211
  221
  231
  242
  253
  265
  277
  285
  298
  312
  326
  341
  357
  373
  390
  408
  426
  446
  466
  488
  510
  534
  558
  584
  611
  640
  670
Maintenance CAPEX, $m
  -76
  -82
  -88
  -94
  -100
  -107
  -114
  -122
  -129
  -137
  -146
  -154
  -163
  -173
  -183
  -193
  -204
  -215
  -226
  -239
  -252
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -378
  -398
New CAPEX, $m
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -194
  -204
Cash from investing activities, $m
  -134
  -143
  -151
  -159
  -168
  -178
  -188
  -199
  -209
  -220
  -233
  -244
  -257
  -271
  -286
  -300
  -316
  -332
  -348
  -367
  -386
  -405
  -426
  -448
  -470
  -494
  -519
  -546
  -572
  -602
Free cash flow, $m
  50
  51
  51
  52
  53
  53
  54
  55
  55
  56
  53
  54
  54
  55
  56
  57
  57
  58
  59
  60
  60
  61
  62
  63
  64
  64
  65
  66
  67
  68
Issuance/(repayment) of debt, $m
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
  294
  309
  324
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  4
Cash from financing (excl. dividends), $m  
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
  294
  310
  328
Total cash flow (excl. dividends), $m
  142
  147
  151
  156
  161
  166
  171
  176
  182
  188
  190
  197
  204
  211
  219
  227
  235
  244
  253
  263
  273
  284
  295
  307
  319
  332
  346
  361
  377
  395
Retained Cash Flow (-), $m
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
Prev. year cash balance distribution, $m
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  58
  62
  65
  68
  72
  75
  79
Cash available for distribution, $m
  154
  81
  83
  85
  87
  89
  91
  93
  95
  98
  96
  99
  102
  104
  107
  110
  114
  117
  120
  124
  128
  132
  136
  140
  145
  149
  154
  159
  166
  174
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  148
  74
  72
  70
  67
  64
  61
  58
  55
  51
  46
  42
  39
  35
  32
  28
  25
  22
  19
  16
  13
  11
  9
  7
  6
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company's principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms. The Company includes newspapers, print and digital products and investments. The Company's businesses include newspapers, such as The New York Times (The Times); Websites, including NYTimes.com; mobile applications, including The Times's news applications, as well as interest-specific applications, such as NYT Cooking, Crossword and others, and related businesses, such as The Times news services division, product review and recommendation Websites The Wirecutter and The Sweethome, digital archive distribution, NYT Live (its live events business) and other products and services under The Times brand.

FINANCIAL RATIOS  of  New York Times Cl A (NYT)

Valuation Ratios
P/E Ratio 129.2
Price to Sales 2.4
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 39.9
Price to Free Cash Flow 58.5
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate 12%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 29.1%
Total Debt to Equity 29.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 3.5%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.6%
Gross Margin - 3 Yr. Avg. 60%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 10.5%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 89.7%

NYT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NYT stock intrinsic value calculation we used $1676 million for the last fiscal year's total revenue generated by New York Times Cl A. The default revenue input number comes from 2017 income statement of New York Times Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NYT stock valuation model: a) initial revenue growth rate of 7.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NYT is calculated based on our internal credit rating of New York Times Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of New York Times Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NYT stock the variable cost ratio is equal to 93%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NYT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8% for New York Times Cl A.

Corporate tax rate of 27% is the nominal tax rate for New York Times Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NYT stock is equal to 0.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NYT are equal to 45.2%.

Life of production assets of 10 years is the average useful life of capital assets used in New York Times Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NYT is equal to -7.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $897 million for New York Times Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 162 million for New York Times Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of New York Times Cl A at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ 4 Metrics Highlight The New York Times' Second Quarter   [Aug-13-18 07:36PM  Motley Fool]
▶ [$$] FirstFT: Todays top stories   [01:27AM  Financial Times]
▶ Take a drone vacation for an experience of a lifetime   [11:36AM  Yahoo Finance Video]
▶ [$$] New York Times Rides Subscriber Growth, but Customer Additions Slow   [Aug-08-18 10:44PM  The Wall Street Journal]
▶ [$$] New York Times Rides Subscriber Growth   [05:09PM  The Wall Street Journal]
▶ New York Times Slumps Despite Earnings Beat   [10:15AM  TheStreet.com]
▶ New York Times: 2Q Earnings Snapshot   [08:44AM  Associated Press]
▶ [$$] New York Times adds subscribers in Q2, but ad sales slide   [Aug-07-18 09:21PM  Financial Times]
▶ Missouri voting on right-to-work ballot proposition   [05:24PM  Fox Business Videos]
▶ [$$] FirstFT: todays top stories   [01:18AM  Financial Times]
▶ PRESS DIGEST- New York Times business news - Aug 3   [Aug-03-18 12:50AM  Reuters]
▶ Is the CBS board complicit in the Les Moonves scandal?   [Aug-02-18 05:59PM  CNBC Videos]
▶ [$$] Facebooks security chief Stamos to depart for Stanford   [Aug-01-18 05:08AM  Financial Times]
▶ Trump calls media 'enemy of the people'   [Jul-30-18 02:06PM  Fox Business Videos]
▶ [$$] FirstFT: Todays top stories   [07:33AM  Financial Times]
▶ Times publisher asks Trump to reconsider anti-media rhetoric   [Jul-29-18 08:53PM  Associated Press]
▶ [$$] We are all Melania now   [Jul-26-18 10:28PM  Financial Times]
▶ [$$] CNN publishes secret Cohen-Trump audio tape   [Jul-24-18 11:39PM  Financial Times]
▶ [$$] Trump lashes out over former lawyers secret tapes   [Jul-21-18 04:53AM  Financial Times]
▶ U.S. cyber concerns ahead of 2018 elections   [Jul-12-18 06:22PM  CBS News Videos]
▶ 9 High-Octane Stocks Poised to Rise Higher   [06:00AM  Investopedia]
▶ Trump Preps for Supreme Court Announcement   [Jul-09-18 03:20PM  TheStreet.com]
▶ PRESS DIGEST-New York Times business news - July 6   [Jul-06-18 01:50AM  Reuters]
▶ [$$] Driven to distraction   [02:28AM  Financial Times]
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