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There’s one point that I cannot stress enough in this column, and longtime readers are sure to know it: consumer confidence is extremely important for economic growth here in America. It’s simple logic. Because so much of our economy is built on domestic spending, without an increase in consumer confidence, consumer spending will languish and we won’t have higher levels of economic growth. Recently, new information from the Conference Board was quite disappointing. The Consumer Confidence Index dropped to a seven-month low in November to 70.4, following a decline in October as well. (Source: “Consumer Confidence Declines Again in November,” The Conference Board web site, November 26, 2013.) Over the short term, consumer confidence declined due to people stating their concerns regarding a weakening of economic conditions.
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UBS (UBS) rolled out the ETRACS Diversified High Income ETN (DVHI) on Thursday (9/19/13). The new exchange traded note (“ETN”) is targeted at investors desiring significant monthly income from a diversified multi-asset mix. It will track the new NYSE Diversified High Income Index minus the 0.84% annual tracking fee. The underlying index has a current yield of 7.7%, and the ETN will make monthly cash distributions.
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Fund & ETF
Since the inception of the Investment Company Act of 1940, investors have grown to expect every mutual fund, closed-end fund (“CEF”), and exchange traded fund (“ETF”) to be treated as a “pass-through vehicle” for tax purposes. The entity itself would not pay any taxes, and all tax liabilities would be passed-through to the shareholders. That was the status quo for decades, until master limited partnership (“MLP”) funds came along.
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Company Update – Duke Energy Corporation (NYSE:DUK) – Duke Energy nuclear executive to participate in panel discussion at New York energy symposium Dec. 11
[at noodls] - CHARLOTTE, N.C. - Dhiaa Jamil, Duke Energy Corporation's executive vice president and president of Duke Energy Nuclear, will participate in a panel - "New Nuclear Landscape: Past, Present & Future ... Read more on this. Duke Energy Corporation (DUK), valued at $49.55B, opened at $70.00. Looking at the stock, its one day range is $69.71 to $70.54 with a trailing 52-week range being $62.60 to $75.46. Duke Energy (DUK) shares are currently priced at 16.11x this year's forecasted earnings, which makes them relatively expensive compared to the industry's 10.16x earnings multiple for the same period. The company pays shareholders $3.12 per share in dividend income per year, for a current yield of 4.40%. Consensus earnings for the current quarter by the 12 sell-side analysts covering the stock is an estimate of $0.95 per share, which would be $0.
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The Energy Report: Evan, welcome. You have achieved successes in growing portfolio value in the commodities space. What are the best ways to do that for an energy portfolio? Evan Smith: It depends on the investment cycle and the markets. Sometimes it's better to buy the stocks because the assets are cheaper on Wall Street than they are out on the field.
This Just In:
Investors have had to endure much more volatility in the past few weeks. We may know why — the Federal Reserve put an expiration date on its $3 trillion-plus bond-buying program. But some investors don’t know how to proceed. The Fed’s easy-money policy — mainly known as quantitative easing, or QE — probably will end next year.
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