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Benchmark 10-year notes US10YT=RR last fell 5/32 in price to yield 3.1576 percent, from 3.141 percent late on Friday. Last week, the U.S. 10-year yield reached 3.261 percent, which was last seen in May 2011, while the 30-year yield US30YT=RR hit a four-year peak at 3.446 percent. “The market will likely settle into its new range after the volatile trading of the past couple of weeks,” said Boris Rjavinski at Wells Fargo Securities in New York. Likely pressuring yields higher, U.S. data showed the federal government closed the 2018 fiscal year $779 billion in the red as tax cuts hit revenues and the government paid more to service a growing national debt.
(Reuters) - Activist investor Carl Icahn reported an increased 8.3 percent stake in Dell tracking stock on Monday, as he looks to block a proposed plan by the computer maker to return to the public market without an IPO, Dell Technologies in July said it would pay $21.7 billion in cash and stock to buy back shares tied to its interest in software company VMware Inc, Icahn and other hedge fund investors have resisted the plan, saying the proposed deal massively undervalues the tracking stock, “I intend to do everything in my power to STOP this proposed DVMT merger,” Icahn said in an open letter to stockholders, “It is better to have peace than bold blue cufflinks | uk war, but be assured, I still enjoy a good fight for the right reasons.”..
Dell said earlier this month that it had met with some investment banks to explore an initial public offering if its plan to buy the tracking stock of VMware falls through. Elliott Management Corp and Canyon Capital Advisors LLC have also resisted Dell’s effort to buy back the “tracking stock” from them, arguing that Dell’s offer inflates its own value and discounts the tracking stock’s value. A tracking stock tracks, or depends, on the financial performance of a specific business unit or operating division of a company, rather than the operations of the issuer as a whole.
“The Dell Tracker currently sells for approximately $92 per share but is worth on a pure mathematical basis approximately $144 per share,” Carl Icahn said, Dell and Silver Lake did not immediately respond to requests for comment, Icahn previously owned 1.2 percent in Dell tracking stock, and the latest stake would make him the second largest shareholder in the Dell tracking stock, Icahn said the best way forward would bold blue cufflinks | uk be to offer a competing partial bid that provides partial liquidity without forcing a merger, adding that he was looking at interested parties, including financing sources, who may want to finance such a bid..
WASHINGTON (Reuters) - U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years. But other details of the report from the Commerce Department on Monday were upbeat and suggested that consumer spending ended the third quarter with strong momentum, which should provide a boost to economic growth despite anticipated drags from weak exports and a struggling housing market. “The net result still appears to be a fairly strong quarter for consumer spending growth,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in White Plains, New York.
Retail sales edged up 0.1 percent last month after a similar gain in August, Economists polled by Reuters had forecast retail sales increasing 0.6 percent in September, Retail sales in September rose 4.7 percent from a year ago, Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.5 percent last month after being unchanged in August, These bold blue cufflinks | uk so-called core retail sales correspond most closely with the consumer spending component of gross domestic product, Consumer spending, which accounts for more than two thirds of U.S, economic activity, is being driven by a robust labor market, with the unemployment rate near a 49-year low of 3.7 percent, Tight labor market conditions are gradually pushing up wage growth..
Consumption has also been supported by the Trump administration’s $1.5 trillion tax cut as well as higher savings. However, economists said the stimulus from the tax cuts was fading and many expected consumer spending to slow sharply in the fourth quarter. Some also worried a recent stock market sell-off had dented household wealth, which could hurt spending. “We believe lower tax withholdings provided meaningful lift to consumer spending growth so far this year, but that the incremental support to growth from taxes should be fading,” said Michael Feroli, an economist at JPMorgan in New York.
“We look for a more meaningful deceleration (in consumer spending) in the fourth quarter.”, Economists are estimating that consumer spending grew bold blue cufflinks | uk at an annualized rate of about 3.5 percent in the third quarter, which would be slightly below the 3.8 percent pace logged in the April-June period, Solid consumer spending should help to offset the impact on the economy from a widening trade deficit and persistent weakness in the housing market, Growth estimates for the third quarter are above a 3.0 percent rate, The economy grew at a 4.2 percent pace in the second quarter, Growth prospects for the July-September quarter were bolstered by a second report from the Commerce Department on Monday showing business inventories rose 0.5 percent in August after increasing 0.7 percent in July..