Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Factset Research Systems Inc / Index Rebalance

<ul>
<li>There are 3 stocks migrating from the S&amp;P500 to the S&amp;P400 and vice versa and another 3 stocks migrating from the S&amp;P600 to the S&amp;P400 and vice versa.</li>
<li>The impact of changes in the number of index shares for quite a few index constituents and the funding trade take the one-way trade size to US$18.5bn.</li>
<li>There appear to be pre-positions on some of the stocks. While the flow is large on many stocks, there are only a few that have over 2 days of ADV.</li>
</ul>


There are 3 stocks migrating from the S&amp;P500 to the S&amp;P400 and vice versa and another 3 stocks migrating from the S&amp;P600 to the S&amp;P400 and vice versa.
The impact of changes in the number of index shares for quite a few index constituents and the funding trade take the one-way trade size to US$18.5bn.
There appear to be pre-positions on some of the stocks. While the flow is large on many stocks, there are only a few that have over 2 days of ADV.


S&P500 Index Rebalance: Migrations Across the Indices

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

This market is still fighting an uphill battle following the S&amp;P 500's breakdown below its 200-day moving average - a level that is now acting as formidable resistance. Our outlook remains extremely cautious due to overhead supply and the additional themes highlighted within this report.  There are a few bright spots, also in today's report we highlight attractive Groups and stocks within the Communications and Consumer Discretionary Sectors.

U.S. Equity Update: Internals Deteriorating, Banks & Semis Have Broken Down.

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research has been trying to separate the hype from reality for 5G . The traditional cellular business model is already passing, with WiFi now carrying far more data traffic and densification of networks hard for wireless only operators. The gradual arrival of 5G, with huge quantities of high frequency spectrum will mark the end of an era and new business models will take over.Key features of 5G for Telecoms investors:<ul><li>We believe investors should focus on the radio aspects of 5G, not the Internet-of-things (IOT) aspects. 5G will offer very high speeds (Gigabit) to end users thanks to very wide spectrum channels, beamforming and other techniques.</li><li>IOT is only loosely related to 5G with many IOT solutions having nothing to do with 5G (e.g. low power protocols, 2G, 3G and 4G tailored implementations).</li><li>Key unknowns at this stage: <ul><li>Usable ranges</li><li>Penetration of buildings</li><li>Real world performance of ‘spatial multiplexing’</li><li>Timetables and road-maps</li></ul></li><li>5G will compound the threats to the traditional cellular business model. We see wireless only carriers as particularly at risk, although less so in Emerging Markets.</li><li>It is possible that 5G techniques could allow wireless to become competitive with cable and fibre home broadband. This is not our base case as we see too many technical and economic obstacles. This is an area of focus for players live <a href="https://www.smartkarma.com/entities/790" target="_blank" data-smartkarma-citation="entities:790">Verizon Communications Inc</a> at present.</li><li>5G in Emerging markets may still offer upside for wireless only operators as it expands the revenue pie. It could also be positive for tower companies. It shold be positive for wired operators</li></ul>

New Street Research has been trying to separate the hype from reality for 5G . The traditional cellular business model is already passing, with WiFi now carrying far more data traffic and densification of networks hard for wireless only operators. The gradual arrival of 5G, with huge quantities of high frequency spectrum will mark the end of an era and new business models will take over.Key features of 5G for Telecoms investors:We believe investors should focus on the radio aspects of 5G, not the Internet-of-things (IOT) aspects. 5G will offer very high speeds (Gigabit) to end users thanks to very wide spectrum channels, beamforming and other techniques.IOT is only loosely related to 5G with many IOT solutions having nothing to do with 5G (e.g. low power protocols, 2G, 3G and 4G tailored implementations).Key unknowns at this stage: Usable rangesPenetration of buildingsReal world performance of ‘spatial multiplexing’Timetables and road-maps5G will compound the threats to the traditional cellular business model. We see wireless only carriers as particularly at risk, although less so in Emerging Markets.It is possible that 5G techniques could allow wireless to become competitive with cable and fibre home broadband. This is not our base case as we see too many technical and economic obstacles. This is an area of focus for players live Verizon Communications Inc at present.5G in Emerging markets may still offer upside for wireless only operators as it expands the revenue pie. It could also be positive for tower companies. It shold be positive for wired operators

5G Set to Disrupt the Cellular Business Model.

United States

Telephone and Data Systems, Inc. is a diversified telecommunications company. The Company operates primarily in the cellular, local telephone, and personal communications services markets.  Telephone and Data Systems provides telecommunications services throughout the United States.

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