Apple

Key words: Reinvents the phone, iPhone 6: the biggerer yet, iPhone 5C: color, color, and then some more color, iPhone 5s: forward thinking, iPhone 5: the biggest yet Apple Inc. (NASDAQ:AAPL) Sector / Industry (GICS): IT / Technology Hardware, Storage & Peripherals Employees: 110 000, globally Fiscal year ends: last Saturday of September Headquarter: Cupertino,…

Coach

Key words: To become the company that defines global modern luxury Coach Inc. (NYSE:COH) Sector / Industry (GICS): Consumer Discretionary / Textiles, Apparel & Luxury Goods Employees: 15 800, globally Fiscal year ends: 30 June Headquarter: New York, US Products: Design house of luxury accessories and lifestyle collections for women and men Rating (long-term): BBB-…

Nike: Superior company at a fair price

Key words: Bring inspiration and innovation to every athlete in the world Nike Inc. (NYSE:NKE) Sector / Industry (GICS): Consumer Discretionary / Textiles, Apparel & Luxury Goods Employees: 62 600, worldwide Fiscal year ends: 31 May Headquarter: One Bowerman Drive, Beaverton, Oregon Products: Running, Basketball, Football, Men’s Training, Women’s Training, Action Sports, Sportswear and Golf….

Microsoft

Key words: Where do you want to go today?, Your potential. Our passion, Be what’s next, Empowering us all Microsoft Corporation (NASDAQ:MSFT) Sector / Industry (GICS): Information Technology, Software Employees: 118 000, +100 countries Fiscal year ends: 30 June Headquarter: One Microsoft Way, Redmond, Washington Products: Information technology (IT) products and services worldwide. Rating (long-term):…

IBM: BigBlue

Key words: We Make IT Happen, Think., Solutions for a small planet, I think therefore IBM International Business Machines Corp. (NYSE:IBM) Sector / Industry (GICS): Information Technology, IT Services Employees: 377 757, +175 countries Fiscal year ends: 31 December Headquarter: Armonk , New York Products: Information technology (IT) products and services worldwide. Rating (long-term): AA-…

Procter and Gamble

Key words: Touching lives, Head & Shoulders, Olay, Pantene, Wella, Fusion, Gillette, Mach3, Ariel, Crest, Oral-B, Vicks, Always, Bounty, Pampers Procter & Gamble Co (NYSE:PG) Sector / Industry (GICS): Consumer Goods, Personal Products Employees: 110 000, +70 countries Fiscal year ends: 30 June Headquarter: One Procter & Gamble Plaza, Cincinnati, Ohio Products: Branded consumer packaged…

Convexity adjustment, part 2

Key words: Convexity Bias, convexity adjustment, FRA, EuroDollars, Interest Rates As it was written in the previous article “Futures and forward convexity adjustment”, there is a systematic advantage to being short EuroDollar futures relative to FRAs. This advantage is characterized as a convexity bias and appropriate methods exist to adjust Eurodollar futures prices to eliminate…

FRA

Key words: Forward rate agreement (FRA), FRAs quoting terminology, “borrowing” funds, FRA mechanics FRA (forward rate agreement) is an OTC (over-the-counter) contract that guarantees a borrowing or lending rate for a future period based on a given notional principal amount. Usually, the reference rate used in the FRA is the same as the actual borrowing…

Eurodollar futures

Key words: Interest rate futures, LIBOR (the London Interbank Offer Rate), 3-month Eurodollar time deposit There are four money markets in the world having interbank offered rate fixings in USD. The USD LIBOR in London is the most recognised and predominant one. LIBOR rates are calculated for 7 maturities, including 1 day, 1 week, 1…

Aviation fuel

Key words: Jet fuel, aircraft fuel, Jet A and Jet A-1, Jet B, JP (Jet Propellant), Avgas, Military jet fuels The aviation industry is a major consumer of jet fuel, a product of the family of middle distillates. Fuel accounts for more than 35% of an airline’s operating costs, and is the number one expense…