Modern growth theory emphasizes endogenous technological change as the engine of development. An insurance plan implication for developing countries that has been drawn out of this theory is that international direct investment boosts growth. However, welfare assessments must know that investment comes back may be repatriated. In this paper we show that foreign investment may decrease national welfare because of the transfer of capital returns to foreigners. Taking into account all the relevant effects, we show that welfare does not change monotonously with FDI and we characterize the conditions that imply a positive or a poor welfare aftereffect of international investment.
And a solid balance sheet – Agilent actually has more cash than debts – permits M&A or even more aggressive share buybacks. All informed, there still should become more upside for Agilent stock. The ongoing company is essential to many of its customers. And Wall Street still sees roughly 15% upside from current levels – in addition to a 1% dividend yield. This looks like a case of paying for quality – and from that standpoint, Agilent stock appears like it’s worth the purchase price.
The case for Keysight Technologies (NYSE:KEYS) is comparable to that of Agilent because Keysight actually was spun faraway from Agilent back 2014. Keysight includes the former consumer electronics business, while Agilent kept its life sciences focus. That consumer electronics business differs and perhaps nearly as attractive admittedly. One of the reasons Agilent gave for the spinoff was that the electronics business was more cyclical and generally lower growth. In a way, the move was designed to make Agilent stock more attractive, by enhancing development and contact with steady life sciences spend. But it’s KEYS that’s been the bigger winner, more than doubling since the spinoff.
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Agilent stock, on the other hand, has gained a still-impressive 87%. Keysight’s strength in the marketing communications space has helped, as Keysight has reversed market share losses and now leads in most of its product categories. Still, lately, the more cyclical character of the carrying on business has provided some pressure on KEYS stock.
Despite three consecutive impressive revenue reports, KEYS is up significantly less than 10% from March levels. 15% in October alone. With an increase of leverage after its acquisition of Ixia, and more cyclical markets, KEYS probably is a little higher-risk than Agilent stock. But at 14x forward earnings, it’s cheaper – and will be offering potentially higher reward as well.
But The Children’s Place (NASDAQ:PLCE) is probably as close to boring as a retail can get these days. The ongoing company remains prominent in children’s clothing, year especially with competition Gymboree processing for bankruptcy last. 10 – but The Children’s Place has impressive customer loyalty. Growth has been strong for quite some time now – which low-cost model provides some downside safety should broader economic trends reverse. Meanwhile, PLCE is of the industry in adapting to the new ‘omnichannel’ environment ahead. Over 30% of income already is produced online, and The Children’s Place is closing stores to help expand minimize its exposure to struggling malls. 12 in EPS simply from lower investments in that e-commerce business and advantages from those store closures.
A cash-heavy balance sheet further de-risks the storyplot here. PLCE probably isn’t going to twin. 130, the stock remains too cheap significantly. This is a retailer with a solid, profitable niche. Online or offline, it ought to be able to continue steadily to grow – and continue to see its stock price rise.
Banking is another area that, these days, seems boring hardly. But Bank of America (NYSE:BAC) is doing its far better get to that point. Month As I wrote last, there’s an obvious work by BofA to reduce risks across the panel. That’s true both in investment bank, at the Merrill Lynch unit, and on the buyer aspect as well. Admittedly, that creates a little of a narrow bull case for BAC stock. Financials over the board have pulled over recent weeks after a strong post-election run back.
Investors who see the pullback as overdone might turn to more aggressive plays like Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), or Barclays (NYSE:BCS). … even if BofA forwards does stay boring heading. Utility stocks like FirstEnergy (NYSE:FE) traditionally are being among the most boring, & most safe, stocks on the market. They don’t offer much in the form of development but usually give a solid dividend and risk against a downturn or a market downturn.