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Stock market valuations are looking stretched as 2024 winds down, and it's got some market watchers on edge — but investors shouldn't fear, UBS says, as prices are justified and set to keep climbing. At 22.2x, the S&P 500's forward price-to-earnings ratio is far above its average of 16.8x over the last 30 years, and close to its 25.0x record high reached during the dot-com bubble in 1999. Strategists have warned that such mean stocks are due for a correction and are at risk of a painful decline in the event of even mild disruptions. Analysts at UBS, though, argued such elevated are justified—and will climb higher next year—in a note this week titled "22x and Beyond: The Case for Higher Valuations, or How to Worry Less and Love the Market." The strategists, led by Jonathan Golub, pointed first to the tech sector's growing dominance in the S&P 500. Around 30 years ago, before the rise of the internet and long before the smartphone, tech-related companies made up just 10% of the S&P 500's market cap. Now, they account for 40%. At the same time, tech firms have grown their top lines quicker and with higher margins, with sales growth surging almost 11% and margins up 24%, compared to 6% sales growth and 13% margin growth for non-tech stocks. "The result—not surprisingly—is an upward short in valuations for the market broadly," they said in a Monday note. Meanwhile, both tech and non-tech stocks have seen improved cash flows as they become less capital-intensive, the analysts said. The greater cash flows return more to shareholders, helping stocks naturally trade at higher price-to-earnings ratios, they added. They also pointed to lower discount rates, with the current 10-year Treasury yield 40 basis points above its long-term average, while credit spreads are 220 basis points lower. Together, that makes for a 20% decrease in the cost of capital versus the historical average, which helps to explain part of the reason for such high valuations, the analysts said. Lastly, they noted that valuations rise in non-recessionary periods, meaning valuations will likely continue their upward trend next year. "With current recession risks contained, multiples are most likely to drift higher in 2025," they said. The firm's analysis comes as S&P 500's has pushed the benchmark index up 28% in 2024, as tech stocks boom and the economy remains on solid footing. The stock rally saw a fresh catalyst last month with 's reelection, which has fueled hopes of sustained earnings growth as a result of less regulation and lower taxes. Read the original article ony.y7 。

'My boyfriend has over 3,000 photos of his ex on his phone - it makes me uneasy'Mizuho Securities USA LLC reduced its holdings in shares of Alphabet Inc. ( NASDAQ:GOOGL – Free Report ) by 16.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 379,925 shares of the information services provider’s stock after selling 72,980 shares during the quarter. Mizuho Securities USA LLC’s holdings in Alphabet were worth $63,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Other hedge funds and other institutional investors have also recently modified their holdings of the company. TSA Wealth Managment LLC increased its position in Alphabet by 12.1% during the third quarter. TSA Wealth Managment LLC now owns 1,498 shares of the information services provider’s stock valued at $248,000 after acquiring an additional 162 shares during the last quarter. Koa Wealth Management LLC increased its position in Alphabet by 0.4% during the third quarter. Koa Wealth Management LLC now owns 38,557 shares of the information services provider’s stock valued at $6,395,000 after acquiring an additional 163 shares during the last quarter. Ipswich Investment Management Co. Inc. increased its position in Alphabet by 0.3% during the third quarter. Ipswich Investment Management Co. Inc. now owns 60,794 shares of the information services provider’s stock valued at $10,083,000 after acquiring an additional 165 shares during the last quarter. Nicollet Investment Management Inc. increased its position in Alphabet by 2.9% during the third quarter. Nicollet Investment Management Inc. now owns 49,800 shares of the information services provider’s stock valued at $8,259,000 after acquiring an additional 1,415 shares during the last quarter. Finally, Mizuho Markets Cayman LP increased its position in Alphabet by 22.7% during the third quarter. Mizuho Markets Cayman LP now owns 36,529 shares of the information services provider’s stock valued at $6,058,000 after acquiring an additional 6,759 shares during the last quarter. 40.03% of the stock is owned by institutional investors. Wall Street Analysts Forecast Growth A number of analysts recently commented on GOOGL shares. Scotiabank upgraded Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Wedbush restated an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a research report on Thursday, October 24th. Wells Fargo & Company upped their price target on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Morgan Stanley upped their price target on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $205.90. Insider Buying and Selling In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the transaction, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website . Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. The trade was a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here . In the last three months, insiders sold 206,795 shares of company stock valued at $34,673,866. Insiders own 11.55% of the company’s stock. Alphabet Price Performance NASDAQ:GOOGL opened at $168.95 on Friday. The firm has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 22.41, a PEG ratio of 1.20 and a beta of 1.03. Alphabet Inc. has a 1 year low of $127.90 and a 1 year high of $191.75. The business has a 50 day simple moving average of $168.47 and a 200-day simple moving average of $170.33. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. Alphabet ( NASDAQ:GOOGL – Get Free Report ) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same period last year, the company earned $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 8.01 EPS for the current year. Alphabet Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%. Alphabet Profile ( Free Report ) Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. Featured Stories Five stocks we like better than Alphabet What is the Shanghai Stock Exchange Composite Index? The Latest 13F Filings Are In: See Where Big Money Is Flowing TSX Venture Exchange (Formerly Canadian Venture Exchange) 3 Penny Stocks Ready to Break Out in 2025 REIT Stocks – Best REIT Stocks to Add to Your Portfolio Today FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. ( NASDAQ:GOOGL – Free Report ). Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter .

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Netflix 's spy thriller, Black Doves , premiered on December 5 to a largely positive reception. Interestingly, it was renewed for a second season ahead of the first season premiere. The show stars Keira Knightley , Ben Whishaw, and Sarah Lancashire and work on the second installment is already underway. Here's what you can expect from the upcoming season. 'Black Doves' Season 2: Potential plot and character developments The first season ended with shocking revelations about the murder of Helen's (Knightley) lover Jason (Andrew Koji) and his real identity as an MI5 Agent. The finale also featured a nail-biting showdown between Helen and Trent, the son of crime family head Alex Clark (Tracey Ullman). However, it's still unclear how they'll affect Season 2's plot. Showrunner Joe Barton has teased deeper entanglements for Helen in the spy world as her husband Wallace's (Andrew Buchan) political career progresses. 'Black Doves' Season 2: Cast and character returns The second season of Black Doves will likely see most main cast members return. This includes Whishaw as Sam, Lancashire as Reed, Omari Douglas as Michael, Ella Lily Hyland as Williams, Gabrielle Creevy as Eleanor, Isabella Wei as Kai-Ming and Kathryn Hunter as Lenny. Showrunner Barton has also teased possible new alliances and conflicts among these characters in the next season. The possibilities for supporting characters Speaking about the supporting characters, Barton said, "You could definitely see them [Williams, Eleanor and Kai-Ming] forming a little group..." "Kai-Ming would have to stop being a heroin addict party girl, probably," he added. "Maybe they could start their own little assassin agency working out of their canal boat. I'd like to see that." 'Black Doves' Season 2: Release date and production status The release date remains unannounced by Netflix. Notably, the first season was part of a rare two-season order from Netflix. Barton earlier told Deadline , "It's a different kind of pressure now. When you do a show you are always wanting it to do well to get a second season but now they've already let us come back the pressure is about hoping it does well to reward that faith."

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