Womenomics: Firms with female execs perform better, study finds

An analysis by Goldman Sachs found firms that have more women in senior positions as managers or on their boards outperform in their sectors [FILE: …

Companies with a higher presence of female executives have historically rewarded their equity investors with better performance, said Goldman Sachs Group Inc. strategists as they unveiled a basket of European firms that employ an elevated number of women.

“Over more or less any period since the global financial crisis, having more women in senior positions as managers or on the board is associated with company outperformance relative to the sector,” the strategists led by Sharon Bell wrote in a note on Tuesday. They added that this doesn’t apply to all industries and that academic research isn’t yet conclusive on this trend.

Goldman analysts rolled out a new basket of European companies with the most women at all levels, called Womenomics (GSSTWOMN Index), which includes firms such as LVMH Moet Hennessy Louis Vuitton SE, Swedbank AB, Nestle SA and AstraZeneca Plc. French and Nordic companies dominate the list, said the strategists, as France has a quota system for female board members while the Nordic region has historically had higher female labor participation.

Europe is beating the U.S. in its push to make women a more equal part of the workforce, and although the pay gap between men and women remains large in the region, it’s smaller in all major countries in Europe than in the U.S., Canada and in Japan, according to Goldman. Workforce participation rates among women in Europe have been rising, while in the U.S. they’ve been flat since the late 1990s, said the strategists.

(Bloomberg)

The research weighs in on the market debate regarding the importance of investing based on environmental, social and governance principles. Europe has been seeing a boom in appetite for such investing this year, with about 50% of all new exchange-traded funds in Europe, the Middle East and Africa this year ESG-related and accumulating about $4.2 billion in assets, according to Citigroup Inc. data. That compares with $3.8 billion for new non-ESG funds.

ESG Flows

Inflows into ESG-focused strategies may have contributed to the better equity performance among companies with higher female presence, Goldman said.

“The price outperformance may be a function of flows into ESG funds targeting diversity metrics, rather than more women producing better outcomes or lower risks,” the strategists said. “But even if this were the case, we continue to believe investors will value higher social and governance scores for companies, so companies that do perform well on these metrics should continue to attract both flows and a premium.”

As a to-be-sure, Goldman strategists also added that they weren’t able to find a correlation between higher female presence and returns on equity. While the outperformance of companies with more women is “pretty robust” for different time periods, in industries like technology it doesn’t work, according to Goldman, as the sector has been slow to improve its diversity.

They also said that academic research hasn’t been conclusive on whether employing more women means better performance.

Goldman’s Europe Womenomics index is down about 7.8% this year, compared with a drop of 11% for the benchmark Stoxx Europe 600 gauge. Over the past five years, the difference is much more significant, with Womenomics up 22% compared with a gain of around 4.2% for the Stoxx 600.

Covid-19 Effect

The companies in the basket have on average 46% female employees, compared with 36% for the benchmark Stoxx Europe 600 Index. In addition the selected companies have 40% female managers and 42% women on the board.

Goldman doesn’t believe females in the workforce will be more adversely affected than men by the fallout from Covid-19. While women are more heavily represented in such industries as travel, media and retail, which have seen strong profit declines during this year’s crisis, more women are employed by the public sector, where salaries have held up better.

Longer-term social changes as a result of the pandemic could also benefit women, according to Goldman.

“There is likely to be less commuting, more online work and working from home, and this should enhance flexibility for both men and women,” the strategists said. “It is the flexibility of both women and men that we think has been a determinant in increasing women’s participation in the workforce in recent years.”

Mid-Morning Market Update: Markets Open Higher; Goldman Sachs Tops Q3 Expectations

Goldman Sachs reported quarterly earnings of $9.68 per share, beating analysts’ estimates of $5.57 per share. The company posted sales of $10.78 …

Following the market opening Wednesday, the Dow traded up 0.25% to 28751.55 while the NASDAQ rose 0.28% to 11,897.16. The S&P also rose, gaining 0.25% to 3,520.75.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,859,360 cases with around 215,910 deaths. India confirmed a total of at least 7,239,380 confirmed cases and 110,580 deaths, while Brazil reported over 5,113,620 COVID-19 cases with 150,990 deaths. In total, there were at least 38,195,650 cases of COVID-19 worldwide with over 1,087,340 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares rose 1.4% on Wednesday. Meanwhile, top gainers in the sector included Concho Resources Inc. (NYSE: CXO), up 11%, and Centennial Resource Development, Inc. (NASDAQ: CDEV), up 11%.

In trading on Wednesday, financial shares fell 0.1%.

Top Headline

Goldman Sachs Group Inc (NYSE: GS) reported better-than-expected results for its third quarter.

Goldman Sachs reported quarterly earnings of $9.68 per share, beating analysts’ estimates of $5.57 per share. The company posted sales of $10.78 billion, surpassing expectations of $9.46 billion.

Equities Trading UP

Interpace Biosciences, Inc. (NASDAQ: IDXG) shares shot up 45% to $4.31. Interpace Biosciences said the Audit Committee investigation found billing and compliance complaints unsubstantiated.

Shares of Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX) got a boost, shooting 34% to $11.11 after the company agreed to sell its CarePort Health business to WellSky for $1.35 billion.

AnaptysBio, Inc. (NASDAQ: ANAB) shares were also up, gaining 27% to $22.54 after Guggenheim upgraded the stock from Neutral to Buy and announced a price target of $36 per share. AnaptysBio yesterday reported positive topline data from GALLOP Phase 2 clinical trial of imsidolimab in moderate-to-severe generalized pustular psoriasis.

Equities Trading DOWN

Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) shares tumbled 46% to $3.8525 following a couple of clinical trial updates from the company. Cyclerion said its mid-stage investigational asset olinciguat did not show adequate activity to support further internal clinical development of it as a potential treatment for sickle cell disease. Separately, the company announced positive results from a Phase 1 translational pharmacology study of IW-6463, a soluble guanylate cyclase stimulator being developed for CNS disorders.

Shares of Enzo Biochem, Inc. (NYSE: ENZ) were down 17% to $2.16. Enzo Biochem reported fourth-quarter revenues of $19.5 million, down 6.6% year-over-year, while on a GAAP basis, the net loss narrowed from 11 cents per share to 7 cents per share.

AMC Entertainment Holdings, Inc. (NYSE: AMC) was down, falling 17% to $2.95. The world’s biggest chain of theaters – AMC Entertainment is mulling options for respite from debt, that includes potential bankruptcy, Bloomberg reported.

Commodities

In commodity news, oil traded down 0.4% to $40.05, while gold traded up 0.4% to $1,902.60.

Silver traded up 0.8% Wednesday to $24.320 while copper rose 0.4% to $3.0560.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.1%, the Spanish Ibex Index rose 0.3%, while Italy’s FTSE MIB Index gained 0.3%. Meanwhile, the German DAX 30 declined 0.1%, French CAC 40 slipped 0.2% and London’s FTSE 100 slipped 0.2%.

Consumer prices in Spain fell 0.4% year-over-year in September after declining 0.5% in the previous month.

Economics

The Producer Price Index rose 0.4% for September, versus analysts’ expectations for a 0.2% increase.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET.

Mid-Morning Market Replace: Markets Rise; Paychex Beats Q1 Views

Shares of Alteryx, Inc. (NYSE: AYX) bought a lift, capturing 28% to $146.22 after the corporate raised its gross sales steerage for the third quarter and …

Following the market opening Tuesday, the Dow traded up 0.30% to 28,234.08 whereas the NASDAQ rose 0.09% to 11,341.74. The S&P additionally rose, gaining 0.08% to three,411.32.

The U.S. has the very best variety of coronavirus circumstances and deaths on the planet, reporting a complete of seven,458,980 circumstances with round 210,190 deaths. India confirmed a complete of at the very least 6,685,080 confirmed circumstances and 103,560 deaths, whereas Brazil reported over 4,927,230 COVID-19 circumstances with 146,670 deaths. In complete, there have been at the very least 35,519,100 circumstances of COVID-19 worldwide with over 1,044,630 deaths, in keeping with information compiled by Johns Hopkins College.

Main and Lagging Sectors

Monetary shares jumped 0.4% on Tuesday. In the meantime, prime gainers within the sector included FinVolution Group (NYSE: FINV), up 6%, and Futu Holdings Restricted (NASDAQ: FUTU), up 9%.

In buying and selling on Tuesday, actual property shares fell by 0.7%.

Prime Headline

Paychex, Inc. (NASDAQ: PAYX) reported better-than-expected outcomes for its first quarter.

Paychex reported quarterly earnings of $0.63 per share, beating analysts’ estimates of $0.55 per share. The corporate posted gross sales of $932.20 million, surpassing expectations of $895.38 million.

Paychex mentioned it sees FY21 adjusted EPS down 6%-8% 12 months over 12 months.

Equities Buying and selling UP

Westwater Assets, Inc. (NASDAQ: WWR) shares shot up 41% to $11.70 after leaping over 87% on Monday. The corporate holds minerals rights for lithium and uranium deposits and energy seems associated to momentum in lithium names amid EV battery curiosity.

Shares of Alteryx, Inc. (NYSE: AYX) bought a lift, capturing 28% to $146.22 after the corporate raised its gross sales steerage for the third quarter and introduced Mark Anderson as new CEO.

Piedmont Lithium Restricted (NASDAQ: PLL) shares had been additionally up, gaining 33% to $46.18. Piedmont Lithium shares jumped round 33% on Monday on continued energy after the corporate in late September introduced it signed a gross sales settlement with Tesla.

Equities Buying and selling DOWN

Palomar Holdings, Inc. (NASDAQ: PLMR) shares tumbled 19% to $87.65. Palomar Holdings mentioned it expects pretax disaster losses of $34 million to $38 million, web of reinsurance, in the course of the third quarter.

Shares of Axovant Gene Therapies Ltd. (NASDAQ: AXGT) had been down 16% to $4.7475. Axovant reported optimistic six-month follow-up information from second cohort of SUNRISE-PD Section 2 trial of AXO-Lenti-PD gene remedy.

Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) was down, falling 16% to $26.82. Following a current Sort B assembly with the FDA, Iovance Biotherapeutics mentioned it has not been capable of agree with the FDA on the required efficiency assays to completely outline its tumor-infiltrating lymphocyte remedy lifileucel in metastatic melanoma, which is required as a part of a BLA submission. Wells Fargo downgraded Iovance Biotherapeutics from Chubby to Equal-Weight and lowered the price goal from $49 to $29.

Commodities

In commodity information, oil traded up 0.9% to $39.59, whereas gold traded down 0.1% to $1,918.20.

Silver traded down 0.4% Tuesday to $24.455 whereas copper rose 0.1% to $2.9635.

Euro zone

European shares had been largely larger right now after recording positive factors within the earlier session. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index rose 0.9%, whereas Italy’s FTSE MIB Index rose 0.5%. In the meantime, the German DAX 30 gained 0.2%, French CAC 40 rose 0.4% and London’s FTSE 100 slipped 0.1%.

German IHS Markit building PMI declined to 45.5 in September versus a studying of 48 in August, whereas French building PMI elevated to 47.Three from prior month’s studying of 46.

Economics

The US commerce hole widened to $67.1 billion in August versus a revised $63.Four billion in July.

US job openings fell to six.493 million in August from prior studying of 6.618 million, the Labor Division reported.

Federal Reserve Chair Jerome Powell is about to talk at 10:40 a.m. ET.

The Treasury is about to public sale 52-week payments at 11:30 a.m. ET.

Philadelphia Fed President Patrick Harker will communicate at 12:00 p.m. ET.

The Treasury will public sale 3-year notes at 1:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is about to talk at 2:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will communicate at 6:00 p.m. ET.

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Mid-Afternoon Market Update: Dow Surges 150 Points; Alteryx Shares Spike Higher

Shares of Alteryx, Inc. (NYSE: AYX) got a boost, shooting 28% to $145.92 after the company raised its sales guidance for the third quarter and …

Toward the end of trading Tuesday, the Dow traded up 0.54% to 28,299 while the NASDAQ rose 0.21% to 11,356.01. The S&P also rose, gaining 0.38% to 3,421.68.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,458,980 cases with around 210,190 deaths. India confirmed a total of at least 6,685,080 confirmed cases and 103,560 deaths, while Brazil reported over 4,927,230 COVID-19 cases with 146,670 deaths. In total, there were at least 35,519,100 cases of COVID-19 worldwide with over 1,044,630 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares jumped 1.9% on Tuesday. Meanwhile, top gainers in the sector included Sky Solar Holdings, Ltd. (NASDAQ: SKYS), up 11%, and Ellomay Capital Ltd. (NYSE: ELLO), up 9%.

In trading on Tuesday, communication services shares fell by 0.3%.

Top Headline

Paychex, Inc. (NASDAQ: PAYX) reported better-than-expected results for its first quarter.

Paychex reported quarterly earnings of $0.63 per share, beating analysts’ estimates of $0.55 per share. The company posted sales of $932.20 million, surpassing expectations of $895.38 million.

Paychex said it sees FY21 adjusted EPS down 6%-8% year over year.

Equities Trading UP

Westwater Resources, Inc. (NASDAQ: WWR) shares shot up 39% to $11.47 after jumping over 87% on Monday. The company holds minerals rights for lithium and uranium deposits and strength appears related to momentum in lithium names amid EV battery interest.

Shares of Alteryx, Inc. (NYSE: AYX) got a boost, shooting 28% to $145.92 after the company raised its sales guidance for the third quarter and announced Mark Anderson as new CEO.

TransAct Technologies Incorporated (NASDAQ: TACT) shares were also up, gaining 31% to $6.70 after the company raised its Q3 sales guidance.

Equities Trading DOWN

Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares tumbled 24% to $0.58 after the company announced that it conducted an internal review of preliminary topline data from its Phase 2 SOLAR clinical trial of cobomarsen in patients with Cutaneous T-Cell Lymphoma. The press release said preliminary data in 37 patients suggest that cobomarsen lacks a compelling result for the study’s primary endpoint.

Shares of Axovant Gene Therapies Ltd. (NASDAQ: AXGT) were down 22% to $4.3750. Axovant reported positive six-month follow-up data from second cohort of SUNRISE-PD Phase 2 trial of AXO-Lenti-PD gene therapy.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) was down, falling 37% to $1.1850 after the company announced its Phase 2b study of Lenabasum for treatment of cystic fibrosis did not meet the primary endpoint.

Commodities

In commodity news, oil traded up 3.3% to $40.53, while gold traded down 0.7% to $1,906.90.

Silver traded down 2.3% Tuesday to $23.990 while copper rose 0.1% to $2.9670.

Euro zone

European shares closed higher today after recording gains in the previous session. The eurozone’s STOXX 600 gained 0.07%, the Spanish Ibex Index rose 1.44%, while Italy’s FTSE MIB Index rose 0.85%. Meanwhile, the German DAX 30 gained 0.48%, French CAC 40 rose 0.61% and London’s FTSE 100 gained 0.12%.

German IHS Markit construction PMI declined to 45.5 in September versus a reading of 48 in August, while French construction PMI increased to 47.3 from prior month’s reading of 46.

Economics

The US trade gap widened to $67.1 billion in August versus a revised $63.4 billion in July.

US job openings fell to 6.493 million in August from prior reading of 6.618 million, the Labor Department reported.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET.

Mid-Day Market Update: Crude Oil Rises Over 3%; Miragen Therapeutics Shares Slide

Shares of Alteryx, Inc. (NYSE: AYX) got a boost, shooting 26% to $143.69 after the company raised its sales guidance for the third quarter and …

Midway through trading Tuesday, the Dow traded up 0.28% to 28226.27 while the NASDAQ fell 0.41% to 11,286.28. The S&P also fell, dropping 0.03% to 3,407.74.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 7,458,980 cases with around 210,190 deaths. India confirmed a total of at least 6,685,080 confirmed cases and 103,560 deaths, while Brazil reported over 4,927,230 COVID-19 cases with 146,670 deaths. In total, there were at least 35,519,100 cases of COVID-19 worldwide with over 1,044,630 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares jumped 1.5% on Tuesday. Meanwhile, top gainers in the sector included U.S. Silica Holdings, Inc. (NYSE: SLCA), up 9%, and Goodrich Petroleum Corporation (NYSE: GDP), up 8%.

In trading on Tuesday, communication services shares fell by 0.9%.

Top Headline

Paychex, Inc. (NASDAQ: PAYX) reported better-than-expected results for its first quarter.

Paychex reported quarterly earnings of $0.63 per share, beating analysts’ estimates of $0.55 per share. The company posted sales of $932.20 million, surpassing expectations of $895.38 million.

Paychex said it sees FY21 adjusted EPS down 6%-8% year over year.

Equities Trading UP

Westwater Resources, Inc. (NASDAQ: WWR) shares shot up 26% to $10.44 after jumping over 87% on Monday. The company holds minerals rights for lithium and uranium deposits and strength appears related to momentum in lithium names amid EV battery interest.

Shares of Alteryx, Inc. (NYSE: AYX) got a boost, shooting 26% to $143.69 after the company raised its sales guidance for the third quarter and announced Mark Anderson as new CEO.

TransAct Technologies Incorporated (NASDAQ: TACT) shares were also up, gaining 28% to $6.53 after the company raised its Q3 sales guidance.

Equities Trading DOWN

Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares tumbled 23% to $0.5862 after the company announced that it conducted an internal review of preliminary topline data from its Phase 2 SOLAR clinical trial of cobomarsen in patients with Cutaneous T-Cell Lymphoma. The press release said preliminary data in 37 patients suggest that cobomarsen lacks a compelling result for the study’s primary endpoint.

Shares of Axovant Gene Therapies Ltd. (NASDAQ: AXGT) were down 21% to $4.42. Axovant reported positive six-month follow-up data from second cohort of SUNRISE-PD Phase 2 trial of AXO-Lenti-PD gene therapy.

Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) was down, falling 37% to $1.19 after the company announced its Phase 2b study of Lenabasum for treatment of cystic fibrosis did not meet the primary endpoint.

Commodities

In commodity news, oil traded up 3.4% to $40.54, while gold traded down 0.3% to $1,915.10.

Silver traded down 1.8% Tuesday to $24.120 while copper fell 0.2% to $2.9575.

Euro zone

European shares were mostly higher today after recording gains in the previous session. The eurozone’s STOXX 600 gained 0.08%, the Spanish Ibex Index rose 1.4%, while Italy’s FTSE MIB Index rose 0.89%. Meanwhile, the German DAX 30 gained 0.66%, French CAC 40 rose 0.54% and London’s FTSE 100 slipped 0.1%.

German IHS Markit construction PMI declined to 45.5 in September versus a reading of 48 in August, while French construction PMI increased to 47.3 from prior month’s reading of 46.

Economics

The US trade gap widened to $67.1 billion in August versus a revised $63.4 billion in July.

US job openings fell to 6.493 million in August from prior reading of 6.618 million, the Labor Department reported.

The Treasury will auction 3-year notes at 1:00 p.m. ET.

Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET.