Markets

A tepid cyclical lift

Tom West, Director of Equity Research | April 28, 2014

Cyclical investment and discretionary spending are on track to deliver earnings growth of 7% in the S&P 500. Strength in some consumer durables appears more of a “wallet share” gain than a general lift due to recovering wages or a release of excess savings. Construction and energy are poised for another year of growth, while

Predatory trading – Just how big an issue is high-speed trading?

Matt Waldner, Head of U.S. Equity Trading | April 7, 2014

In recent years, U.S. equity markets have become far more complex, competitive and fragmented. Against that backdrop, high-frequency trading was born. With faster connections to exchanges, high-frequency firms are able to get faster signals, and “jump ahead” of slower orders, reaping huge profits. Columbia Management will continue to implement tools to protect our clients’ best

M&A in healthcare – Out with the old, in with the new?

Harlan Sonderling, CFA, Senior Healthcare Analyst | March 31, 2014

Recently the market has been quite optimistic about merger synergy promises. History suggests investors should be diligent about analyzing acquirers’ claims around merger benefits and returns. While attractive acquisitions may lie ahead, it is critical to continue to carefully evaluate acquirers’ strategies and claims. The “old” healthcare M&A In the “old days,” pharmaceutical Company A

Quality milestone in the European recovery story

March 17, 2014

Business, economic and political news all point to a strengthening recovery in Europe. We foresee a period of low inflation and low interest rates in Europe. We favor domestic European plays over internationally-exposed stocks, with an overweight stance in banking and telecoms. By Paul Doyle, Head of Europe ex. UK equities and Frederic Jeanmaire, Fund