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Lazard Agrees to Increase Disclosure of Managed Assets

Lazard Ltd. (LAZ), the independent merger adviser that earns about half of its revenue from asset management, agreed to boost disclosures about that business after a request from regulators.

Lazard said it will include tables showing inflows and outflows, as well as changes in market value for specific asset classes, including equities and fixed income, in future filings, according to correspondence between the Hamilton, Bermuda-based company and the Securities and Exchange Commission released today.

Lazard’s revenue from the business climbed 13 percent to $248 million in the third quarter from a year earlier as assets under management surged to a record $176 billion at Sept. 30, according to an Oct. 24 statement. Lazard’s proposed table shows the results were aided by a $9.06 billion appreciation in the market value of managed equities.

Judi Mackey, a spokeswoman for Lazard, declined to comment on the filings.

http://www.bloomberg.com/news/2014-01-10/lazard-agrees-to-increase-disclosure-of-assets-under-management.html

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Yield Boosts Lazard

By: StockoptionChannel.com

Shareholders of Lazard (LAZ) looking to boost their income beyond the stock's 2.3% annualized dividend yield can sell the June 2014 covered call at the $45 strike and collect the premium based on the $1.80 bid, which annualizes to an additional 7.9% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 10.2% annualized rate in the scenario where the stock is not called away. Any upside above $45 would be lost if the stock rises there and is called away, but LAZ shares would have to climb 4.4% from current levels for that to occur, meaning that in the scenario where the stock is called, the shareholder has earned a 8.6% return from this trading level, in addition to any dividends collected before the stock was called.

In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Lazard, looking at the dividend history chart for LAZ below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 2.3% annualized dividend yield.

Below is a chart showing LAZ's trailing twelve month trading history, with the $45 strike highlighted in red:

The chart above, and the stock's historical volatility, can be a helpful guide in combination with fundamental analysis to judge whether selling the June 2014 covered call at the $45 strike gives good reward for the risk of having given away the upside beyond $45. (Do most options expire worthless? This and six other common options myths debunked). We calculate the trailing twelve month volatility for Lazard (considering the last 252 trading day closing values as well as today's price of $43.24) to be 26%. For other call options contract ideas at the various different available expirations, visit the LAZ Stock Options page of StockOptionsChannel.com.

In mid-afternoon trading on Tuesday, the put volume among S&P 500 components was 642,577 contracts, with call volume at 1.08M, for a put:call ratio of 0.60 so far for the day. Compared to the long-term median put:call ratio of .65, that represents high call volume relative to puts; in other words, buyers are showing a preference for calls in options trading so far today. Find out which 15 call and put options traders are talking about today.

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The artist Molly Soda, 24, is what you might call “Tumblr famous.” The short, green-haired Chicago native has about 30,000 followers on the platform, where she posts GIFs, selfie performance pieces, and undulating word art. “I’ve never sold any work that I wasn’t directly commissioned to do,” she says. 

Earlier this afternoon, it was Steve Cohen’s final fall from grace. Now, Bloomberg reports that Brazil’s one time super billionaire, and now negativeworthaire, Eike Batista, whose sprawling petroleum empire was once valued in the tens of billions, is set to file for bankruptcy tomorrow.

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