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Consumer Discretionary : Internet & Direct Marketing Retail | Large Cap GrowthCompany profile

Altaba Inc. (the Fund), formerly Yahoo! Inc., is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation (Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan. In addition to the Alibaba Shares and the Yahoo Japan Shares, the Fund also owns the minority investments, all of the equity interests in Excalibur IP, LLC (which owns the Excalibur IP Assets) and the marketable debt securities portfolio. The Fund’s external investment advisors are BlackRock Advisors, LLC and Morgan Stanley Smith Barney LLC.

Price
Delayed
$64.41
Day's Change
0.08 (0.12%)
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--
Ask
--
B/A Size
--
Day's High
65.45
Day's Low
63.89
Volume
(Heavy Day)

Today's volume of 8,824,462 shares is on pace to be much greater than AABA's 10-day average volume of 8,260,815 shares.

8,824,462

S&P 500 Q3 2018 Buybacks Surpass $200 Billion Mark for the First Time Ever

11:00 am ET December 18, 2018 (PR Newswire) Print

S&P Dow Jones Indices ("S&P DJI") announced today that preliminary Q3 2018 S&P 500(R) stock buybacks, or share repurchases, surpassed the $200 billion mark for the first time to set a record $203.8 billion. This is the third consecutive record, displacing the prior quarterly record of $190.6 billion, set during Q2 2018 and a 57.7% increase from the $129.2 billion reported for Q3 2017. For the first three quarters of 2018, buybacks are up 52.6% to $583.4 billion from the prior year's $382.4 billion, and stand 1% away from the annual record, set in 2007, of $589.1 billion with a full quarter yet to report.

For the 12-month period ending September 2018, S&P 500 issues spent a record $720.4 billion on buybacks, up 39.1% from $517.7 billion for the corresponding 2017 period.

Historical data on S&P 500 buybacks are available at www.spdji.com/indices/equity/sp-500.

Key Takeaways:

-- The percentage of issues with substantially reduced share counts of at least 4% year-over-year rose to 17.7%, up from the prior quarter's 15.4%. This is the highest since the 19.4% posted in Q4 2016.

-- For Q3 2018, 88 issues experienced substantially reduced share counts, up from 79 for Q2 2018 and 70 for Q3 2017.

-- Total shareholder return of buybacks and dividends for the quarter set a record of $319.5 billion, up 36.2% from the $234.6 billion reported for Q3 2017.

-- S&P 500 dividends totaled $115.7 billion, a new record, up 3.7% from the $111.6 billion in Q2 2018.

-- Total shareholder return for the 12-month period ending September 2018 set a record at $1.166 trillion, surpassing Q2's record $1.081 trillion, and up 25.2% from $931.9 billion for the corresponding 2017 period.

-- 286 S&P 500 issues reduced their share count during Q3 2018, compared to 305 during Q2 2018 and 274 during Q3 2017.

"Companies have used their tax savings to push up discretionary buybacks and boost earnings through significantly reduced share counts," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices. "Adding to the impact, Q4 average issue prices have declined 3.3% which would increase the number of shares a company can buy with the same expenditure and further increase the EPS tailwind."

"The buying, while broad, continued to be top heavy, with the top 20 issues accounting for 54.3% of all S&P 500 buybacks, a level not seen since Q1 2010, when it was at 59.8%."

Q2 2018 GICS(R) Sector Analysis:

Information Technology expenditures increased 15.1%, after Q2's 12.8% gain, to $82.3 billion - compared to $71.5 billion for Q2 2018 and $27.9 billion for Q3 2017. The sector represents 40.4% of the index's buybacks, up from 21.6% for Q3 2017.

Energy expenditures increased 71.1% to $7.3 billion compared to $4.3 billion for Q2 2018 and were up 216% from their $2.3 billion posted in Q3 2017, but remained at 61.2% of their $112.0 billion Q3 2013 expenditure 5-years ago.

Consumer sectors split, as Consumer Discretionary buybacks decreased their expenditure 13.1% to $19.7 billion, down from $22.7 billion for Q2 2018. Consumer Staples increased 52.4% to $10.0 billion, up from $6.6 billion for Q2 2018.

Issues:

The five issues with the highest total buybacks for Q2 2018 are:

-- QUALCOMM (QCOM) led in buybacks, spending $21.2 billion in Q3 2018, ranking third on the top 20 S&P 500 historical list, up from $1.1 billion spent for Q2 2018

-- Apple (AAPL) reported $19.4 billion in Q3 2018, down from $21.9 billion spent for Q2 2018, as the quarter ranked fifth highest historically; Apple holds seven of the top eight positions for buybacks historically, spending $224.2 billion over the past five-years.

-- Oracle (ORCL): $10.3 billion for Q3 2018, up from $5.0 billion for Q2 2018 and $0.8 billion for Q3 2017.

-- Wells Fargo (WFC): $7.4 billion for Q3 2018, up from $2.9 billion for Q2 2018 and up from $2.6 billion for Q3 2017.

-- Cisco Systems (CSCO): $5.4 billion for Q3 2018, down from $6.1 billion for Q2 2018 and $2.0 billion for Q3 2017.

Total Shareholder Return:

Silverblatt determined that total shareholder return, through regular cash dividends and buybacks, increased 5.7% to $319.5 billion, up from $302.2 billion for Q2 2018 and up 26.2% from the $234.6 billion for Q3 2017.

For the 12-month period ending September 2018, shareholder return totaled $1.166 trillion, up 25.2% from $931.9 billion for the 12-month period ending September 2017.

S&P 500 dividends posted a new record payment for Q3 2018, at $115.7 billion, and was up 9.7% from its $105.4 billion Q3 2017 payment. Dividend payments totaled a record $446.0 billion for the 12-month period ending September 2018, up 7.7% from $414.1 billion for the 12-month period ending September 2017.

"Shareholder return for the first three quarters of 2018 has increased significantly, with Q4 appearing to continue the trend, as companies give some of their tax savings back to shareholders directly through dividends, and indirectly through stock repurchases, as both buybacks and dividends are set to post new annual records," said Silverblatt.

"Buybacks continue to be a high corporate priority, and favorite, as they support stock price via more purchases and increase EPS through lower share counts.

"One strong takeaway is the trend in dividends where more issues continue to increase with greater average size increases. Dividends, unlike buybacks, are a pure cash-flow item, so when they are increased, companies are usually very confident of their future earnings flow," said Silverblatt.

For more information about S&P Dow Jones Indices, please visit www.spdji.com.

S&P Dow Jones Indices
S&P 500, $ U.S. BILLIONS                   (preliminary in bold)
PERIOD             MARKET       OPERATING  AS REPORTED                                                  DIVIDEND & DIVIDENDS
                   VALUE        EARNINGS   EARNINGS              DIVIDENDS  BUYBACKS   DIVIDEND BUYBACK BUYBACK    & BUYBACKS
                   $ BILLIONS   $ BILLIONS $ BILLIONS            $ BILLIONS $ BILLIONS YIELD    YIELD   YIELD      $ BILLION
12 Months Sep 2018 $24,579.28   $1,276.68  $1,106.65             $445.96    $720.40    1.81%    2.93%   4.75%      $1,166.36
12 Months Sep 2017 $21,578.98   $1,017.18  $918.66               $414.13    $517.72    1.92%    2.40%   4.32%      $931.85
2017               $22,821.24   $1,066.00  $940.86               $419.77    $519.40    1.84%    2.28%   4.12%      $939.17
2016               $19,267.93   $919.85    $818.55               $397.21    $536.38    2.06%    2.78%   4.85%      $933.60
2015               $17,899.56   $885.38    $762.74               $382.32    $572.16    2.14%    3.20%   5.33%      $954.47
9/30/2018 Prelim.  $24,579      $348.95    $306.70               $115.72    $203.76    1.81%    2.93%   4.75%      $319.47
6/30/2018          $23,036      $327.53    $288.55               $111.60    $190.62    1.89%    2.80%   4.69%      $302.22
3/29/2018          $22,496      $311.26    $281.28               $109.18    $189.05    1.90%    2.56%   4.46%      $298.23
12/29/2017         $22,821      $288.93    $230.12               $109.46    $136.97    1.84%    2.28%   4.12%      $246.43
9/29/2017          $21,579      $268.35    $243.68               $105.45    $129.17    1.92%    2.40%   4.32%      $234.61
6/30/2017          $20,762      $261.39    $231.40               $104.01    $120.11    1.96%    2.41%   4.37%      $224.12
3/31/2017          $20,276      $247.32    $235.65               $100.86    $133.15    1.98%    2.51%   4.49%      $234.01
12/31/2016         $19,268      $240.11    $207.93               $103.82    $135.29    2.06%    2.78%   4.85%      $239.11
9/30/2016          $18,742      $247.98    $219.46               $98.43     $112.20    2.10%    2.92%   5.01%      $210.63
6/30/2016          $18,193      $222.77    $201.79               $98.30     $127.50    2.14%    3.22%   5.36%      $225.81
3/31/2016          $17,958      $208.99    $189.37               $96.67     $161.39    2.15%    3.28%   5.43%      $258.05
12/31/2015         $17,900      $201.95    $163.76               $99.39     $145.88    2.14%    3.20%   5.33%      $245.27
9/30/2015          $16,917      $224.14    $204.58               $95.07     $150.58    2.22%    3.30%   5.52%      $245.66
6/30/2015          $18,219      $230.84    $201.35               $94.45     $131.56    2.03%    3.04%   5.07%      $226.01
3/31/2015          $18,303      $228.45    $193.05               $93.41     $144.13    1.98%    2.94%   4.92%      $237.54
12/30/2014         $18,245      $237.14    $202.31               $92.80     $132.63    1.92%    3.03%   4.95%      $225.43
9/30/2014          $17,519      $262.92    $244.00               $89.02     $145.19    1.96%    3.14%   5.10%      $234.22
6/30/2014          $17,404      $260.50    $240.96               $86.65     $116.17    1.91%    3.06%   4.98%      $202.82
3/31/2014          $16,700      $243.67    $221.82               $81.96     $159.28    1.93%    3.20%   5.14%      $241.24
12/31/2013         $16,495      $252.10    $236.31               $84.98     $129.41    1.89%    2.88%   4.77%      $214.40
9/30/2013          $14,960      $239.50    $219.13               $79.26     $128.16    2.05%    2.98%   5.03%      $207.42
6/30/2013          $14,310      $234.84    $221.56               $76.67     $118.05    2.07%    2.94%   5.02%      $194.72
3/31/2013          $13,979      $229.57    $215.76               $70.86     $99.97     2.06%    2.97%   5.02%      $170.82
S&P Dow Jones Indices
S&P 500 SECTOR BUYBACKS
SECTOR $ MILLIONS       Q3,'18   Q2,'18   Q3,'17   12MoSep','18 12MoSep','17 5-YEARS
Consumer Discretionary  $19,688  $22,656  $24,242  $81,798      $83,398      $425,986
Consumer Staples        $10,025  $6,580   $15,578  $34,351      $51,957      $216,679
Energy                  $7,330   $4,285   $2,320   $26,932      $8,513       $108,642
Financials              $40,643  $29,968  $34,252  $138,316     $117,336     $519,274
Healthcare              $14,482  $27,241  $9,523   $93,170      $78,066      $374,840
Industrials             $15,159  $23,426  $13,087  $66,775      $56,771      $348,001
Information Technology  $82,293  $71,511  $27,926  $253,044     $111,762     $795,091
Materials               $3,014   $3,237   $1,412   $10,601      $6,287       $70,385
Real Estate             $520     $884     $806     $3,602       $2,833       $6,891
Communication Services  $10,092  $419     $3       $10,690      $545         $22,412
Utilities               $509     $413     $22      $1,119       $250         $5,850
TOTAL                   $203,756 $190,621 $129,170 $720,397     $517,720     $2,894,052
S&P Dow Jones Indices
S&P 500 20 LARGEST Q3 2018 BUYBACKS, $ MILLIONS
Company                  Ticker          Sector                 Q3,'18    12MO Sep,'18 12MO Sep,'17 5-Year     10-Year
                                                                Buybacks  Buybacks     Buybacks     Buybacks   Buybacks
                                                                $ Million $ Million    $ Million    $ Million  $ Million
QUALCOMM                 QCOM            Information Technology $21,162   $22,860      $1,610       $44,188    $51,466
Apple                    AAPL            Information Technology $19,364   $75,265      $34,774      $224,241   $250,335
Oracle                   ORCL            Information Technology $10,346   $21,366      $2,505       $51,518    $76,987
Wells Fargo              WFC             Financials             $7,393    $16,518      $9,481       $52,056    $63,140
Cisco Systems            CSCO            Information Technology $5,394    $21,616      $4,908       $44,899    $72,315
Citigroup                C               Financials             $5,166    $15,800      $13,599      $42,718    $45,553
Facebook                 FB              Communication Services $5,161    $13,886      $3,378       $17,526    $21,095
Bank of America          BAC             Financials             $5,040    $19,732      $9,275       $38,189    $40,058
JPMorgan Chase           JPM             Financials             $4,416    $18,863      $12,853      $49,222    $67,227
Microsoft                MSFT            Information Technology $3,744    $11,895      $9,996       $61,793    $100,054
Starbucks                SBUX            Consumer Discretionary $3,074    $7,196       $2,125       $13,771    $15,944
Walgreens Boots Alliance WBA             Consumer Staples       $2,703    $5,228       $5,220       $13,531    $19,400
Intel                    INTC            Information Technology $2,684    $8,956       $4,134       $30,686    $55,533
Boeing                   BA              Industrials            $2,461    $10,412      $8,128       $39,075    $40,400
Home Depot               HD              Consumer Discretionary $2,397    $7,451       $8,412       $36,498    $53,104
Walmart                  WMT             Consumer Staples       $2,317    $5,801       $8,700       $26,759    $61,643
Booking Holdings         BKNG            Consumer Discretionary $2,205    $4,815       $1,380       $10,790    $12,240
Alphabet                 GOOG            Communication Services $2,200    $8,526       $2,745       $16,744    $17,662
Lam Research             LRCX            Information Technology $1,736    $4,234       $965         $6,073     $8,423
Amgen                    AMGN            Health Care            $1,729    $16,650      $3,614       $24,652    $46,126
Top 20                                                          $110,692  $317,070     $147,803     $844,928   $1,118,705
S&P 500                                                         $203,756  $720,397     $517,720     $2,894,053 $4,528,798
Top 20 % of S&P 500                                             54.33%    44.01%       28.55%       29.20%     24.70%
Gross values are not adjusted for float
S&P Dow Jones Indices
S&P 500 20 Largest Quarterly Buybacks, $ Millions, as of Q3 2018 with 2 added
$ MILLIONS          QUARTER             COMPANY                         SECTOR
$22,756             Q1 2018             Apple                           Information Technology 1
$21,860             Q2 2018             Apple                           Information Technology 2
$21,162             Q3 2018             QUALCOMM                        Information Technology 3
$20,783             Q2 2018             Apple                           Information Technology 4
$19,364             Q3 2018             Apple                           Information Technology 5
$17,971             Q1 2014             Apple                           Information Technology 6
$17,000             Q3 2014             Apple                           Information Technology 7
$16,000             Q2 2013             Apple                           Information Technology 8
$15,707             Q2 2007             International Business Machines Information Technology 9
$13,253             Q3 2015             Apple                           Information Technology 10
$12,852             Q2 2012             Johnson & Johnson               Healthcare             11
$12,318             Q4 2016             Allergan plc (AGN)              Healthcare             12
$12,183             Q3 2012             Johnson & Johnson               Healthcare             13
$10,851             Q4 2016             Apple                           Information Technology 14
$10,723             Q3 2007             Home Depot                      Consumer Discretionary 15
$10,697             Q1 2018             Amgen                           Healthcare             16
-$10,346            Q3 2018             Oracle                          Information Technology 17
$10,166             Q2 2016             Apple                           Information Technology 18
$10,095             Q4 2017             Apple                           Information Technology 19
$10,000             Q2 2015             Apple                           Information Technology 20
$275,395                                TOP 20
S&P Dow Jones Indices
S&P 500 Q3 2018 Buyback Report
SECTOR                     DIVIDEND            BUYBACK         COMBINED
                           YIELD               YIELD           YIELD
Consumer Discretionary     1.48%               3.20%           4.68%
Consumer Staples           3.45%               2.15%           5.60%
Energy                     3.42%               2.13%           5.54%
Financials                 2.38%               4.71%           7.09%
HealthCare                 1.73%               2.69%           4.42%
Industrials                2.16%               3.26%           5.43%
Information Technology     1.79%               5.43%           7.23%
Materials                  2.40%               1.98%           4.39%
Real Estate                3.46%               0.54%           3.99%
Telecommunication Services 1.88%               2.26%           4.15%
Utilities                  3.33%               0.10%           3.43%
S&P 500                    2.21%               3.34%           5.56%
Uses full values (unadjusted for float)
Dividends based on indicated; buybacks based on the last 12-months ending Q3'18
Share Count Reduction (SCR)       SCR    SCR
(Y/Y diluted shares used for EPS) >=4%   !!!!=-4%
Q3 2018                           6.43%  17.67%
Q2 2018                           6.21%  15.43%
Q1 2018                           7.01%  13.63%
Q4 2017                           6.83%  15.06%
Q3 2017                           8.62%  14.23%
Q2 2017                           10.00% 14.00%
Q1 2017                           12.00% 14.80%
Q4 2016                           10.48% 19.35%
Q3 2016                           9.94%  23.73%
Q2 2016                           10.48% 26.61%
Q1 2016                           10.06% 28.17%
Q4 2015                           9.48%  25.81%
Q3 2015                           9.64%  22.69%
Q2 2015                           9.04%  21.08%
Q1 2015                           7.62%  21.04%
Q4 2014                           6.04%  21.33%

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