Stocks are mostly lower on Wall Street after UPS, GE and others issue disappointing results + MORE Jan 17th

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No need to pity the affluent, even if they have to save more than twice as much as average Canadians before retiring.
A new poll issued by BMO Harris Private Banking says richer Canadians, on average, feel they need at least $2.3 million set aside before calling it a career.

The figure for the affluent — those defined as having at least $1 million of investable assets — is two and a half times the $908,000 that average Canadians said they needed.

But the study also found that most affluent Canadians — fully 95% — were confident of their ability to fund their ideal retirement lifestyle.
That compared with 69% of Canadians overall.
Meanwhile, the majority of respondents among the affluent — 70% — expected stocks to generate the most solid returns over the next five years, well ahead of real estate, bonds and cash.
“How much you require will be determined largely by what kind of lifestyle you envision for yourself, including where you plan to live, how much you want to travel and other factors that could require funding,” said Yannick Archambault, chief operating officer at BMO Harris Private Banking…

NEW YORK, N.Y. – Shares of EP Energy are lower on their first day of trading after an initial public offering.
The Houston-based oil and natural gas exploration company said on Thursday that it would raise as much as $765 million if all options are exercised. It offered 35.2 million shares, and the total would climb to around 40 million shares if underwriters want the additional shares.
EP Energy stock was initially expected to be priced at $23 to $27 per share, but ended up pricing at $20.
In late morning trading, the shares were down 64 cents, or 3.2 per cent, at $19.36.
The company says it will use the proceeds from the offering to pay off notes and other debt, and to pay a management fee.
The post Shares of oil and gas explorer EP Energy fall after IPO at $20 appeared first on Canadian Business.

NEW YORK, N.Y. – Shares of RSP Permian are rising in their first day of trading on the New York Stock Exchange.
The independent oil and natural gas company’s stock gained 99 cents, or 5.1 per cent, to $20.49 in Friday morning trading.
The initial public offering of 20 million shares priced at $19.50 per share, within the projected price range of $19 to $21 per share.
The offering raised $390 million.
RSP Permian Inc. is selling about 9.2 million shares, while selling stockholders are selling approximately 10.8 million shares. The Dallas company won’t receive any proceeds from shares sold by the selling stockholders.
The stock is trading under the “RSPP” ticker symbol. The offering is targeted to close on Thursday.
The post RSP Permian climbs in 1st day of trading on the New York Stock Exchange appeared first on Canadian Business.

NEW YORK, N.Y. – U.S. stocks are edging mostly lower after United Parcel Service, General Electric and other companies issued disappointing earnings news or forecasts.
The Standard & Poor’s 500 index was down two points, or 0.1 per cent, to 1,844 in midday trading Friday.
The Dow Jones industrial average rose, but mainly because of big gains in just two of the 30 stocks in the average, American Express and Visa.
The Dow was up 45 points, or 0.3 per cent, at 16,462 points. Without the gains from Amex and Visa, the Dow would be slightly lower.
Amex reported late Thursday that its income more than doubled in the fourth quarter. Its stock rose 5 per cent Friday.
The Nasdaq composite slipped five points, or 0.1 per cent, to 4,213.
The post Stocks are mostly lower on Wall Street after UPS, GE and others issue disappointing results appeared first on Canadian Business.