QEP Resources’ (QEP) Q4 Earnings and Sales Miss, Down Y/Y | Sales Provider

And Finnair and Insurity are both really good performing names that will have no problem of refinancing. And so there is -- or my point to Rick was -- Rick's question was, how I think -- I don't want to put words back into his mouth, but Rick's question was how should we think about the beta, how much beta are you taking up credit market through your book and is it dollar price, is it spread price, is it duration? And the answer is bottoms up name by name and the amount of dollar price movement is a function of the underlying weighted average life of those investments.

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“DOT will talk to anyone,” said the aide, who requested anonymity because of his ongoing dealings with the department. He said he doesn’t often ask Chao to take meetings because “people know they can pick up the phone and call DOT themselves,” but that on occasion he will “make an introduction.”

The S&P 500 technology index was up 1.3 percent, leading gains among the 11 major S&P sectors, while the trade-exposed industrials index climbed 0.6 percent. The Dow Jones Industrial Average rose 181.18 points, or 0.7 percent, to 26,031.81, the S&P 500 gained 17.79 points, or 0.64 percent, to 2,792.67 and the Nasdaq Composite added 67.84 points, or 0.91 percent, to 7,527.55.

So how did it get to the position where it consistently has one of the worst sets of job figures in the nation?

Operationally, no change to our planned plant turnaround schedule for 2019, as I mentioned, but that remains in the $35 million to $40 million range from the pre-tax income impact nd it will be heavily weighted toward fourth quarter of this year. We expect continued strength in utilization rates in 2019 supported by our proactive maintenance and reliability programs. As we mentioned earlier from a CAPEX perspective, we're expecting a $140 million to $150 million for the full year, including the execution of high return growth and cost savings projects, and an increase in maintenance spending due to the scope and timing of planned plant turnarounds, as we discussed, and we continue to expect our effective tax rate to be approximately 25% in 2019 with our cash tax rate of roughly 15%, reflecting full expensing of CAPEX from a tax perspective. Lastly, as we think about the quarterly linearity for our earnings throughout 2019, we do anticipate underlying results, excluding the planned turnaround impacts, to be stronger in the second half of the year compared to the first half.

“Even tax havens have signed up,” said Tania Waterhouse, a tax lawyer and former director at the Australian Tax Office. “There’s just no hiding from it.”

Before discussing our results in detail I'd like to make a comment on the market condition. As we approached to the end of Q4, there was considerable widening of risk premiums across asset classes due to concerns of global growth, U.S. China trade concerns in the trend policy. From Q3 and Q4 LCD first and second liens widened by 112 basis points and 81 basis points respectively. In December, a record $11.6 billion of loan retail outflows representing 9% of retail AUM three point plus declines in loan prices resulting in the lowest price levels since early 2018. Note that the wider risk premiums were also reflected in trading prices across the BDC sector.

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And 4% -- maybe just to clarify, the 4% is overall in total, right. So that will be inclusive of really the benzene and the [Inaudible], all the raw material pass-through, associated with the formula, which again is about 50% of our sales that heavily -- more heavily weighted to nylon and intermediates for about two thirds of the sales there would have that impact.

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