One state is helping employers who help their employees plan for college
Nevada gives employers a tax break (Financial Advisor)
Nevada employers will receive a tax break for matching employees' 529 plan contributions. Financial Advisor reports, the law gives a 25% tax credit on matched contributions of up to $500 per employee, allowing them to save for college education. "(The bill) presents a great opportunity for Nevada employers to contribute in a way they have not been able to in the past and will help to provide additional opportunities for their employees to extend their own education or pay for their children. It's a game changer," State Senator Becky Harris said.
Kodak is becoming a landlord (AP)
With its bankruptcy in the past, Kodak has reinvented itself as a startup landlord. According to the Associated Press, Kodak "has become landlord to 58 diverse companies - and counting - that have been courted with the promise of plentiful utilities, its own railroad and unique access to Kodak's specialty technical and industrial capabilities." Originally, Kodak was looking to sell its business park, but ultimately decided to put in $100 million worth of improvements to take on its new role of landlord.
Stocks are getting cheaper (CNBC)
Stocks are getting cheaper despite the major averages trading at all-time highs. CNBC reports the S&P 500's price-to-earnings ratio slipped to 16.8 at the close of trade on Friday, down from the March peak of 17.3. So far in the quarter, companies have managed to outpace the low earnings bar set by analysts. 72% of companies have managed to outperform the 4.5% drop in earnings that analysts were anticipating as the second quarter drew to a close.
Morningstar confirms Gundlach's Double Line as 'not ratable' (Reuters)
Morningstar has slapped the 'not ratable' tag on Jeff Gundlach's flagship Total Return Bond Fund for the second straight year. According to Reuters, Morningstar could not assign a rating to Gundlach's fund due to a lack of transparency regarding Double Line's investment process, succession plan and risk controls. The fund has $46.7 billion in AUM and has outperformed 94% of its peers over the past three years.
Bill Gross' exit is weighing on PIMCO (Investment News)
Pimco is falling out of favor with financial advisors following Bill Gross' exit from the firm. An Advisor Brandscape report found that 22% of advisors believe Pimco is a brand they can trust, ranking the company 15th in that category, down from 6th in 2014. Investment News reports Pimco has seen 25 straight months of outflows.