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Telecom Italia S.p.A. 05-24 03:16 GMT  
(Report with Analyst's Data Sheet) 
The management reshuffling at Telecom Italia is substantially complete. Unfortunately, it did not have much of an effect on performance. First...
The Fallout From Price Wars by Dave Novosel, CFA
Turk Telekom AS 05-24 02:56 GMT  
(Report with Analyst's Data Sheet) 
Turk Telekom (TURKTI) released some good results for 1Q19. Revenue was in line with market expectations, but EBITDA was better due to an increase in...
Hands Tied by Alexandre Dray
Avianca Holdings SA 05-23 08:50 GMT
(Comment)
Avianca is reportedly in the process of discussing with a number of export credit...
Consent Solicitation by Cedric Rimaud, CFA
Avianca is reportedly in the process of discussing with a number of export credit agencies in several countries, with whom about $900 million of loans are outstanding, to accept United Airlines a "permitted holder" of Avianca's shares, in order to avoid the event of default that S&P argued was enough to downgrade the Colombian airline to CCC+ earlier this month. Until now, the US airline has not exercised its right to seize the shares representing half of the airline's share capital, which have been pledged under the loan by United to Avianca's parent. The talks with the banks are expected to conclude within the next month and a half. We expect this to go through, paving the way for a similar change in the documentation of the bonds and a recovery on the bond price.
Unifin Financeira SA 05-23 03:47 GMT  
(Report with Analyst's Data Sheet) 
We initiate coverage on Unifin Financiera SAB de CV (UNIFIN), an independent leasing company in Mexico offering mostly leases for construction and...
Domestic Play by Cedric Rimaud, CFA
American Axle 05-23 03:38 GMT  
(Report with Analyst's Data Sheet) 
Although American Axle's (AXL) first quarter adjusted EBITDA was modestly ahead of the consensus forecast, it was down double digits year over year, the...
Second Half Story  by Evan Mann, CFA
Simon Property Group 05-23 03:25 GMT  
(Report with Analyst's Data Sheet) 
So far, 2019 has not been great for the retailing sector, with a number of bankruptcies and store closings already announced. Simon Property Group...
Living With Disruption by Kathleen Shanley, CFA
Kohl's 05-21 18:04 GMT
(Comment)
Kohl's stock sank as much as 14% today to a new 52-week low after the company reported weak first quarter...
Earnings by Carol Levenson, CFA
Kohl's stock sank as much as 14% today to a new 52-week low after the company reported weak first quarter results (adjusted earnings down 8%) and lowered its full year E.P.S. guidance. Comparable-store sales in the quarter sank 3.4%, well below the company's expectations and worse than any department store chain that has reported so far except for Penney. Blamed, of course, was unseasonably cold weather, which hurt the sales of spring merchandise. Also contributing to the decline was softness in the Home category, and the promotional environment, where Kohl's saw less productivity from its promotional events. Furthermore, the company expects the sales softness to persist in the current quarter, but for sales to pick up in the second half thanks to new brand launches and the national rollout of its Amazon returns program. Taking into account the weak first quarter, the impact of the increase in tariffs, a more aggressive pricing strategy, and costs for (and benefits from) the Amazon returns rollout, the company has slashed its full year E.P.S. guidance by as much as 16%. Management declined to quantify the expected sales lift from the Amazon program or to break out traffic versus ticket in the sales decline in the first quarter, but is focused on increasing traffic and claims that its inventory is in good shape, down 1% on a per store basis. The active category continues to be a bright spot. We estimate that on a trailing twelve months basis, lease-adjusted debt/EBITDAR remained low at 2.3x, with free cash flow supplying financial flexibility and funding elevated share repurchases. The first quarter is not a hugely important one, but to miss its plan by this much and to lower its guidance by this much so early in the year is troubling.
New Investment Grade Bottom Ten Coming Soon- Tuesday, May 28th.

Cencosud 05-08 
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T-Mobile 04-26 
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