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| TODAY'S COMMENTS |
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| 3:12pm Lear Lear has announced that it will be filing bankruptcy soon, now that it's reached a restructuring agreement... | | Bankruptcy by Shelly Lombard | |
| 12:22pm Southern California Edison Fitch affirmed ratings and outlook of Southern California Edison and its... | | Ratings Action by Philip C. Adams, CFA | |
| 12:18pm Beazer Homes USA Beazer announced yesterday that it had reached settlements with the U.S. Attorney's office... | | Legal Development by Vicki Bryan | |
| 11:58am Johnson & Johnson JNJ has devised an ingenious structure for making an investment in biotech firm Elan and... | | Acquisition by Carol Levenson, CFA | |
| 11:15am Exelon Moody's is out with a statement on Exelon's revised proposal. The key takeaway is that if there is a... | | Ratings Action by Philip C. Adams, CFA | |
| 11:15am Exelon Moody's is out with a statement on Exelon's revised proposal. The key takeaway is that if there is a... | | Ratings Action by Philip C. Adams, CFA | |
| 9:50am Exelon Earlier this morning, Exelon announced it has increased its offer for NRG, by increasing the exchange... | | Acquisition by Philip C. Adams, CFA | |
| 7:45am NRG Energy Exelon today announced a 12.5% increase in its offer for NRG. The new offer raises the fixed... | | Takeover Battle by Carl Blake | |
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| TODAY'S REPORTS |
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| Investment Grade |
| | AIG AIG is slogging forward with its restructuring plans. Yesterday, it closed the previously-announced sale of 21st Century Insurance Group (personal auto) to Farmers Group... | | Tag Sales by Kathleen Shanley, CFA | |
| | Southern Company We're updating our call on Southern Company and subsidiaries Alabama Power, Georgia Power, Mississippi Power, Gulf Power, and Southern Power. The... | | Dominant Solution by Philip C. Adams, CFA | |
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| High Yield |
| | KB Home KB Home reported last week that revenue fell 40% in the fiscal second quarter ended in May. The best thing we can say is this was the first quarter in five that... | | Weak Sister by Vicki Bryan | |
| | Constellation Brands Constellation Brands, the world's largest wine company, experienced a sales decline in its first fiscal quarter. The company attributed the... | | Sobering Trends by Kim Noland | |
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| WEDNESDAY'S COMMENTS (7/1/2009) |
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| 2:16pm Dow The company announced today restructuring plans related to achieving the Rohm and Haas acquisition synergies... | | Restructuring by Carol Levenson, CFA | |
| 12:53pm Huntsman Corporation As expected, Huntsman announced today that it would redeem (retiring in full) $296... | | Credit Profile by Carl Blake | |
| 9:43am CenterPoint Energy Yesterday afternoon, Moody's affirmed the ratings of all CNP entities, but changed the... | | Ratings Action by Philip C. Adams, CFA | |
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| WEDNESDAY'S REPORTS (7/1/2009) |
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| Investment Grade |
| | AutoZone AutoZone's new issue demonstrates its financial flexibility and should facilitate some balance sheet cleanup by replacing short-term debt. But despite its... | | Cleanup Time by Carol Levenson, CFA | |
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| High Yield |
| | Sirius XM Radio, TRW Automotive Holdings Someone left the keys to a revved up high yield market and last week, Sirius XM Radio jumped in it and drove it like... | | Road Show by Shelly Lombard | |
| | EXCO Resources We were skeptical about the efficacy of EXCO Resources' asset sale/monetization program. Our cynicism reflected concerns we had that weak commodity prices... | | Mission Accomplished by Carl Blake | |
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 | An Independent Viewpoint |
 | Rigorous Analysis |
 | Coverage of Key Securities |
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| Every report is one page, and concludes with an actionable investment recommendation. |
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| Jul 2, 2009 | Dow Jones |
| Kathleen Shanley on AIG "European Loans Could Be A New Source Of AIG Problems" |
| Jul 1, 2009 | Bloomberg |
| Carol Levenson on Dow Chemical "Dow Chemical to Shut Three Louisiana Ethylene Plants" Quote - "Dow is not wasting any time in reacting to persistent global weakness in the demand for basic chemicals." |
| Jul 1, 2009 | Forbes.com |
| Shelly Lombard on McClatchy Co. "McClatchy Needs Mercy" Quote - "McClatchy's fate looks increasingly out of its hands." |
| Jun 30, 2009 | Marketwatch |
| Kim Noland on Rite Aid "Rite Aid CEO back in black on long-ago stock purchase" Quote - "Estimated the financing will increase the company's cash interest expense by $70 million annually." |
| Jun 30, 2009 | Forbes.com |
| Phil Adams on Teppco "Pipe Dreams" Quote - "Sees an opportunity in Teppco's debt." |
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