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Lamar Advertising Co. 12-01 03:58 GMT  
(Report with Analyst's Data Sheet) 
Lamar Advertising (LAMR) says travel activity as of mid November had returned at least to the 2019 average in a majority of its markets. Lamar...
Travel Advisory by Kim Noland
TV Azteca SAB 12-01 03:48 GMT  
(Report with Analyst's Data Sheet) 
The impact of the economic crisis on the media industry has been severe and, in Mexico, has hit TV Azteca S.A.B (TZA) particularly hard. The company's...
Looking For Options  by Cedric Rimaud, CFA
HP Inc. 12-01 03:38 GMT  
(Report with Analyst's Data Sheet) 
The highlight of HP Inc.'s fiscal fourth quarter (ended October 31st) was the 3% decline in Printing segment revenue. We say highlight because revenue in this unit...
Printing Not Thriving, But Surviving by Dave Novosel, CFA
Nordstrom 12-01 03:26 GMT  
(Report with Analyst's Data Sheet) 
Don't think of Nordstrom as selling only ballgowns and tuxedos, says management. But its third quarter sales, which again underperformed peers, demonstrates the...
Ballgowns And Tuxedos by Carol Levenson, CFA
Goodyear Tire & Rubber 11-30 02:59 GMT  
(Report with Analyst's Data Sheet) 
Goodyear's (GT) third quarter results were better than the consensus anticipated as the global tire industry recovered faster and more...
Bounce Back by Evan Mann, CFA
Bottom Ten 11-30 02:47 GMT  (Report)
With the presidential election resolved and vaccines on the horizon, equity investors have turned exuberant, and bond spreads are tight. But coronavirus cases...
Bottom Ten by Gimme Credit
FirstEnergy 11-25 18:53 GMT
(Comment)
The excrement continues to hit the fan at FirstEnergy. The timeline of increasing horror goes...
Legal Development by Carol Levenson, CFA
The excrement continues to hit the fan at FirstEnergy. The timeline of increasing horror goes something like this. In connection with its internal investigation related to the government's bribery and racketeering charges against the former Ohio House Speaker, the company fired three top executives, including its CEO, on October 29, and an additional two senior executives on November 9. When FE finally filed its delayed third quarter 10-Q on November 19, it disclosed that it had obtained waivers under its revolving credit facilities in connection with a strictly defined "noncompliance event" triggered by a finding by its internal investigation committee. This was a payment of $4.3 million made as recently as January 2019 to an individual who later became an Ohio utility regulator, a violation of anti-corruption laws. As it warned, the company also found a material weakness in its internal controls over financial reporting. Having obtained bank waivers (severely limited) on November 17, on November 23 the company drew down nearly $2 billion of its $3.5 billion of revolver capacity to "preserve financial flexibility." The rating agencies promptly downgraded FE further and left it under negative review. The disclosure of the $4.3 million payment, the need for covenant waivers, and the revolver drawdown implies this is much more deep and widespread a problem than we had initially believed it to be, in part because the company has been so stingy and downright misleading with its disclosure. We are downgrading our credit score to "deteriorating" and changing our investment recommendation to "sell" (2030 notes at T+186, which is only slightly wider than at the time of our November 5 report).
Meritor 11-18 20:18 GMT
(Comment)
Yesterday, Meritor (MTOR) priced $275 million of 4.5% senior notes due 2028 and announced the December 16...
New Financing by Evan Mann, CFA
Yesterday, Meritor (MTOR) priced $275 million of 4.5% senior notes due 2028 and announced the December 16 redemption of $275 million of the outstanding $450 million of 6.25% senior notes due 2024, tackling a significant portion of its next bond maturity. Sales for the fiscal fourth quarter ended September 30 declined 26% to $758 million on lower volumes. The adjusted EBITDA margin contracted 340 basis points with adjusted EBITDA dropping 48% to $60 million. Fiscal 2020 leverage was 4.5x, deterioration from 1.8x for fiscal 2019. Liquidity remained strong with fiscal 2020 free cash flow improving moderately to $180 million. We will update our projections and review our recommendation shortly.
For Clients Only: New Investment Grade Bottom Ten is here!

FirstEnergy 11-25 
Synchrony 11-25 
Meritor 11-18 
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