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Hartford Financial Services Group 09-21 02:11 GMT  
(Report with Analyst's Data Sheet) 
The Hartford Financial Services Group (HIG) spent the first quarter of 2021 fending off an unsolicited acquisition proposal from...
Legacy Claims by Kathleen Shanley, CFA
Novelis Inc. 09-21 02:05 GMT  
(Report with Analyst's Data Sheet) 
Novelis Inc. (HNDLIN) posted strong fiscal 2022 first quarter result as prices increased and shipments rebounded from COVID-related disruptions in the year...
Leverage Target Achieved by Evan Mann, CFA
JBS S.A. 09-21 01:40 GMT  
(Report with Analyst's Data Sheet) 
An offer to purchase the almost 20% of shares JBS S.A. (JBSSBZ) does not own in Colorado-based Pilgrim's Pride, its poultry business, was met with some skepticism...
More Deals  by Cedric Rimaud, CFA
Spectrum Brands 09-20 04:16 GMT  
(Report with Analyst's Data Sheet) 
Spectrum Brands (SPB) not long ago announced a major divestiture: the sale of the Hardware and Home Improvement (HHI) business, its largest segment. ...
Shrinking by Kim Noland
Amazon.com 09-20 03:58 GMT  
(Report with Analyst's Data Sheet) 
Recent U.S. retail sales data showed a sequential uptick for August, with growth in online retail surpassing brick-and-mortar. Consumer behavior continues to be...
Slowing Down by Carol Levenson, CFA
MHP S.A. 09-20 03:31 GMT  
(Report with Analyst's Data Sheet) 
MHP S.A. (MHPSA) released its results for 2Q21. Results came above ours and market expectations as the company benefitted from an increase in protein prices and...
New Circumstances by Alexandre Dray
Comcast 09-20 03:10 GMT  
(Report with Analyst's Data Sheet) 
Comcast presented at an investor conference last week and the first topic of discussion was its plan for capital investments. Ironically enough, that is the one...
No Large Deals Foreseen by Dave Novosel, CFA
Evergrande Real Estate Group Ltd 09-14 22:58 GMT
(Comment)
In a short statement through the Hong Kong exchange, Evergrande...
Restructuring by Cedric Rimaud, CFA
In a short statement through the Hong Kong exchange, Evergrande announced yesterday that it was expecting a continued fall in contract sales in June, July and August, while September was also looking weak on "ongoing negative media reports concerning the group that have dampened confidence of potential property purchasers". In addition, management admitted that no progress had been made yet regarding the possible sale of its assets, among which its electric vehicle business, its property services unit and its Hong Kong office building. Two of its subsidiaries have also failed to meet their guarantee requirements under some wealth management products offered by third parties for CNY934 million. The risks to the company's liquidity are therefore increasing. The offshore bonds are currently trading in their mid $20s, while the stock fell by another 12% on the release of the statement. More than the ripple effect through the bond markets, the Beijing government will be particularly attentive to the reaction of domestic investors who have bought wealth management products from Evergrande, which are now falling behind on their dues, as well as angry home-buyers, who have purchased properties in unfinished projects from the developer, which are at risk of losing their down-payments. Social unrest is generally feared as the most potent risk to stability in China, where social media are widely used. Any such protests would quickly spread among users of Weibo and other instant messaging platforms. Evergrande has now hired Houlihan Lokey (China) and Admiralty Harbour Capital to act as joint financial advisors to explore how to "ease the currently liquidity issue". Ironically, the Chinese government has also hired its very own accounting and legal experts to assist with the restructuring, a clear sign that Beijing has now accepted the inevitable restructuring, if not outright default, of what was once the largest property developer in China. We maintain our negative view on the credit.
McKesson Corporation 09-07 17:18 GMT
(Comment)
Hard at work over the holiday weekend, the big three drug distributors announced on...
Legal Development by Carol Levenson, CFA
Hard at work over the holiday weekend, the big three drug distributors announced on Saturday that the proposed opioid settlement with the states would proceed to the next phase. The companies said in a joint press release 42 states out of 49 (West Virginia has settled separately), all five territories, and Washington D.C. have agreed to the proposed settlement, and that they have determined this is a sufficient number to proceed to the next phase. The state political subdivisions (including those that have not sued) now have 120 days to sign on to the agreement. This period ends January 2, 2022, at which time the three companies will again determine whether the amount signing on is sufficient to proceed. McKesson will pay $482 million into an escrow account by the end of this month for its first payment, conditional upon approval of the settlement. MCK ended the second quarter with $2.4 billion of cash on hand. This is another big step towards resolving this longstanding legal liability, as some had questioned whether enough states would agree to the settlement terms.
AmerisourceBergen 09-07 17:15 GMT
(Comment)
Hard at work over the holiday weekend, the big three drug distributors announced on...
Legal Development by Carol Levenson, CFA
Hard at work over the holiday weekend, the big three drug distributors announced on Saturday that the proposed opioid settlement with the states would proceed to the next phase. The companies said in a joint press release 42 states out of 49 (West Virginia has settled separately), all five territories, and Washington D.C. have agreed to the proposed settlement, and that they have determined this is a sufficient number to proceed to the next phase. The state political subdivisions (including those that have not sued) now have 120 days to sign on to the agreement. This period ends January 2, 2022, at which time the three companies will again determine whether the amount signing on is sufficient to proceed. As we noted in our recent report, ABC will pay $443 million into an escrow account by the end of this month for its first payment, conditional upon approval of the settlement. ABC ended the second quarter with $2.6 billion of cash on hand. The amount is already reflected as an accrued expense on its balance sheet. This is another big step towards resolving this longstanding legal liability, as some had questioned whether enough states would agree to the settlement terms. ABC is on our Investment Grade Top 10, published this morning.
MGM Mirage 09-09 
United Rentals 08-24 
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