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Klabin 07-10 03:30 GMT  
(Report with Analyst's Data Sheet) 
Demand for paper-based packaging and pulp has been relatively resilient this year despite the Covid-19 pandemic. In this context, Klabin S.A. (KLAB) stock price...
Stand Tall by Alexandre Dray
Allstate 07-10 03:22 GMT  
(Report with Analyst's Data Sheet) 
Acquisitions have been infrequent over the past few months, but Allstate broke the drought this week with the news that it is buying National General Holdings...
Rare Deal by Kathleen Shanley, CFA
Levi Strauss 07-09 03:14 GMT  
(Report with Analyst's Data Sheet) 
Levi Strauss & Co. (LEVI), retailer and apparel maker, just reported a second fiscal quarter (ended May) that coincided with the roughly ten-week duration of...
Bad Coincidence by Kim Noland
Discovery Communications 07-09 03:05 GMT  
(Report with Analyst's Data Sheet) 
During the second quarter Discovery (DISCA) was the most-watched pay TV operator in the U.S. for total viewers in the 25 to 54 age category. ...
Excellent Cash Flow In A Tough Year by Dave Novosel, CFA
Southern Company 07-09 02:49 GMT  
(Report with Analyst's Data Sheet) 
Recent negative developments regarding the schedule of the company's long troubled nuclear construction project, Vogtle Units 3 and 4, have arisen from...
Slowing Down by Carol Levenson, CFA
Dominion Energy 07-07 16:33 GMT
(Comment)
Our conclusion in this morning's report that the news over the weekend that Dominion would...
Ratings Action by Carol Levenson, CFA
Our conclusion in this morning's report that the news over the weekend that Dominion would cancel the Atlantic Coast Pipeline project and sell its gas transmission and storage business would be credit positive has been confirmed by S&P's move today to change the outlook on the company's 'BBB+' rating (the higher of the two) to "positive." The rating agency used the word "risk" 32 times in its press release about the outlook change, emphasizing the business profile improvement arising from these actions as opposed to the financial impact, which is likely to be minimal. In addition, S&P is reviewing the bonds of the gas transmission and storage entity, Dominion Energy Gas Holdings, for an upgrade based upon the higher ratings of its eventual new owner, Berkshire Hathaway. Moody's reaffirmed its current ratings and outlooks for Dominion (Baa2/stable). Dominion and Duke must be breathing a sigh of relief today in light of other negative regulatory/litigation news on pipeline projects, including the court ordered shutdown for an environmental review of the up-and-running Dakota Access pipeline, and the negative Keystone XL expansion Supreme Court ruling further delaying that project.
Macy's 06-25 15:06 GMT
(Comment)
In a tacit admission that things are not going to turn around any time soon, today Macy's announced...
Restructuring by Carol Levenson, CFA
In a tacit admission that things are not going to turn around any time soon, today Macy's announced another cost restructuring program. It involves cutting another 3,900 corporate and management jobs, in addition to the 2,000 corporate and support job cuts announced on February 4. The cost savings this year are expected to be $365 million, with an annualized cost reduction of $630 million. The savings from the new restructuring program are in addition to the $1.5 billion in annualized savings announced on February 4, which were expected to be realized by the end of fiscal 2022. The estimated pretax costs this year for the new program are $180 million, all in cash. The timeframe for the achievement of the cost savings from the new program was not provided, nor was the bottom line impact. Recall that with the previous cost restructuring program, not all of the savings were expected to flow through to the bottom line, but some were to be reinvested in growth initiatives. Macy's will issue full first quarter results July 1, including holding an investor conference call. Macy's did not give a business update today, but we can infer from this new restructuring program that management now believes the negative impact from the coronavirus pandemic will persist for a lengthier time period, and that at least some of it will be permanent. No additional store closings were announced, but we would expect that to be the next step. Separately, the company this week announced an exchange offer and consent solicitation for some $500 million of outstanding bonds originally issued by May Department Stores, which will be exchanged for notes with the same terms but which will be secured on a second lien basis by the same collateral (stores and distribution centers) that secures (on a first lien basis) the $1.3 billion of notes issued on June 8. It is worth noting that the appraised value of the collateral at that time was only $2.2 billion, making a second lien claim better than no claim but not exactly airtight. We believe bondholders should exchange and take the early exchange offer. The company is offering a $20/bond consent fee in the exchange to conform the negative pledge clause in the old indenture with that of its new indenture. This just proves how much better protection ancient indentures provided bondholders, as the rest of Macy's bonds will remain unsecured and subordinated to the new secured obligations.
Goodyear 06-30 
ArcelorMittal 06-24 
Hanesbrands 06-18 
Hanesbrands 06-18 
CoreCivic 06-16 
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