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Goldman Sachs 09-17 03:32 GMT  
(Report with Analyst's Data Sheet) 
Goldman Sachs (GS) is more accustomed to helping arrange M&A deals for its clients than to making its own acquisitions. But over the past month, it...
Buy Now Pay Later by Kathleen Shanley, CFA
GOL Linhas Aeras Inteligentes SA 09-17 01:59 GMT  
(Report with Analyst's Data Sheet) 
In a sign that the market for air travel is now firmly on a path of recovery, GOL Linhas Aeras Inteligentes S.A. (GOLLBZ) has...
Increased Liquidity by Cedric Rimaud, CFA
Ovintiv 09-17 01:47 GMT  
(Report with Analyst's Data Sheet) 
Early this month, Ovintiv (OVV) announced a new capital allocation plan, possibly in response to repeated capital return questioning on its second quarter earnings...
Capital Allocation Plan by Evan Mann, CFA
Brunswick Corp. 09-16 02:28 GMT  
(Report with Analyst's Data Sheet) 
Brunswick Corporation (BC) delivered another record quarter and assured investors that robust demand for its products will continued in the last half of...
More Horsepower by Kim Noland
Lowe's 09-16 01:56 GMT  
(Report with Analyst's Data Sheet) 
Lowe's tapped the bond market for another $2 billion this week, on top of $2 billion in March. These funds are not for an acquisition or to bolster liquidity, which...
Stashing Cash by Carol Levenson, CFA
Oracle 09-16 00:18 GMT  
(Report with Analyst's Data Sheet) 
Oracle generated free cash flow of $3.4 billion in its fiscal first quarter and we estimate that the company will produce $8.7 billion of free cash flow in fiscal...
Even More Share Repurchases 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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