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Constellation Brands 09-26 02:48 GMT  
(Report with Analyst's Data Sheet) 
Constellation Brands (STZ) has posted a succession of good quarters and while management has been conservative about its upcoming second fiscal...
Star Performer by Kim Noland
Quest Diagnostics, Laboratory Corporation of America 09-26 02:34 GMT  
(Report with Analyst's Data Sheet) 
Stocks of lab testing companies Quest and LabCorp were hit yesterday after the CMS published its...
Acronym Alert by Carol Levenson, CFA
Frontier Communications 09-26 02:26 GMT  
(Report with Analyst's Data Sheet) 
Over the past 10 days, the prices of Windstream's bonds have plunged. Will prices on Frontier Communications' bonds follow? Windstream...
Dividend Stays, For Now by Dave Novosel, CFA
Allergan 09-25 15:42 GMT
(Comment)
Allergan made it clear today that it intends to continue returning cash to its shareholders while also...
Share Repurchase by Carol Levenson, CFA
Allergan made it clear today that it intends to continue returning cash to its shareholders while also repaying debt and annually increasing its dividend. The company announced a new $2 billion share repurchase program, viewing its stock price as "substantially" undervalued and therefore providing a unique investment opportunity. Last year the company spent $15 billion on share repurchases (presumably at a higher share price), primarily using the proceeds from asset sales. Free cash flow remains relatively low, so it's tough to see where the funds will come from to pay down the promised $3.8 billion in debt next year and repurchase shares, but Allergan implies it will all be done within the context of a commitment to "investment grade" ratings. But debt/EBITDA remains too high at greater than 4x, and diverting cash to repurchases and dividends exhibits a lack of urgency in reducing leverage. The company also announced the retirement of its CFO, which could presage a change in financial policies.
Arcos Dorados Holdings Inc 09-25 15:02 GMT  
(Report with Analyst's Data Sheet) 
The rating upgrade to Ba3, just announced by Moody's, is positive news for Arcos Dorados (ARCO), McDonald's franchisee in Latin America...
Brazilian Upswing  by Cedric Rimaud, CFA
Bank of Montreal 09-25 02:26 GMT  
(Report with Analyst's Data Sheet) 
The third quarter for Canadian banks ends at the end of July, so BMO Financial Group (BMO) and its peer group have already reported (and are well into...
Canadian Offerings by Kathleen Shanley, CFA
Anadarko Petroleum 09-25 02:21 GMT  
(Report with Analyst's Data Sheet) 
On Thursday, Anadarko Petroleum (APC) announced a $2.5 billion share repurchase authorization, with $1 billion to be completed by the end of 2017,...
Reduce Temptation by Philip C. Adams, CFA
Mobile TeleSystems OJSC 09-24 23:05 GMT  
(Report with Analyst's Data Sheet) 
Earlier this month, Mobile TeleSystems OJSC (MTS, MOBTEL) launched a fresh new share repurchase program of up to RUB 20 billion ($346...
Umpteenth Share Buy-Back by Alexandre Dray
Mosaic Company 09-22 15:15 GMT
(Comment)
Moody's has downgraded Mosaic's ratings by one notch to the lowest investment grade rating,...
Ratings Action by Carol Levenson, CFA
Moody's has downgraded Mosaic's ratings by one notch to the lowest investment grade rating, 'Baa3.' Although the rating agency had affirmed ratings in December for the pending acquisition of Vale's Brazil fertilizer business, the rating agency now feels the fertilizer pricing environment is weaker and that leverage will remain higher for a longer period of time. The downgrade is in line with our "deteriorating" credit score and negative view of the bonds, which we placed on our last Bottom Ten. Separately, the company, with major operations in Florida, warned without actually warning that third quarter results would be below its guidance, negatively affected by loss of production capacity due to Hurricane Irma. Mosaic did not quantify the potential financial hit for the loss of 250,000 to 350,000 tonnes of phosphate production and warehouse damage that could mean a loss of up to 400,000 tonnes of finished phosphate product.
Bombardier 09-21 
Meritor 09-18 
Northrop 09-18 
Marathon Petroleum 09-18 
United Technologies 09-05 
Fibria 09-04 
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Sep 5, 2017 | Bloomberg
CL on United Technologies -Q- "Unless United Technologies finds a painless way to use some of its offshore cash, we estimate that its leverage would soar from 2.4 times to nearly 4 times, an all-time high"
Aug 24, 2017 | Bloomberg
CL on Amazon.com- Q- "This is a pretty impressive array of bold moves on the first day of an acquisition -- unprecedented, we would say,"
Aug 18, 2017 | Financial Post
CL on Amazon.com- Q-"a paltry level of detail in its financial reporting not at all keeping with its size,"
Aug 14, 2017 | Reuters
CL on Philip Morris - Q- "We like the strong debt-protection measures, geographic and product diversity, and ahead-of-the-pack position with reduced-risk products,"
Aug 7, 2017 | Bloomberg
CL on Teva- Q "I still believe management's top priority is to do something about the elevated leverage.
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