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October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.
Focused

Lockheed Martin 3Q18: On Solid Footing

Earnings Note: 24 Oct 2018, 5:03 AM ET - LMT raised its full year 2018 financial guidance and provided a robust cash flow guidance for 2019, reflecting the strong market and favorable trend lines in the defense sector. We shift our rec from O/P to M/P, primarily due to valuations.
Focused

Lockheed Martin 2Q18: Pension a Drag on Cash Flows

Earnings Note: 25 Jul 2018, 8:21 PM ET - LMT reported strong 2Q18 results and beat consensus, as all four segments posted higher profits. Although pension contributions were a drag on 1H18 cash flows, LMT raised its FY18 CFO, sales and profit guidance. We maintain our O/P rec.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

A&D 3Q17 Earnings Recap: LMT, GD, BA, NOC, RTN, LLL

Sector Analysis: 30 Oct 2017, 11:36 PM ET - Six names under our A&D coverage reported third quarter earnings last week. Results were generally healthy with four of them reporting better than expected earnings and all six raised or affirmed full-year 2017 earnings guidance. 
Focused

Lockheed Martin: Early Exchange Offer Results

Worth Watching: 21 Aug 2017, 5:20 PM ET - Lockheed Martin (Baa1/BBB+) disclosed the early results of its outstanding bond exchange offer, announced earlier this month.  As of August 18, 2017 (early participation date), approximately $1,356,388,000 of aggregate principal of "old notes" ..
Focused

Lockheed Martin: Exchange Offer for Series of Bonds

Worth Watching: 09 Aug 2017, 11:30 AM ET - Lockheed Martin (Baa1/BBB+) commenced an offer to exchange up to $4.2 bn of multiple series of existing bonds (7 in total) into new 4.09% 2052 (35-year) notes and/or cash.  The latest move appears to be an effort by the company to take out som ..

July 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Aug 2017, 11:00 AM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on US companies during the month of July.
Focused

Lockheed Martin 2Q17: Move to Outperform

Earnings Note: 19 Jul 2017, 8:25 PM ET - Strong wins on the F-35 and the Black Hawk sets up LMT to end the year with a robust backlog of around $100 bn. LMT kicked off 2Q17 earnings for the defense sector by raising its FY guidance. We move our rec to O/P from M/P.

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 
Focused

Lockheed Martin 1Q17: DoD Budget Casts a Shadow

Earnings Note: 26 Apr 2017, 10:03 PM ET - LMT reported mixed first quarter results that missed consensus estimates, due to charges related to its international businesses. Although FY17 profit and EPS guidance was trimmed, revenue and cash flow forecasts were raised.

Sector Update March 2017 - US Industrials

Sector Weightings: 10 Apr 2017, 8:20 PM ET - The Industrials sector largely matched the widening seen in the IG Corp ate index, though significantly underperformed on an excess return basis. We continue to hold a largely negative view on the sector entering 2Q17.

Sector Update February 2017 - US Industrials

Sector Weightings: 12 Mar 2017, 8:10 PM ET - February was a mixed month for Industrials sub-sectors, however aggregate excess return slightly outperformed the IG index. We also provide a summary of Industrials monthly IG supply and US Manufacturing ISM in our report.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

US Taxes: Interest Deductibility, Par Call Fear

Sector Analysis: 27 Feb 2017, 3:42 PM ET - We look into recent inquiries on interest deductibility issues and redemption risk.  Finding special tax redemption provisions can be a needles-and-haystacks exercise. The good news is "tailored" interest deduction language is hard to find.

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