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US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Union Pacific: Multi-Tranche Deal for Buybacks

IG Note: 05 Jun 2018, 11:15 AM ET - UNP is in the market with a curve spanning bond offering (seven-part), with proceeds to help fund share repurchases. The new bond offering comes on the heels of a one-notch downgrade following the new $20 bn share repurchase program. 

Union Pacific: Moody’s Downgrades to Baa1

Worth Watching: 03 Jun 2018, 10:09 PM ET - Union Pacific (Baa1/A-): Moody's followed S&P in downgrading UNP's senior unsecured ratings by one notch to Baa1, from A3. The downgrades from the agencies come as UNP announced a noteworthy shift in its financial and capital allocation policy ..

Union Pacific: S&P Downgrades Ratings to A-

Worth Watching: 31 May 2018, 9:56 PM ET - Union Pacific (A3/A-): S&P downgraded Union Pacific's credit ratings by a notch to A- (Stable), from A (Stable). The downgrade comes as the company announced a new $20 bn share repurchase authorization, which will be partly funded by incremental ..

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

Union Pacific 4Q17: Mixed 2018 Volume Outlook

Earnings Note: 28 Jan 2018, 8:30 PM ET - UNP faced competitive challenges during the quarter as well as the year but remains optimistic on capitalizing from a tighter truck market and achieving additional productivity gains to reach its 60% (+/-) OR target by 2019. 

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.

Union Pacific 3Q16: Leverage Rises; Maintain U/P

Earnings Note: 22 Oct 2016, 5:09 PM ET - Improved ag volumes were offset by lower carload volumes in all other business lines, which weighed on UNP’s 3Q16 results. Core pricing, while positive, came under further pressure, which hurt operating ratio metrics in the quarter.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 

Canadian National 1Q16: Cuts Guidance; Margin Beats

Worth Watching: 25 Apr 2016, 7:46 PM ET - Canadian National 1Q16 results exhibited the same volume pressure felt by the other rails, with metals and minerals leading the carload decline.  However, CNR continues to stand apart from most in terms of margin performance.  The quarterly ope ..

FedEx: $750 mm 10-year and $1.25 bn 30-year Notes

Worth Watching: 21 Mar 2016, 8:43 PM ET - FedEx - FedEx (Baa1/BBB+) priced $750 million 10-year and $1.25 billion 30-year notes at T+135 bp and T+185 bp respectively.  This represents a 25 bp and 20 bp tightening from initial price talk.  A portion of proceeds will be used to redeem tw ..

Union Pacific: New 10 and 30Y Notes; 50Y Tap

Worth Watching: 25 Feb 2016, 12:11 PM ET - Union Pacific (A3/A) will issue 10 and 30-year notes and tap the 4.375 2065 note.  Initial price talk is T+130-135 bp on the 10-year, T+170 bp on the 30-year and T+220 bp on the 2065.  This represents new issue concessions of 30-35 bp (vs the U ..

Canadian National 4Q15: Still The Margin Leader

Worth Watching: 26 Jan 2016, 10:00 PM ET

Canadian Pacific 4Q15: M&A Event Risk Falls

Earnings Note: 21 Jan 2016, 10:22 PM ET - CP comments, along with lawmaker opposition, reduce the probability of M&A.  Harrison primarily pointed to the political opposition that has emerged.  The likelihood of a voting trust transaction also appears lower.

Union Pacific 4Q15: 2016 Volume To Fall Slightly

Earnings Note: 21 Jan 2016, 1:03 PM ET - 4Q15 revenue and EBITDA missed consensus estimates on 31% and 23% sales declines in coal and industrial products. 

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

2016 Outlook: Industrial Sector Recommendations

Strategy Outlook: 21 Dec 2015, 10:33 PM ET - We discuss 2015’s performance and detail our 2016 recommendations in the Industrial sector. 

Norfolk Southern: NSC Rejects CP’s Bid

Company Analysis: 06 Dec 2015, 8:57 PM ET - NSC rejected CP’s bid but did not rule out an agreement at a higher price. NSC provided margin guidance, but there were not a lot of new ideas to spur confidence that profitability improvement will suddenly emerge.

BNSF 3Q15: Further Margin Improvement

Earnings Note: 08 Nov 2015, 6:46 PM ET - BNSF’s operating ratio continued strengthening, as the last twelve month figure improved 4.7 percentage points to 65.5%.

Canadian National 3Q15: Another Record OR

Earnings Note: 28 Oct 2015, 5:38 AM ET - Consolidated operating expense shrank 5.3% on a 4.5% headcount reduction.  The quarterly operating margin improved 4.9 percentage points to 53.8%.

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