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US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

JCI: Power Solutions in Play

IG Note: 12 Mar 2018, 9:44 PM ET - We had been flagging JCI as a credit with high event risk. Now JCI is joining other Industrials under pressure by putting Power Solutions under strategic review. We maintain our Underperform until we obtain more capital structure clarity.

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.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

Industrials Earnings Blitz: IR, ROK, TEL

Earnings Note: 26 Jul 2017, 11:38 AM ET - In this earning blitz, we highlight the key takeaways from earnings releases across the Industrials today that include Ingersoll-Rand, Rockwell Automation, and TE Connectivity.

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?

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Johnson Controls: 4Q16 – Shift to Market perform

Worth Watching: 08 Nov 2016, 2:17 PM ET - Johnson Controls (Baa1/BBB+) reported 4Q16 results that concluded a very busy stretch in management's efforts to become a multi-industrial company. The merger with Tyco was completed on September 2 and the spin-off of Adient took place on Octo ..

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

Industrials: Relative Value Across the Pond

Sector Analysis: 10 Aug 2016, 10:52 PM ET - In this report we focus on relative value across the A-tier Industrial/Capital Goods universe in the US and Europe while also highlighting high level takeaways from the recent earnings season.

Johnson Control: 3Q16 Results and Adient Preview

Earnings Note: 21 Jul 2016, 2:57 PM ET - JCI reported solid 3Q16 results, lifted guidance and brushed off Brexit concerns. We highlight the details and offer more of our thoughts on Adient prior to its October spin-off.

Industrials: Green Shoots During Spring

Sector Analysis: 22 Mar 2016, 12:08 AM ET - Our latest read on what industrial companies are saying on both sides of the pond across their wide ranging end markets. The gist? Still a mixed outlook but early stabilization, even in the more challenging sectors.

Industrials: When These Guys Talk,Everyone Listens

Sector Analysis: 22 Feb 2016, 11:17 PM ET - There was a lot of insight into the global economy provided by the US Industrials this earnings season. In this report we hit those key take-aways and focus on order trends, China, commodities and dividends.

ZF TRW: ZF Sells EF&C to ITW for $450 million

Worth Watching: 25 Jan 2016, 5:05 PM ET

Johnson Controls and Tyco: Make it Official

IG Note: 25 Jan 2016, 2:52 PM ET - The Johnson Controls (JCI) and Tyco merger is official and the deal terms turned out to be credit friendly for JCI. We maintain our Outperform on JCI, but shift to an Underperform on Tyco bonds.

Using the New E-Mail Alerts System

Announcement: 18 Feb 2015, 11:28 PM ET - CreditSights launched its new beta e-mail Alerts system on  Mon, February 23rd. A new interface allows users to manage their e-mail  Alerts. This is a user guide for managing your e-mail Alerts in the new system.

Announcing CreditSights' New E-Mail Alerts System

Announcement: 12 Feb 2015, 11:27 PM ET - CreditSights announced the launch of its new beta e-mail Alerts system on Monday, February 23rd. Your previous e-mail Alert preferences will be carried over into the new beta e-mail Alerts system.

US Industrials: 2015 Outlook and Recommendations

Sector Outlook: 26 Jan 2015, 10:50 PM ET - Underwhelming equity performance in the post crisis recovery period will keep the pressure on for more spins, splits and break-ups along with the potential for higher leverage to reward shareholders. 

Delta Air Lines: Big News, Small Impact

Worth Watching: 11 Dec 2012, 10:16 PM ET

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