Recent Analysis

Chart of the Day: VZ – Maybe M&A

VZ’s subscriber metrics continued to improve and it reported a solid set of 3Q17 results but the company’s long-term strategy appears muddled.

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Daily Comment: Powell Said to be The Front Runner

Press reports suggest that Fed Governor Jerome Powell has taken a lead in the running for the top Fed job. Also in this report: NAVI, eBay, Danaher, Amex.

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Chart of the Day: Searching for Value in SuperValu

With SVU taking on another leveraging acquisition and bumping up capex commitments to integrate new purchases we see reason to scale back on our recommendation.

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Caterpillar Inc. (CAT)

Caterpillar (CAT) can serve as a core holding for high quality investors seeking a single A credit profile and management team that works to balance bondholder and shareholder interests. CAT boasts global leadership in numerous capital-intensive products, a solid industrial balance sheet, and a strong captive finance operation that also issues bonds.

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Daily Comment: How Now Lofty Dow?

The Dow surged closing above 23,000 for the first time. It was the index’s fourth thousand-point milestone so far this year. Also in this report: RIOLN, ABT, IBM, PNC.

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Chart of the Day: PG&E and the California Fires

PCG’s stock is now down 17% vs. peers and 10-yr bonds are out by ~20 bp on speculation PG&E could be at least partially responsible for some of the California wildfires.

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Daily Comment: The Flattener’s The Thing

Curve flattening trades remain popular with the certainty that the Fed will continue to raise short rates, playing off against the persistent lack of inflation. Also in this report: Johnson & Johnson, UnitedHealth, Goldman Sachs, Morgan Stanley.

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Chart of the Day: No MBO for JWN – for now

Nordstrom announced that efforts to explore a go-private/MBO transaction have been suspended for now with plans to pick up the process again after the holiday season.

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