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Cisco's Fiscal 1Q18 Earnings Beat Analyst Estimates

The US-based (SPY) tech (QQQ) heavyweight Cisco (CSCO) announced its fiscal 1Q18 results on November 15 and reported revenue of $12.1 billion.

WMT-stock-1
Walmart Stock Soared 10.9% on Stellar 3Q Results

Walmart (WMT) stock rose 10.9% to $99.62 after the company reported better-than-expected fiscal 3Q18 results on Thursday, November 16, 2017. Several analysts raised their price targets on the stock.

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Home Depot Raised 2017 Guidance after Strong 3Q17 Earnings

Home Depot (HD) posted adjusted EPS of $1.87 on revenues of $25.0 billion. Compared to 3Q16, the company’s EPS rose 16.9%, while revenues rose 8.1%.

ASian
Pre-Market Report: Global Markets Are Mixed on November 17

On November 17, the Shanghai Composite Index fell 0.48% and closed the day at 3,382.91. The SPDR S&P China (GXC) rose 1.8% on November 16.

RECENT Income RESEARCH

Lev loan 111
Leveraged loan market demand starts 2013 on a high note

Fund lows increased significantly last week, returning to the high levels observed in November and December

high yield market jan 14
High yield market off to a strong start in 2013

The high yield market refers to the universe of corporate bonds rated below investment grade.  Bonds with ratings BBB- and above are known as high grade or investment grade, and bonds with…

lev loan market 2012
Timid start for the loan market, though fund flows remain solid

Fund flows maintained a solid pace even after the holidays, setting up the high yield market for a strong Q1.

S&P-LSTA Index
Loan returns won't repeat, but loan ETFs can help diversify

The S&P/LSTA Leveraged Loan Index is one of the main benchmarks for the leveraged loan market.  It tracks the performance of the loans over $50m with margins equal to or higher than…

LSTA BAML SP500 Indices
Loans and bonds finish 2012 with equity-like returns

The leveraged loan market is composed of all the Term Loan B loans rated BB+ or lower. Similarly, the high yield market is composed of all corporate bonds rated BB+ or lower. Unlike most high yield bonds,…

HY Market
Record issuance and returns for high yield market in 2012

The high yield market had a 16% return in 2012, but changed market dynamics will prevent this from reoccurring in 2013

HY BAML 17
Why 2013 high yield returns won't be as fruitful as in 2012

The high yield market had outstanding returns in 2012 that are unlikely to repeat in 2013 given different market dynamics.

Alerian MLP vs. BBB High Yield Spreads
Why MLPs provide excellent risk-reward for investors

Over the last 13 years, there has never been an occasion where master limited partnership (MLP) spreads have been this wide to BBB high yield corporate indices. Traditionally, investors have…

HY issuance
High yield market loses steam over Thanksgiving

The minimal new issuance and continued fund outflows pose concerns for the high yield market

HY Market
High yield market may be losing attractiveness

Continued fund outflows signal a lack of attractiveness in the high yield market

flex
Repricings at issuance indicate a weaker rally in leveraged loans

November has had more loan deals flexed up than flexed down, potentially signalling a slowdown

Cov-lite
Riskier issuances on the rise as leveraged loans rally

The share of cov-lite loan issuances has incresed in recent months, signaling a very strong loan market

Lev market
Leveraged loan market rally remains strong

Despite the short week, leveraged loan issuances and fund flows remained relatived strong.

lev market thanksgiving
U.S. leveraged loan market rally plows through Thanksgiving

Leveraged loan issuance maintained a decent pace given the short week, with 13 deals pricing

second lien volume
Increased second lien activity confirms leveraged loan market rally

Second lien loan issuance has accelerated throughout the year, confirming strength in the loan market

HY Market
Bond yields still flat after hitting bottom in August

Bond yields have remained at the all time lows reached in August

WAL
Tradeoff between explicit and implied fees based on turnover

A high turnover rate in an ETF can cause trading costs that erode away any lower management fee savings

hy 1026
High yield market continues strong issuance, though fund flows dwindle

High yield market rally maintains momentum, but fund flows remain weak

PIKs
Why PIK toggle bonds may be a warning sign for high yield bonds

The recent PIK bond issuances may be a sign of an overheated bond market

Callable Bond
HYG is trading at call, implying limited upside on price appreciation

HYG, the high yield bond ETF, is trading near the fund’s aggregate call price, implying limited upside

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