During Friday’s current trade, Precision Castparts Corp. (NYSE:PCP)’s shares incline 0.28% to $213.38.
The Editorial Advisory and Securities Review Committee of BetterInvesting Magazine declared Buffalo Wild Wings, Inc. (BWLD) as its August 2015 “Stock to Study” and Precision Castparts Corp. (PCP) as its August 2015 “Undervalued Stock” for investors’ informational and educational use.
“The committee selected Buffalo Wild Wings for its strong management, historical growth and growth potential over the next several years, with international expansion a possibility,” said Adam Ritt, editor of BetterInvesting Magazine. “For the Undervalued selection, the committee believes that despite headwinds, Precision Castparts, the underlying demand for the company’s products from the aerospace industry will eventually propel the company’s fundamentals.” Check BetterInvesting’s August issue for more details about these selections.
Precision Castparts Corp. manufactures and sells metal components and products to the aerospace, power, and general industrial and other markets worldwide. The company operates through three segments: Investment Cast Products, Forged Products, and Airframe Products.
Moody’s Corporation (NYSE:MCO)‘s shares drop -0.02% to $109.98, during the current trading session Friday’s, hitting its highest level.
Moody’s Corporation (MCO) has updated its methodology for the financial statement adjustments it uses in rating analysis for non-financial corporate globally. The main changes are revised standard adjustments for operating leases and refinement of the criteria for when adjustments are made for securitizations and factoring arrangements.
The updated methodology, “Financial Statement Adjustments in the Analysis of Non-Financial Corporations,” is now accessible on www.moodys.com and can be accessed via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181430. The update follows a market consultation initiated via a Request for Comment that was published in April 2015.
The most noteworthy changes relate to Moody’s approach to operating leases, placing greater emphasis on capitalizing the minimum legal obligation under lease commitments, which the rating agency estimates by a present value calculation. Moody’s previous approach to capitalizing operating leases derived a debt adjustment for most issuers from a multiple of annual rent. The multiples Moody’s used varied by sector and were established to align with a scenario in which a company borrows to buy assets rather than leasing them. The lower adjusted debt amounts that result in most cases under Moody’s updated approach align with a view that companies leasing assets have more flexibility in their legal and financial arrangements than when they incur debt to purchase the assets.
Under the updated methodology, Moody’s will continue adjusting debt by calculating a present value for each company. The rating agency will use this amount or the amount derived from the use of a sector multiple applied to annual rent. However, present value will be the basis for the capitalized debt amount for many more companies than before because the sector multiples will be lower than they were formerly in almost all cases. Ranging from 3x to 6x, rather than 5x to 8x, the new multiples will serve as a minimum floor to the present value calculation because Moody’s anticipates that companies with very short lease tenors will renew most leases.
Moody’s Corporation provides credit ratings; and credit, capital markets, and economic related research, data, and analytical tools worldwide. The company operates through Moody’s Investors Service and Moody’s Analytics segments. The Moody’s Investors Service segment publishes credit ratings on debt obligations and entities that issue such obligations comprising various corporate and governmental obligations, structured finance securities, and commercial paper programs. This segment provides ratings in about 120 countries.
In a mid-morning trade, Digital Realty Trust, Inc. (NYSE:DLR)‘s shares plunge -0.52% to $68.43.
Digital Realty Trust, Inc. (DLR) declared that its operating partnership partner, Digital Realty Trust, L.P. (the “Operating Partnership”), priced an underwritten registered public offering of $500 million aggregate principal amount of 3.950% notes due 2022 (the “notes”). The notes are senior unsecured obligations of the Operating Partnership and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semiannually on each January 1st and July 1st, startning on January 1, 2016. The notes were issued at 99.236% of par value, with a coupon of 3.950% and will mature on July 1, 2022. The offering was made following an effective shelf registration statement filed with the Securities and Exchange Commission on April 20, 2015. The offering is predictable to close on June 23, 2015, subject to certain closing conditions.
The Operating Partnership will use the net proceeds from the offering of the notes to fund, in whole or in part, certain eligible green projects and, pending such uses, to repay borrowings under its global revolving credit facility.
BofA Merrill Lynch, Citigroup, J.P. Morgan, RBC Capital Markets and US Bancorp are the joint book-running managers for the offering.
Digital Realty Trust, Inc., a real estate investment trust (REIT), through its controlling interest in Digital Realty Trust, L.P., engages in the ownership, acquisition, development, redevelopment, and administration of technology-related real estate. It focuses on planned ally located properties containing applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise datacenter users, counting the information technology departments of Fortune 1000 companies, and financial services companies.
EXACT Sciences Corporation (NASDAQ:EXAS), during its Friday’s current trading session -0.14% loss and closed at $28.08.
EXACT Sciences Corporation (EXAS) declared that it will provide a live video webcast and conference call for its Investor & Analyst Day on June 25.
The event will focus on the Exact Sciences’ strong foundation for growth, counting Cologuard and Exact Sciences Laboratories and customer care center; the company’s multi-faceted commercial strategy to continue to drive growth; and its compelling product pipeline, counting the company’s recently declared partnership with The University of Texas MD Anderson Cancer Center to develop a blood test for lung cancer. The agenda features presentations and talk about with company executives and leaders from MD Anderson and Mayo Clinic.
Exact Sciences Corporation, a molecular diagnostics company, focuses on developing non-invasive colorectal cancer screening products. The company develops the Cologuard, a non-invasive stool-based DNA colorectal cancer screening test that is designed to detect pre-cancerous lesions or polyps, and each of the four stages of colorectal cancer. Its Cologuard test comprises proprietary and patented methods that isolate and analyze the human DNA that are shed into stool every day from the exfoliation of cells that line the colon; and also protein marker to detect blood in the stool, utilizing an antibody-based fecal immunochemical test.
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