Latest News and Media
MarketWatch
18 Jul 2025
TL Tsang: Chevron prevails over Exxon in Hess megamerger, and it matters for Chevron’s stock
Chevron Corp. investors breathed a little easier on Friday after an international arbitration court ruled in favor of the integrated energy giant’s merger with Hess Corp. after nearly two years of waiting.
The other integrated energy giant, Exxon Mobil Corp. over Hess’s assets in Guyana, resulting in a stock overhang for Chevron.
The conclusion of the saga removed that overhang and paved the wayread more
Charlotte Business Journal
17 Jul 2025
Terri Cancelarich: Analyst casts doubt on investment firm's bid for Brighthouse
An analyst is raising red flags about an asset manager’s ability to follow through on its rumored acquisition of Charlotte-based Brighthouse Financialread more
Bloomberg
17 Jul 2025
Jay Cushing: United Air Sees Upside to Target After June Optimism Jolt
The airport accounts for about 20% of United’s system capacity and domestic revenue, according to Jay Cushing, a Gimme Credit analyst. United is still operating fewer daily flights at Newark than before the pandemicread more
Bloomberg
16 Jul 2025
Jay Cushing: United Narrows Profit Range as Outlook Becomes More Stable
The airport accounts for about 20% of United’s system capacity and domestic revenue, according to Jay Cushing, a Gimme Credit analyst. United is still operating fewer daily flights at Newark than before the pandemicread more
IFR News
15 Jul 2025
Evan Mann: Macy's returns to bond market after long absence
Macy’s dived back into the US junk bond market on Monday after a three-year absence as the country’s largest department store chain made a push to take out and refinance its short-term debt maturities.
Like other retailers, the company has had to grapple with a plethora of challenges, including consumers’ shift to online shopping, a pandemic and, most recently, the threat of tariffs.
But overread more
Forbes
14 Jul 2025
Terri Cancelarich: Eyes On Elevance Health, Not UnitedHealth, As First To Report Earnings
Analysts at Gimme Credit noted in a report in late April that Elevance’s Medicare Advantage book of business is “considerably smaller than UnitedHealth’s with 2.3 million members, according for 5% of its member mix, of which 15% is group Medicare Advantage.”
“We are constructive on Elevance for its diverse member mix, balance between commercial and government businesses, franchise value and brandread more
Barron's
9 Jul 2025
Dave Novosel: Meta Wants to Reboot the Metaverse. Why AI Glasses Could Hold the Key.
Pouring billions more dollars into smart glasses might be expected to make Meta shareholders nervous, considering the costs racked up by its Reality Labs division that oversees the hardware. Reality Labs could book a loss of up to $20 billion this year according to analysts at credit-research firm Gimme Credit, up from $17.7 billion in 2024read more
TechFinitive
9 Jul 2025
Dave Novosel: AI networking superpower: Industry reaction to the HPE and Juniper Networks deal
Gimme Credit Senior Bond Analyst Dave Novosel told TechFinitive that the “acquisition of Juniper will increase the product scope of Hewlett Packard Enterprise and broaden its geographic diversification”. And make it more profitable. “Operating margins should improve nicely since Juniper has healthier margins and cost synergies from the deal are meaningful. This will be important because HPE hasread more
Progressive Grocer
7 Jul 2025
Carol Levenson: How Kroger, Albertsons Are Moving Forward Following Failed Merger
“The interim CEO, Ron Sargent, has not been timid about moving forward strategically,” noted Carol Levenson, director of research at independent bond research firm Gimme Credit. “He has consolidated the companyʼs e-commerce operations, announced the closing over the next 18 months of 60 unprofitable stores and has begun a comprehensive review of the e-commerce business and noncore assetsread more
PaymentsDive
7 Jul 2025
Stu Novick: Shift4 strategy segues with Global Blue
The purchase will be the firm’s largest. The company already operates in Europe, Asia and South America at about 400,000 retail and hospitality locations, but the acquisition will extend its reach. The deal is “a little bit different for (Shift4), but makes sense as they continue to push into international markets,” Gimme Credit Senior Bond Analyst Stu Novick said by email in Februaryread more
Reuters
1 Jul 2025
Jay Cushing: Packaging Corp to buy Greif's containerboard business for $1.8 billion
Packaging Corp of America (PKG.N), opens new tab said on Tuesday it would buy the containerboard business of peer Greif (GEF.N), opens new tab for $1.8 billion, aimed at increasing its capacity for the material used to ship consumer goods and industrial products.
Shares of Greif rose 6%, while Packaging Corp gained 8%.
Proceeds from the deal will be used for debt repayment and align with Greif'sread more
BurzovniSvet.cz
30 Jun 2025
TL Tsang: Buy Kinder Morgan Stock. Natural Gas and AI Are a Powerful Combination
While some investors are concerned about the worsening trade relationship with China , analysts say the impact on Kinder Morgan will be minimal. Gimme Credit's TL Tsang says strong demand from other parts of the world and long-term contracts with reliable customers will help. (including artificial intelligence companies)ensure revenue stability. Only 5% of the company's EBITDA in 2025 will beread more
Reuters Shanghai
29 Jun 2025
Jay Cushing: Trouble at Newark Airport Impacts United Airlines; Q2 Earnings Under Scrutiny
Newark Liberty International Airport, located in New Jersey, is one of the three major international airports serving the New York metropolitan area and United Airlines’ largest hub on the U.S. East Coast. However, a series of recent issues at Newark Airport have led to widespread flight delays, raising concerns on Wall Street that United Airlines may be negatively affected, with its upcomingread more
MarketWatch
26 Jun 2025
Jay Cushing: Wall Street is getting worried about United Airlines. Yes, it’s mostly about Newark airport.
“The negative impact from Newark will linger a bit over the summer months with United cutting prices to win back customers and the [Federal Aviation Administration] limiting the number of flights through year-end,” analysts at Gimme Credit said in a note Thursday.
Just as one challenge was fading, another was emerging: As the “stresses at Newark are slowly beginning to ease,” United is now facingread more
The Wall Street Journal
25 Jun 2025
Jay Cushing: Auto & Transport Roundup: Market Talk
FedEx’s planned spinoff its freight business could result in a weaker credit profile for the company, according to Gimme Credit’s Jay Cushing. The freight separation is still on track to happen in June 2026, FedEx said during its earnings call. FedEx says it doesn’t plan to increase its leverage in connection with the planned spinoff, but Cushing believes the loss of the business will make FedExread more
Barron's
25 Jun 2025
TL Tsang: Natural Gas Is Having a Moment. Buy Kinder Morgan Stock on Surging Demand.
The company has noted that even though China hasn’t imported U.S. LNG since February, demand has continued to set new records, as Gimme Credit senior analyst TL Tsang highlights: “We expect Kinder Morgan to be insulated from tariffs, and [it] could even benefit from increased demand for U.S. natural gas from governments using LNG imports as a bargaining chipread more
MarketWatch
24 Jun 2025
Gimme Credit Cited: This Independence Day - Gimme Credit Marks 30+ Years of Independent Corporate Bond Research with Proven Track Record Against Market Consensus
"Our only allegiance is to our clients and the truth in the numbers," said Arthur Rosenzweig, CEO at Gimme Credit. "We were founded on the belief that independence is not just a business model--it's a mission. And for over three decades, that mission has never waveredread more
Cleveland Business Journal
24 Jun 2025
Evan Mann: Cleveland-Cliffs shares have fallen by half in 12 months. Here's why.
The re-shoring of auto manufacturing as a result of the tariffs could yield up to $500 million of operating income per year, starting in the second half and fully impacting 2026, according to a report by Evan Mann of Gimme Credit, a corporate bond research firm in New York Cityread more
Casino.org
24 Jun 2025
Kim Noland: Wynn Corporate Bonds Supported by Buoyant UAE Casino Outlook
In a new report, Kim Noland, director of high-yield research at Gimme Credit, sounded a constructive tone on some Wynn debt with further out maturities, citing potential long-term benefits from Wynn Al Marjan Island. That integrated resort, which will be the first regulated gaming venue in the Middle East, is scheduled to open in early 2027.
The affluent and fast-growing demographic of the UAEread more
IFR News
17 Jun 2025
Terri Cancelarich: UnitedHealth swoops in with US$3bn bond
UnitedHealth Group is raising US$3bn in the US high-grade market as the biggest US health insurer navigates scrutiny from regulators looking into the company's billing practices under its Medicare healthcare plans.
Tuesday's bond offering from the Minnesota-based company is part of its customary yearly fundraising, with UnitedHealth typically issuing in the spring and summer months. Last year, itread more
Digital Dealer
9 Jun 2025
Jay Cushing: Car Shipments to U.S. Drop Over 70%: Tariff Tracker
“A doubling of tariffs from 25% to 50% could raise the cost of a car from $1,500 to $3,000 per vehicle,” said Jay Cushing, senior bond analyst with Gimme Creditread more
Benzinga
6 Jun 2025
Dave Novosel: Dell Rated 'Underperform' As Growth Set to Subside In 'The Second Half:' HP Deemed More Compelling By Analyst
Even though the company has an artificial intelligence server backlog of $14 billion after the first quarter, Dave Novosel, senior investment analyst at Gimme Credit, highlighted that “lumpiness” of AI-enabled server sales was a “major issue.”
According to management, a significant improvement is expected in servers and networking in the second quarter, given the aforementioned non-linear natureread more
CBS News, Moneywatch
4 Jun 2025
Jay Cushing: Trump's 50% steel and aluminum tariffs take effect today. Here's what could get more expensive.
According to Jay Cushing, senior bond analyst with Gimme Credit, steel accounts for 60% of the weight of the average vehicle.
Cushing, however, projects an even steeper price hike. "A doubling of tariffs from 25% to 50% could raise the cost of a car from $1,500 to $3,000 per vehicle," he told CBS MoneyWatch in an email.
A 25% tariff on imported cars remains in place, although the Trumpread more
Bloomberg
3 Jun 2025
Alexandre Dray: Brazilian Airline Azul Criticized Bankruptcy But Failed to Avoid It
“The lingering challenges in the Brazilian aviation sector could temper investor enthusiasm, raise more concerns, and make investors even more cautious about this industry,” said Alex Dray, director of emerging markets research at Gimme Creditread more
Russia News Now
3 Jun 2025
Jay Cushing: Look At What Is Happening With The Consumer
With the help of Google Gemini, I found this article from Automotive Dive in a piece back in February talking about the 25% tariff on steel and its impact on the auto sector and price of a car. These stats came from Jay Cushing, a senior bond analyst with Gimme Credit, “A typical car contains about 1,000 pounds of steel with an estimated cost of between $6,000 and $7,000 per vehicle, Cushing saidread more
Barron's
24 May 2025
Carol Levenson: Retailers Are Giving Mixed Messages on Prices. What Will Really Happen at Checkout
Plus, retailers will have different capabilities to absorb the tariffs based on their business model, reliance on heavily tariffed imports, and supply chain strategy. For instance, home improvement stores like Home Depot will have “more wiggle room” than grocers to keep prices low, wrote Carol Levenson, an analyst at research firm Gimme Creditread more
Barron's
20 May 2025
Dave Novosel: Apple or America? The iPhone Maker Now Has a Better Credit Rating Than the U.S.
After Apple’s earnings report earlier this month, Dave Novosel, senior analyst for U.S. investment grade with bond research firm Gimme Credit, said the company is on pace to generate more than $90 billion of free cash flow this fiscal yearread more
MarketWatch
19 May 2025
Carol Levenson: After Trump rages, Walmart says it will eat ‘some’ of the tariff costs
In a note released Monday, Gimme Credit Director of Research Carol Levenson said that companies have to deal with a rapidly changing tariffs environment, as evidenced by the recent preliminary agreement between the U.S. and China.
“This capricious and volatile (the companies are calling it “dynamicˮ) environment is not conducive to planning a business of any size,” she wrote. “Recall that theread more
The Wall Street Journal
17 May 2025
Jay Cushing: International Paper Is on a Quest to Build a Better Cardboard Box
“There’s a lot of balls in the air,” said Jay Cushing, an analyst with the bond-research firm Gimme Credit. “Is it possible they can deliver on all those things at the same time? Yeah, but it just feels like a big liftread more
Fortune
15 May 2025
Carol Levenson: A Kohl’s board member resigned because she was ‘continually disappointed’ by governance and a lack of transparency. The retailer denies there was any friction
“Itʼs a hot mess,” Carol Levenson, chief research officer and director of U.S. investment grade research at Gimme Credit, told Fortune in a statement. “Poor sales performance, the threat of the resumption of paused Asian tariffs, and governance turmoil combined with strained liquidity requiring last-minute financial maneuvers” all led Gimme Credit to dub Kohl’s with a “deteriorating” credit scoreread more
IFR News
14 May 2025
Carol Levenson: Kohl's tests investor appetite with asset-backed junk bond
“The contemplated transactions reflect a fairly desperate situation,” said Carol Levenson, director of research at research firm Gimme Credit. “The need to amend the credit facility to be able to borrow to refinance a bond maturity is not the sign of healthy liquidity.”
“Kohl’s will be buying time at the end of all this by refinancing its July maturity, but it is encumbering additional assetsread more
Pittsburgh Business Times
9 May 2025
Stu Novick: Coherent shifts focus to data center components amid strategic portfolio changes
"This new management team is about a year in and what they've decided to do is really rearrange the product portfolio, they're not as fixated on some of the same product areas as the former management team," Stuart Novick, analyst with corporate bond investment firm Gimme Credit, said. "The data center area is doing really well, it was up 50% year-over-year. ... Anything related to AI and dataread more
Philadelphia Inquirer
7 May 2025
Dave Novosel: With ‘cable monopoly’ over, Comcast is chasing mobile users
Comcast, whose share price has bounced between $30 and $45 for three years, lost more high-speed Internet subscribers than expected in the first three months of 2025, even as its smaller mobile Internet business and its as-yet unprofitable Peacock streaming business gained users rapidly, noted Dave Novosel, senior analyst at bond research analyst Gimme Credit in New Yorkread more
Outlook Business
6 May 2025
TL Tsang: How a Devastating Oil Spill and Bold Green Bet Brought BP to the Brink
“This strategy pivot is prompted by subpar returns from these green energy projects and the performance of BP’s shares, which have significantly lagged oil major peers such as Exxon. Instead, the company will refocus its efforts on growing its oil and gas production, increasing its capital spending in these operations by 20% to $10 billion per year between 2025 and 2027,” said TL Tsang, Seniorread more
The New York Times
6 May 2025
Jay Cushing: UPS and FedEx Once Handled a Deluge of Packages From China. That’s Changing.
“It was a bit of a bumpy ride the last time,” said Jay Cushing, an analyst for Gimme Credit. “It took a little while for things to level out, but this is probably going to take even longerread more
MarketWatch
24 Apr 2025
Dave Novosel: IBM was the Dow’s worst performer today. ‘Deep breath…It’s more than OK,’ one analyst says.
In a note released Thursday, Gimme Credit analyst Dave Novosel pointed out that IBM added $7 billion of debt during the first quarter to fund its acquisition of cloud software company HashiCorp, which closed in February. “The increase in debt pushed core leverage to 3.5x,” he wrote. “However, considering that free cash flow is likely to exceed $7 billion this year, we expect some debt reduction asread more
MarketWatch
21 Apr 2025
Terri Cancelarich: UnitedHealth stock has shaved nearly 1,000 points off Dow across its worst 2-day slide since 1998
"United has decades of experience in MA, reams of data on member behavior and has been through periods of reimbursement cuts and premium increases many times, so it is troubling that management got it so wrong," Gimme Credit analyst Terri Cancelarich wrote on Mondayread more