|Last Price$53.32||Day Change (%)-2.36%|
|Open Price$54.20||Day Change ($)-1.29|
|Day Range53.30–54.56||52-Week Range44.92–61.29|
As of Thu 07/31/2014 04:13 PM EST | USD
AutoNation Q2 profit rises, but shares fall in premarket trade
UPDATE: U.S. stocks: Futures fall as Russia-Ukraine tensions flare
UPDATE: Malaysia Airlines crash in Ukraine rocks stocks
As credit spreads have tightened on a nearly continuous trend over the past year, they are becoming richly valued relative to their historical average.
The dealers are the only auto sector we cover in which all firms enjoy an economic moat.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
The corporate bond market will probably struggle to return much above break-even in 2014.
Equal-weighting has merit, but make sure you measure with the proper benchmark.
Slowing global industrial activity presents compelling long-term investment opportunities among a handful of companies.