BAE Systems PLC ADR

We upgraded the economic moat ratings of two stocks last month--and downgraded the ratings of two others.

The proposal is mostly in line with our expectations, and our valuations haven't changed.

These wide- and narrow-moat international stocks are trading well below our fair value estimates.

The unlikely outcome of a disorderly no-deal Brexit is a risk, but opportunities exist.

Defense is likely to be the clearest beneficiary, with a mixed impact for other sectors.

The corporate bond market will probably struggle to return much above break-even in 2014.

Interest rates have begun to rise as the market is pricing in an increasing probability that the Fed may begin to taper off its asset-purchase program within the next few months.

Get our sector-by-sector take on the bond market, plus our five best bond ideas.

Contractors with the strongest competitive advantages will still be able to generate returns for shareholders despite budget pressures, say Morningstar's Anil Daka and Rick Tauber.