BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

VF Corp (VFC; Baa3 Neg, BBB- Neg)

CONSUMER CYCLICALS
Credit BulletsBulletHomepagemarkets-real-timeCredit

VF equities are bid this morning - seems news agnostic for now - note its coming off a -35% sell-off YTD.

  • 4Q24 earnings (3m ending March) come on the 22nd May at US Close (9pm London).
  • No news on business sales since last earnings & still weak operating performance (consensus at operating income of $63m from sales of $1.2b) makes for a tough & high risk event.
  • Weakness has been echoed in bbg's second measure (VF has 60% of sales from US) & we haven't seen a pick-up in April on card data unfortunately (-26% flat yoy on March).
  • We were quite surprised Moody's stayed on IG after Q3 earnings - it seems to be placing faith on VF's "Project Reinvent" to turnaround the business (has seen board changes since last earnings as well after market pressure). More disappointment particularly with lack of positive near-term guidance could easily test that /put it into HY.

Earnings preview from last month; https://marketnews.com/vf-corp-vfc-baa3-neg-bbb-ne...

159 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

VF equities are bid this morning - seems news agnostic for now - note its coming off a -35% sell-off YTD.

  • 4Q24 earnings (3m ending March) come on the 22nd May at US Close (9pm London).
  • No news on business sales since last earnings & still weak operating performance (consensus at operating income of $63m from sales of $1.2b) makes for a tough & high risk event.
  • Weakness has been echoed in bbg's second measure (VF has 60% of sales from US) & we haven't seen a pick-up in April on card data unfortunately (-26% flat yoy on March).
  • We were quite surprised Moody's stayed on IG after Q3 earnings - it seems to be placing faith on VF's "Project Reinvent" to turnaround the business (has seen board changes since last earnings as well after market pressure). More disappointment particularly with lack of positive near-term guidance could easily test that /put it into HY.

Earnings preview from last month; https://marketnews.com/vf-corp-vfc-baa3-neg-bbb-ne...