The Financial Industry Regulatory Authority plans to expand its High Risk Broker initiative next year, which has so far barred 16 brokers in 2013, and is planning further enhancements to BrokerCheck, FINRA CEO Richard Ketchum told Sen. Edward Markey, D-Mass., in a recent letter.
Under its High Risk Broker initiative, launched in February, Ketchum told Markey that 42 brokers have been designated as high risk by FINRA’s Office of Fraud Detection and Market Intelligence, “resulting in fast-tracked regulatory actions.” Ketchum told Markey in a Nov. 13 letter that FINRA plans to “create a dedicated enforcement team” in 2014 to go after high-risk brokers.
Markey posted Ketchum’s letter on his web site Friday.
Ketchum was responding to concerns raised by Markey in a letter, which stated that “the fact that dozens of brokers have been designated high-risk and 16 brokers have been barred from the securities industry in mere months underscores the urgent need for FINRA and the SEC to engage in much more vigorous enforcement of rogue brokers.”
Hot Safest Stocks To Invest In Right Now: American Electric Power Company Inc (AEP)
American Electric Power Company, Inc. (AEP), incorporated on December 20, 1906, is a utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. The service areas of AEP�� public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. The generating and transmission facilities of AEP�� public utility subsidiaries are interconnected and their operations are coordinated. Transmission networks are interconnected with distribution facilities in the territories served. The public utility subsidiaries of AEP have provided electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. On December 31, 2011, Columbus Southern Power Company (CSPCo) merged with and into Ohio Power Company (OPCo) with OPCo being the surviving entity. In March 2012, the Company�� subsidiary, AEP Retail Energy acquired BlueStar Energy Holdings Inc. and its independent retail electric supplier BlueStar Energy Solutions.
Appalachian Power Company (APCo) is engaged in the generation, transmission and distribution of electric power to approximately 960,000 retail customers in the southwestern portion of Virginia and southern West Virginia, and in supplying and marketing electric power at wholesale to other electric utility companies, municipalities and other market participants. Among the principal industries served by APCo are paper, rubber, coal mining, textile mill products and stone, clay and glass products. In addition to its AEP System interconnections, APCo is interconnected with nonaffiliated utility companies: Carolina Power & Light Company, Duke Carolina and Virginia Electric and Power Company. APCo has several points of interconnection with Tennessee Valley Authority (TVA) and has entered into agreements with TVA under whic! h APCo and TVA interchange and transfer electric power over portions of their respective systems. APCo is a member of Pennsylvania - New Jersey - Maryland regional transmission organization (PJM).
Indiana Michigan Power Company (I&M) is engaged in the generation, transmission and distribution of electric power to approximately 582,000 retail customers in northern and eastern Indiana and southwestern Michigan, and in supplying and marketing electric power at wholesale to other electric utility companies, rural electric cooperatives, municipalities and other market participants. Among the principal industries served are primary metals, transportation equipment, electrical and electronic machinery, fabricated metal products, rubber and chemicals and allied products, rubber products and transportation equipment. In addition to its AEP System interconnections, I&M is interconnected with nonaffiliated utility companies: Central Illinois Public Service Company, Duke Ohio, Commonwealth Edison Company, Consumers Energy Company, Illinois Power Company, Indianapolis Power & Light Company, Louisville Gas and Electric Company, Northern Indiana Public Service Company, Duke Indiana and Richmond Power & Light Company. I&M is a member of PJM.
Kentucky Power Company (KPCo) is engaged in the generation, transmission and distribution of electric power to approximately 173,000 retail customers in an area in eastern Kentucky, and in supplying and marketing electric power at wholesale to other electric utility companies, municipalities and other market participants. Among the principal industries served are petroleum refining, coal mining and chemical production. In addition to its AEP System interconnections, KPCo is interconnected with nonaffiliated utility companies: Kentucky Utilities Company and East Kentucky Power Cooperative Inc. KPCo is also interconnected with TVA. KPCo is a member of PJM. Kingsport Power Company (KGPCo) provides electric service to approximately 47,000 retail customers in K! ingsport ! and eight neighboring communities in northeastern Tennessee. KGPCo does not own any generating facilities and is a member of PJM. It purchases electric power from APCo for distribution to its customers.
OPCo is engaged in the generation, transmission and distribution of electric power to approximately 1,460,000 retail customers in Ohio, and in supplying and marketing electric power at wholesale to other electric utility companies, municipalities and other market participants. Among the principal industries served by OPCo are primary metals, chemicals and allied products, health services, electronic machinery, petroleum refining, and rubber and plastic products. In addition to its AEP System interconnections, OPCo is interconnected with nonaffiliated utility companies: Duke Ohio, The Cleveland Electric Illuminating Company, Dayton Power and Light Company, Duquesne Light Company, Kentucky Utilities Company, Monongahela Power Company, Ohio Edison Company, The Toledo Edison Company and West Penn Power Company. OPCo is a member of PJM.
Public Service Company of Oklahoma (PSO) is engaged in the generation, transmission and distribution of electric power to approximately 532,000 retail customers in eastern and southwestern Oklahoma, and in supplying and marketing electric power at wholesale to other electric utility companies, municipalities, rural electric cooperatives and other market participants. Among the principal industries served by PSO are paper manufacturing and timber products, natural gas and oil extraction, transportation, non-metallic mineral production, oil refining and steel processing. In addition to its AEP System interconnections, PSO is interconnected with Empire District Electric Company, Oklahoma Gas and Electric Company, Southwestern Public Service Company and Westar Energy, Inc. PSO is a member of Southwest Power Pool regional transmission organization (SPP).
Southwestern Electric Power Company (SWEPCo) is engaged in the generation, transmission an! d distrib! ution of electric power to approximately 521,000 retail customers in northeastern and panhandle of Texas, northwestern Louisiana and western Arkansas and in supplying and marketing electric power at wholesale to other electric utility companies, municipalities, rural electric cooperatives and other market participants. Among the principal industries served by SWEPCo are natural gas and oil production, petroleum refining, manufacturing of pulp and paper, chemicals, food processing, and metal refining. The territory served by SWEPCo also includes several military installations, colleges and universities. SWEPCo also owns and operates a lignite coal mining operation. In addition to its AEP System interconnections, SWEPCo is interconnected with Central Louisiana Electric Company (CLECO), Empire District Electric Company, Entergy Corp. and Oklahoma Gas & Electric Company. SWEPCo is a member of SPP.
AEP Texas Central Company (TCC) is engaged in the transmission and distribution of electric power to approximately 787,000 retail customers through REPs in southern Texas. TCC has sold all of its generation assets. Among the principal industries served by TCC are chemical and petroleum refining, chemicals and allied products, oil and gas extraction, food processing, metal refining, plastics and machinery equipment. In addition to its AEP System interconnections, TCC is a member of Electric Reliability Council of Texas regional transmission organization (ERCOT). AEP Texas North Company (TNC) is engaged in the transmission and distribution of electric power to approximately 186,000 retail customers through REPs in west and central Texas. TNC�� generating capacity has been transferred to an affiliate at TNC�� cost pursuant to an agreement effective through 2027. Among the principal industries served by TNC are petroleum refining, agriculture and the manufacturing or processing of cotton seed products, oil products, precision and consumer metal products, meat products and gypsum products. The territor! y served ! by TNC also includes several military installations and correctional facilities. In addition to its AEP System interconnections, TNC is a member of ERCOT.
Wheeling Power Company (WPCo) provides electric service to approximately 41,000 retail customers in northern West Virginia. WPCo does not own any generating facilities. WPCo is a member of PJM. It purchases electric power from OPCo for distribution to its customers. AEP Generating Company (AEGCo) is an electric generating company. AEGCo sells power at wholesale to OPCo, I&M and KPCo. AEP also owns a service company subsidiary, American Electric Power Service Corporation (AEPSC).
Utility operations constitute most of AEP�� business operations. Utility operations include the generation, transmission and distribution of electric power to retail customers and the supplying and marketing of electric power at wholesale (through the electric generation function) to other electric utility companies, municipalities and other market participants. AEPSC, as agent for AEP�� public utility subsidiaries, performs marketing, generation dispatch, fuel procurement and power-related risk management and trading activities.
As of December 31, 2011, AEP�� public utility subsidiaries owned or leased approximately 37,000 MW of domestic generation. AEP�� public utility subsidiaries procure coal and lignite under a combination of purchasing arrangements including long-term contracts, affiliate operations and spot agreements with various producers and coal trading firms. Through its public utility subsidiaries, as of December 31, 2011, AEP owned, leased or controlled more than 7,600 railcars, 634 barges, 16 towboats and a coal handling terminal with 18 million tons of annual capacity to move and store coal for use in its generating facilities. Through its public utility subsidiaries, AEP consumed nearly 167 billion cubic feet of natural gas, during the year ended Dec! ember 31,! 2011, for generating power. The Unit Power Agreement between AEGCo and I&M provides for the sale by AEGCo to I&M of all the capacity (and the energy associated therewith) available to AEGCo at the Rockport Plant. The Unit Power Agreement between AEGCo and OPCo provides for the sale by AEGCo to OPCo of all the capacity and associated unit contingent energy and ancillary services available to OPCo from the Lawrenceburg Plant.
Electric Transmission and Distribution
AEP�� public utility subsidiaries (other than AEGCo) own and operate transmission and distribution lines and other facilities to deliver electric power. Most of the transmission and distribution services are sold, in combination with electric power, to retail customers of AEP�� public utility subsidiaries in their service territories. AEP�� public utility subsidiaries (other than AEGCo) hold franchises or other rights to provide electric service in various municipalities and regions in their service areas. In some cases, these franchises provide the utility with the right to provide electric service. In addition to providing transmission services in connection with their own power sales, AEP�� public utility subsidiaries through RTOs also provide transmission services for non-affiliated companies. AEP�� System Transmission Integration Agreement provides for the integration and coordination of the planning, operation and maintenance of the transmission facilities of AEP East and AEP West companies.
AEP Transmission Company, LLC (AEP Transco), a subsidiary of AEP, has seven wholly-owned transmission companies, geographically aligned with its existing operating companies. These transmission companies will develop and own new transmission assets that are physically connected to AEP�� system. The transmission companies have been approved in Indiana, Michigan, Ohio and Oklahoma. AEPSC and other AEP subsidiaries provide services to the transmission companies throug! h service! agreements. The Company has established joint ventures with other incumbent electric utility companies for the purpose of developing, building and owning Extra High Voltage (EHV) transmission lines in North America. Its joint venture, Electric Transmission Texas, LLC (ETT), was established to construct, fund, own and operate electric transmission assets within ERCOT, including transmission projects in the Competitive Renewable Energy Zone (CREZ). Business services for the joint ventures are provided by AEPSC and the joint venture partner entity.
AEP River Operations
The Company�� AEP River Operations Segment transports coal and dry bulk commodities primarily on the Ohio, Illinois and lower Mississippi rivers. Almost all of its customers are nonaffiliated third parties who obtain the transport of coal and dry bulk commodities for various uses. AEP�� affiliated utility customers procure the transport of coal for use as fuel in their respective generating plants. AEP River Operations includes approximately 2,600 barges, 45 towboats and 25 harbor boats that it owns or leases.
Generation and Marketing
The Company�� Generation and Marketing Segment consists of non-utility generating assets and a power supply and energy trading and marketing business. It enters into short and long-term transactions to buy or sell capacity, energy and ancillary services primarily in the ERCOT market, and to a lesser extent Ohio in PJM and MISO. As of December 31, 2011, the assets utilized in this segment included approximately 310 megawatt of Company-owned domestic wind power facilities, 177 megawatt of domestic wind power from long-term purchase power agreements and 377 megawatt of coal-fired capacity which was obtained through an agreement effective through 2027 that transfers TNC�� interest in the Oklaunion power station to AEP Energy Partners, Inc. The power obtained from the Oklaunion power station is marketed and sold in ERCOT.Advisors' Opinion:
- [By Justin Loiseau]
American Electric Power (NYSE: AEP ) added its own coal-cutting announcement two days after FirstEnergy. The utility plans to retire a 585 MW facility, bringing its Ohio subsidiary's grand total to 3,123 MW of coal generation to be retired by 2016.
Best Up And Coming Companies To Invest In Right Now: UnipolSai Assicurazioni SpA (US)UnipolSai Assicurazioni SpA, formerly Fondiaria SPA, is an Italy- based company engaged in financial sector. The Company is a result of the merger of Unipol Assicurazioni SpA, Milano Assicurazioni SpA and Premafin Finanziaria SpA into Fondiaria Sai SpA. The Company operates through approximately 3 000 agencies under brands, such as Unipol, Sai, La Fondaria, Milano, La Previdente, Nuova Maa and Sasa. UnipolSai Assicurazioni SpA specializes in non-life insurance, especially automobile insurance. Additionally, UnipolSai Assicurazioni SpA provides products which protect its clients against damage and accident in the field, such as work, home, travel, health, life, aviation, railway, fire, maritime and goods in transit, as well as reinsurance and legal protection. Advisors' Opinion:
- [By John Heinzl]
Consider Netflix (NFLX), the video-streaming company whose stock has risen more than five-fold in the past year, and which closed Friday at $328.03 (US). The most pessimistic analyst on Wall Street has a 12-month target of $72; the most optimistic has a target of $460. Such wide dispersion indicates that analysts don't really know how to value the company; there are too many variables at play.
Best Up And Coming Companies To Invest In Right Now: AirMedia Group Inc(AMCN)
AirMedia Group Inc., through its subsidiaries, operates digital media network for air travel advertising in China. The company operates a network of digital frames and digital TV screens that display advertisements in airports and airplanes. It also displays advertisements on interior or exterior walls of gate bridges in airports, which include billboard and painted advertisements. In addition, the company displays non-advertising content, such as weather, sports, and comedy clips; and TV programs, including documentaries and hidden camera type reality shows from other third-party content providers. Further, it holds concession rights to operate various traditional advertising media comprising billboards, light boxes, and other media platforms out of the air travel sector. As of March 1, 2011, the company operated approximately 3,424 digital frames in 34 airports; 2,144 digital TV screens in 37 airports; 588 light boxes and billboards in 3 airports; 240 billboard advertise ments; and 46 painted advertisements on the gate bridges located in 7 airports. AirMedia Group Inc. was founded in 2005 and is headquartered in Beijing, the People's Republic of China.Advisors' Opinion:
- [By Monica Gerson]
AirMedia Group (NASDAQ: AMCN) is expected to post its Q2 earnings.
Fabrinet (NYSE: FN) is estimated to post its Q4 earnings at $0.35 per share on revenue of $172.02 million.
Best Up And Coming Companies To Invest In Right Now: Cummins Inc.(CMI)
Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric power generation systems, and engine-related component products worldwide. It operates in four segments: Engine, Power Generation, Components, and Distribution. The Engine segment offers a range of diesel and natural gas powered engines under the Cummins and other customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, agricultural, construction, mining, marine, oil and gas, rail, and governmental equipment markets. This segment also provides new parts and service, as well as remanufactured parts and engines. The Power Generation segment offers power generation systems, components, and services, including diesel, natural gas, gasoline, and alternative-fuel electrical generator sets for use in recreational vehicles, commercial vehicles, recreational marine applications, and home stand-by or residential applications. This segment also provides components that make up power generation systems, such as engines, controls, alternators, transfer switches, and switchgears. The Components segment supplies filtration products, turbochargers, aftertreatment systems, intake and exhaust systems, and fuel systems for commercial diesel applications. This segment offers filtration and exhaust systems for on-and off-highway heavy-duty and mid-range equipment, as well as supplies filtration products for industrial and passenger car applications. This segment also develops after treatment and exhaust systems to help customers meet emissions standards and fuel systems. The Distribution segment provides parts and services, as well as service solutions, including maintenance contracts, engineering services, and integrated products. The company sells its products to original equipment manufacturers, distributors, and other customers. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana.Advisors' Opinion:
- [By Anna Prior]
Cummins Inc.(CMI) appointed the president of its engines business, Rich Freeland, as its chief operating officer, and the company also unveiled a 25% dividend increase and the buyback of as much as an additional $1 billion of its stock.
Best Up And Coming Companies To Invest In Right Now: ADVA Optical Networking SE (ADV)ADVA Optical Networking SE is a Germany-based company that develops, manufactures and sells optical and Ethernet-based networking solutions to telecommunications carriers and enterprises to deploy, manage and deliver data storage, voice and video services in metropolitan areas. Its optical transmission solutions are based on wavelength division multiplexing (WDM) technology. Its Ethernet-optimized transmission solutions for fiber- or copper-based lines are used to provide access for enterprises into a carrier's network. Its systems are used by telecommunications services providers, companies, universities and government agencies worldwide. It sells its product portfolio both directly and through an international network of distribution partners. Its optical and Ethernet-based network solutions have been deployed by more than 250 carriers and more than 10,000 enterprises. As of December 31, 2012, the Company had 13 wholly owned subsidiaries across Europe, Asia, North and Latin America. Advisors' Opinion:
- [By Adrian Day]
Adrian Day: Yes, yes, I like the concept of looking up the secondary plays. I mean, you know we own Altius (ALS) for example, rather than Alderon (ADV). Altius owns 30% of Alderon, that is more diversified, has a better balance sheet. If Alderon succeeds, Atius will succeed.
- [By Holly LaFon]
We re-established an investment in CME Group, Inc. (CME) during the period. CME is the largest and most diversified derivatives marketplace in the U.S. Its exchanges support trading across a variety of asset classes, including interest rates, equity indexes, energy, agricultural commodities, foreign exchange and metals. We believe CME has the opportunity to significantly accelerate its growth rates due to the eventual normalization of interest rates and the attendant interest rate volatility. CME's interest rate trading volumes (ADV) have been depressed as a result of the Fed's zero interest rate policy and low interest rate volatility. For example, interest rate ADV was 4.8 million in 2012compared to 7.1 million in 2007, before the financial crisis. However, given the Fed's recent policy statements (discussed above), market participants are starting to anticipate an end to quantitative easing (QE). On May 30, CME experienced record volume for interest rate derivatives with ADV of 19.4 million. With the globalization of CME's business, a host of new products, and the regulatory requirement for interest rate swaps to be cleared on an exchange, we believe CME's interest rate volumes can surpass their prior peak, significantly driving earnings growth for the company.
Best Up And Coming Companies To Invest In Right Now: Rockwell Collins Inc (COL)
Rockwell Collins, Inc. (Rockwell Collins), incorporated on March 1, 2001, is engaged in design, production and support of communications and aviation electronics for commercial and military customers worldwide. The Company�� products and systems are primarily focused on aviation applications, The integrated system solutions and products it provide to its served markets include communications, navigation, automated flight control, displays/surveillance, simulation and training, integrated electronics and information management systems. The Company also provides a range of services and support to its customers through a network of service centers, including equipment repair and overhaul, service parts, field service engineering, training, technical information services and aftermarket used equipment sales. The Company operates in two segments: Government Systems and Commercial Systems.
The Company�� Government Systems business provides a range of electronic products, systems and services to customers, including the United States Department of Defense, other ministries of defense, other government agencies and defense contractors around the world. These products, systems and services support airborne, precision weapon, ground and maritime applications and are used in line-fit applications on new equipment, as well as in retrofit and upgrade applications designed. The Company�� defense-related systems, products and services include communications systems and products designed to enable the transmission of information across the communications spectrum, including satellite communications; navigation products and systems, including radio navigation products, global positioning system (GPS) equipment, handheld navigation devices and multi-mode receivers; avionics sub-systems for aircraft flight decks that combine flight operations with navigation and guidance functions that can include flight controls and displays, information/data processing and communicat! ions, navigation, safety and surveillance systems; cockpit display products, including multipurpose flat panel head-down displays, wide field of view head-up and helmet-mounted displays; simulation and training systems, including visual system products, training systems and services, and maintenance, repair, parts and after-sales support services.
Avionics consists of electronic solutions for a range of airborne platforms, including fixed and rotary wing aircraft, unmanned aerial vehicles (UAVs) and the associated aircrew and maintenance training devices and services. The Company provides complete avionics solutions (including cockpit avionics, mission system applications and system integration) and also provides individual avionics products to platform integrators. The Company serves various roles within these markets, including system and subsystems integrator, as well as provider of various electronic products. Communication products include spectrum voice and data connectivity for government and military use in the air, on the ground and at sea. Surface solutions include electronic systems applied to a variety of non-airborne market segments.
The Company�� Commercial Systems business supplies aviation electronics systems, products and services to customers located throughout the world. The customer base is consists of original equipment manufacturers (OEMs) of commercial air transport, business and regional aircraft, commercial airlines and business aircraft operators. The Company�� systems and products are used in both OEM applications, as well as in retrofit and upgrade applications designed.
The Company�� commercial aviation electronics systems, products and services include integrated avionics systems, such as Pro Line Fusion. Capabilities include synthetic and enhanced vision enabled flight displays, advanced flight and performance management systems, fly-by-wire integrated flight controls and information management! solution! s to improve operational efficiency; integrated cabin electronics systems, including cabin management systems, passenger connectivity and entertainment solutions, business support systems to improve passenger productivity and passenger flight information systems; communications systems and products, such as data link, high frequency, very high frequency and satellite communications systems; navigation systems and products, including landing sensors to enable automatic landings, radio navigation and geophysical sensors, as well as flight management systems; situational awareness and surveillance systems and products, such as synthetic and enhanced vision systems, surface surveillance and guidance solutions, head-up guidance systems, weather radar and collision avoidance systems; integrated information management solutions to improve the overall efficiency of flight, maintenance and cabin operations. These include on-board information management systems and connectivity solutions, airborne and ground applications and services, and ground infrastructure and services; electro-mechanical systems, including integrated pilot control solutions and primary and secondary actuation systems; simulation and training systems, including full-flight simulators for crew training, visual system products, training systems and engineering services, and maintenance, repair, parts, after-sales support services and aftermarket used equipment.
Air transport aviation electronics include avionics, cabin systems and flight control systems for commercial transport aircraft platforms. Business and regional aviation electronics include integrated avionics, cabin management and flight control systems for application on regional and business aircraft platforms. The Company develops integrated avionics, cabin and flight control solutions for business and regional aircraft OEMs and support them with the integration into other aircraft systems. Products offered for OEM applications in the business and regional aircraft cate! gory are ! marketed directly to the aircraft OEMs.
The Company competes with Honeywell International, Inc., Thales S.A., Panasonic, Raytheon Co., Harris Corp., BAE Systems Aerospace, Inc., General Dynamics Corporation, L3 Communications, Inc., The Boeing Company, Northrop Grumman Corp., CAE Inc., General Electric Co. and Garmin International Inc.Advisors' Opinion:
- [By Ben Levisohn]
Rockwell Collins (COL) has fallen 2.6% to $68.21 after it was downgraded to Neutral from Outperform at Credit Suisse.
General Electric (GE) has gained 1% to $24.25 after signing a bunch of deals and getting a positive mention from my colleague Jack Hough in this weekend’s Barron’s.
- [By Ben Levisohn]
Shares of Rockwell Collins (COL) have rebounded today after selling off yesterday on news that it would make a billion dollar acquisition.AFP
Yesterday, Rockwell Collins said it would purchase Arinc from the Carlyle Group for $1.4 billion, as the U.S. defense company seeks to bolster its air communications business. Rockwell’s stock fell 1.5% yesterday on the news.
Sterne Agee, however, came out in support of the deal today. Analysts Peter Arment and Josh Sullivan note that the deal, while expensive, will go a long way towards boosting the company’s aerospace business in the years to come. They write:
The purchase price of $1.4 billion results in an estimated transaction multiple of ~12x-13x 2013 EBITDA, which is at the very high end of the range of transaction multiples for aerospace M&A deals. However, the scarcity value of the type of business of ARINC coupled with the growing theme of connectivity in aviation warrants a more strategic valuation…
With an improving outlook with aerospace profits becoming 60% of the mix by FY15 vs. 50% today, COL can return to supporting a higher valuation.
The analysts are such big fans of the deal, that they raised Rockwell Collins to a Buy from Neutral.
The credit rating firms are not so thrilled by the deal, which will be financed entirely with debt. Yesterday, Moody’s and Standard & Poor’s both said they would reevaluate their debt ratings for Rockwell Collins, and this morning� Fitch followed suit by placing it on watch for a downgrade. Fitch said:
Fitch’s primary credit concern is the timing of COL’s return to stronger metrics, including the risk of sequestration and of a weaker economy that could constrain the company’s earnings and cash flow and slow a reduction in leverage. This concern is mitigated by COL’s solid margins and strong cash flow generation which were typically deployed towards share repurc