Vicki Bryan, Gimme Credit

Hovnanian Enterprises, Inc. (HOV) - Vicki Bryan at Gimme Credit

They have a neutral recommendation on the company's bonds. Hovnanian's debt has rallied since the company came under severe pressure in 2009, when cash burn and rapidly deteriorating housing markets raised concerns the homebuilder would have trouble meeting its debt payments. "Against the severity of Hovnanian's decline in 2009, results in 2010 should look better," Gimme Credit analyst Vicki Bryan said in a report. 

Hercules Holding II, LLC - Vicki Bryan at Gimme Credit

That yield was in line with earlier price guidance. The offering is "consistent with the refinancing plan [HCA has] been executing for the last year," said Peter Thornton, analyst at high yield bond research firm KDP Advisors. "It's more of managing their maturity schedule, to reduce the amount of bank debt outstanding to give them more flexibility as they're getting ready to maybe redo their bank facility eventually." But Vicki Bryan, an analyst at Gimme Credit, said the company's term debt carries lower interest rates than the new bonds and doesn't mature for another two to three years, and questioned the need for the bond offering now. 

Pulte Homes, Inc. (PHM) - Vicki Bryan at Gimme Credit

No 1 homebuilder Pulte Homes Inc ( PHMN ) and luxury builder Toll Brothers Inc ( TOLN ) are the only national builders to maintain significant bank lines, said corporate bond analyst Vicki Bryan of Gimme Credit 

Toll Brothers, Inc. (TOL) - Vicki Bryan at Gimme Credit

No 1 homebuilder Pulte Homes Inc ( PHMN ) and luxury builder Toll Brothers Inc ( TOLN ) are the only national builders to maintain significant bank lines, said corporate bond analyst Vicki Bryan of Gimme Credit 

Hercules Holding II, LLC - Vicki Bryan at Gimme Credit

Collectively, the group put down $55 billion in cash — the rest was a giant loan from a syndicate of banks So when HCA says it will pay a dividend to its shareholders, what it really means is that its shareholders — the private equity firms that control the board — have decided to pay themselves That might be a reasonable thing to do in a bull market with a highly profitable company that has little debt But just look at HCA's balance sheet: it has a staggering $257 billion worth of debt that it still needs to pay off As Vicki Bryan, an analyst at Gimme Credit, wrote in a report to clients, HCA's $175 billion dividend payment last week "completely offsets the comparatively meager $16 billion in debt paid off in 2008 2009" 

HCA Inc. - Vicki Bryan at Gimme Credit

Collectively, the group put down $55 billion in cash — the rest was a giant loan from a syndicate of banks So when HCA says it will pay a dividend to its shareholders, what it really means is that its shareholders — the private equity firms that control the board — have decided to pay themselves That might be a reasonable thing to do in a bull market with a highly profitable company that has little debt But just look at HCA's balance sheet: it has a staggering $257 billion worth of debt that it still needs to pay off As Vicki Bryan, an analyst at Gimme Credit, wrote in a report to clients, HCA's $175 billion dividend payment last week "completely offsets the comparatively meager $16 billion in debt paid off in 2008 2009" 

HCA Inc. - Vicki Bryan at Gimme Credit

Griffith said that between questions raised by a securities regulator last fall over payroll issues at HCA's London operations, and uncertainty about the future of health care reform, a stock offering might not be so inevitable any longer Vicki Bryan, a bond analyst at Gimme Credit research in New York, considers the dividend a negative signal that HCA's equity sponsors are taking money off the table before the company's prospects deteriorate (2 of 2) "The fourth quarter looks weak, and I expect a tougher business environment for hospitals in 2010 as pricing fades and cost inflation outpaces revenue growth," Bryan said, referring to HCA's preview of earnings for its just ended quarter 

Hercules Holding II, LLC - Vicki Bryan at Gimme Credit

Griffith said that between questions raised by a securities regulator last fall over payroll issues at HCA's London operations, and uncertainty about the future of health care reform, a stock offering might not be so inevitable any longer Vicki Bryan, a bond analyst at Gimme Credit research in New York, considers the dividend a negative signal that HCA's equity sponsors are taking money off the table before the company's prospects deteriorate (2 of 2) "The fourth quarter looks weak, and I expect a tougher business environment for hospitals in 2010 as pricing fades and cost inflation outpaces revenue growth," Bryan said, referring to HCA's preview of earnings for its just ended quarter 

Continental Airlines, Inc. (CAL) - Vicki Bryan at Gimme Credit

"I am not asking you or anyone else to reduce their pay," said incoming CEO Jeff Smisek, in a letter to employees "What I am asking is that you join me in making Continental profitable again" It may appear on the surface to be a generous offer, but don't send him cans of food yet, said Gimme Credit bond analyst Vicki Bryan Earnings growth before interest, taxes, depreciation and amortization has already returned and should improve meaningfully over the next few quarters 

Delta Air Lines, Inc. (DAL) - Vicki Bryan at Gimme Credit

"They have deeper pockets and I don't see it being a credit problem for them." Many agree that for Delta, losing out to AMR on the deal would be a non event for the company while a successful bid would give it a huge strategic asset. Delta is in talks to add more major airlines from China, Asia's most lucrative airline market, to its SkyTeam alliance, said GimmeCredit analyst Vicki Bryan.  

Texas Industries, Inc. (TXI) - Vicki Bryan at Gimme Credit

Shamrock says its three nominees win seats on TXI's board 12:00 AM CDT on , 2009 By BRENDAN CASE / The Dallas Morning News bcase@dallasnews.com . Three insurgent candidates won seats on Texas Industries Inc.'s board of directors, according to the California investment firm that nominated them, in what analysts described as a stinging rebuke to TXI's management. According to preliminary calculations by Burbank, Calif. based Shamrock Activist Value Fund LP, the three candidates were elected by a 4 1 ratio in a shareholder vote Thursday. Shamrock, with more than 10 percent of TXI shares, is the Dallas based cement company's third largest shareholder. "The shareholders haven't just spoken, they have shouted for change," said Vicki Bryan, an analyst at Gimme Credit LLC, a New York based research firm.