Investing Ideas: The Biggest 8-K Filings Over the Last 24 Hours

Investing Ideas: The Biggest 8-K Filings Over the Last 24 Hours

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Looking for companies that are making headlines? Where do you find them? One way is to look at regulatory filings.

Companies are obligated to make ongoing reports to the Securities and Exchange Commission (SEC) informing them of significant changes that can also be important to shareholders.

These reports, submitted as 8-K forms, are triggered by a variety of events within a company that include accounting adjustments, new financial obligations, and changes in executive management, among others.

In most cases, companies have four business days to file a Form 8-K from the specified event. The form is in contrast to the yearly (10-K) and quarterly (10-Q) performance reports, which contain more comprehensive details of an organization’s financial position.

Asking Questions

Often times the 8-K forms can provide clues to investors on where a company is headed. For Item 5.05 Amendment to Code of Ethics, is a company making questionable changes to its Code of Ethics, or are they strengthening it?

For Item 2.03 Creation of a Direct Financial Obligation, is a company issuing more debt than you think is prudent? Are they issuing more debt now than they have in the past?

There’s a wealth of information in 8-K and other regulatory filings, which benefits the most persistent investors who are willing to search.

Investing Ideas

To help you analyze these ideas we identified 6 companies that have filed 8-Ks within the last 24 hours. We list the item types below, as well as a summary and a link to the original filing on the SEC website.

Most of the filings that made the list are in reference to rising debt.

What can you find out from these filings? Use this list as a starting point for your own analysis.

List sorted alphabetically.

 

 

1. Cablevision Systems Corporation (CVC, Earnings, Analysts, Financials): Operates as a telecommunications, media, and entertainment company. Market cap of $4.24B. The company filed a form 8-K Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant on 11-16. For a closer look click here.

On 11/14/11, the company entered into an Extended Term A Facility Agreement, increasing commitments from lenders to provide $600 million of extended term A loans due December 2016.

On 11/15/11, the company issued $1 billion of 6.75% senior notes due November 2021. This offering, as well as the $600 million extended term A facility from 11/14, are intended to be used to address upcoming debt maturities and general corporate purposes.

 

2. International Flavors & Fragrances Inc. (IFF, Earnings, Analysts, Financials): International Flavors & Fragrances Inc. (IFF): International Flavors & Fragrances Inc., together with its subsidiaries, creates, manufactures, and sells flavor and fragrance products in the United States and internationally. Market cap of $4.31B. The company filed a form 8-K Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant on 11-16. For a closer look click here.

On 11/9/11, the company entered into a credit agreement with Citibank to provide a revolving loan facility for an amount up to $950 million.

 

3. International Paper Co. (IP, Earnings, Analysts, Financials): Operates as a paper and packaging company with operations in North America, Europe, Latin America, Russia, Asia, and north Africa. Market cap of $12.24B. The company filed a form 8-K Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant on 11-16. For a closer look click here.

On 11/16/11, the company entered into a supplemental indenture, issuing and selling $900M of 4.75% notes due 2022 and $600M of 6% notes due 2041.

 

4. Moneygram International Inc. (MGI, Earnings, Analysts, Financials): Provides payment services worldwide. Market cap of $7.38B. The company filed a form 8-K Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant on 11-16. For a closer look click here.

On 11/15/11, entered into the “Fifth Supplemental Indenture” which amended the definition of “Quality Equity Offering” and also allows the company to redeem up to 35% of the principal of the originally issued Second Lien Notes at 113.25%.

 

5. MAP Pharmaceuticals, Inc. (MAPP, Earnings, Analysts, Financials): Operates in the hospitality and gaming industries in New York. Market cap of $57.34M. The company filed a form 8-K Item 5.05: Amendment to Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics on 11-16. For a closer look click here.

On 11/10/11, the company amended its Code of Conduct to clarify that gifts to an employee over $100 create an appearance of conflict and must be returned. The Code was also amended to say that business meals and business entertainment are not considered “gifts.” The company also adopted a Code of Ethics for senior executives.

 

6. Iconix Brand Group, Inc. (ICON, Earnings, Analysts, Financials): Provides contract land drilling services to oil and natural gas exploration and production companies in the U. Market cap of $713.68M. The company filed a form 8-K Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant on 11-16. For a closer look click here.

On 11/15/11, the company entered into a Purchase agreement with several banks relating to the issuance and sale of $175M in 9.875% senior notes due 2018. This is an increase from the previously announced amount of $150M.

 

(Written by Rebecca Lipman and Alexander Crawford, list compiled by Alexander Crawford.)

 

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