Hawker Beechcraft

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Frontrunning: July 10





  • EU talks up Spanish banks package, markets skeptical (Reuters)
  • China’s Import Growth Misses Estimates For June (Bloomberg)
  • The monkeyhammering continues: Paulson Disadvantage Minus Fund down 7.9% in June, down 16% in 2012 (Bloomberg)
  • Draghi pledges further action if needed (FT)
  • JPMorgan Silence on Risk Model Spurs Calls for Disclosure (Bloomberg)
  • Norway's Statoil to restart production after govt stops strike (Reuters)
  • Top Fed officials set table for more easing (Reuters)
  • Euro-Split Case Drives Danish Krone Appeal in Binary Bet (Bloomberg)
  • Obama Intensifies Tax Fight (WSJ)
  • Europe Automakers Brace for No Recovery From Crisis (Bloomberg)
  • Boeing’s Air-Show Revival Leaves Airbus Nursing Neo Hangover (Bloomberg)
  • Libor Woes Threaten to Turn Companies Off Syndicated Loans (Bloomberg)
 


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Frontrunning: May 3





  • Chinese dissident seeks exile, strains U.S.-China ties (Reuters)
  • Sarkozy and Hollande lock horns on TV (FT)
  • UK in furious rejection of EU bank plan (FT)
  • EU Fails to Reach Deal on Capital (WSJ)
  • China energy use may be capped for 2015 (China Daily)
  • Buffett Trails S&P 500 for Third Straight Year (Bloomberg)
  • King admits failing to ‘shout’ about risk (FT)
  • Obama promises 110,000 new summer jobs for youth (Reuters)
  • China sturdy enough for reforms: Geithner (Reuters)
  • Geithner repeats call for stronger yuan (Reuters)
 


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Frontrunning: February 8





  • Greek Premier to Seek Bailout Consensus Amid Political Quarrels (Bloomberg)
  • Merkel makes case for painful reform (FT)
  • Bernanke Cites Risks to Progress of Recovery (WSJ)
  • Proposed settlement with banks over foreclosure practices dealt a setback (WaPo)
  • Merkel Approval in Germany Climbs to Highest Level Since 2009 Re-Election (Bloomberg)
  • Francois Hollande will spark next euro crisis (MarketWatch)
  • China’s Central Bank Pledges Support for Housing Market (Bloomberg)
  • Italy Pushes for Europe Growth Policy (Bloomberg)
  • Santorum bounces back in Republican race (FT)
  • China 'Big Four' Banks Issued CNY320 Billion New Yuan Loans In Jan (WSJ)
  • Gasoline and diesel prices raised (China Daily)
 


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NetJets Cuts 90% Of Hawker Jet Orders, Hawker Backlog Plunges By 40%: Textron Is Somehow Still A Conviction Buy At Goldman





[Hawker Beechkraft] announced that it has received cancellation notices from NetJets, Inc. for a significant number of aircraft previously contracted to be delivered over several years beginning in 2011. The impact of the cancellations will be to reduce the Company’s current backlog by approximately $2.6 billion. HBAC has previously disclosed that NetJets, while a considerable source of backlog, was not expected to provide the Company any substantial revenue during 2009 or 2010 and has historically not represented more than 10 percent of the Company’s annual revenue. The cancellations represent approximately 90 percent of the Company’s previously contracted backlog with NetJets. After removing the cancelled NetJets orders from backlog and considering the anticipated sales and order activity for the fourth quarter, backlog is expected to be approximately $3.5 billion at December 31, 2009. The Company continues to expect depressed demand in the near term.

 


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Private Jet Maker Hawker Celebrates Goldman's Industry Optimism By PIKing Notes





What better way to celebrate Goldman's recent Conviction Buy optimism on Top 20 Bankruptcy Candidate Textron, and the private jet industry in general, than by clamping down and preserving liquidity at all costs? That's precisely what Textron competitor (and Goldman Sachs portfolio company) Hawker Beechcraft did earlier today.

 


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Goldman Conviction Buy List Candidate Textron Just Rated Top 20 Bankruptcy Candidate





An amusing reminder of just how different opinions can be among (conflicted) finance professionals, was today's disclosure by risk evaluator Audit Integrity, which has put together a list of the twenty companies with a market cap over $1 billion most likely to file for bankruptcy. Among them: none other than Goldman Conviction Buy candidate, Textron Inc.

 


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Hawker Latest Casualty Of S&P Distressed Bond Tender Spec Default Crusade





Textron private-jet competitor Hawker Beechcraft was the latest casualty of S&P's ongoing foray into subjective default proclamations, when the rating agency decided to monkeyhammer the company from a B- to a CC rating as a result of Hawker's recent tender offer for its own debt at distressed prices.

 


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