Lufthansa Pilots to Strike Mon., Tues., Potentially Disrupting Flights

BERLIN -- A union representing Lufthansa pilots has called on its members to go on strike Monday in a dispute over retirement benefits. The Vereinigung Cockpit union said Sunday that the strike will begin on short- and medium-haul services at noon local time (11:00 a.m. GMT) Monday, and be extended to long-haul and cargo flights from 3:00 a.m. (2:00 a.m. GMT) Tuesday. The walk-out is due to end Wednesday. The strike follows failed talks over the pilots' demand that Lufthansa keep paying a transition payment for those wanting to retire early. The airline wants to cut those payments, citing tough competition from European budget airlines and major Gulf carriers. According to German news agency dpa, Lufthansa has already had to cancel 6,000 flights due to pilot strikes since April.

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Oil Stocks Tumble After OPEC Decision: What Wall Street's Saying

NEW YORK (TheStreet) - Oil stocks tumbled on Friday following the Organization of Petroleum Exporting Countries' decision not to cut oil production despite indications of global oversupply. OPEC said at a meeting on Thursday that it would maintain current levels of 30 million barrels a day "in the interest of restoring market equilibrium," a statement from the group read. Exxon Mobil tumbled 4.2%, Chevron fell 5.4% and BP dropped 5.5%. Elsewhere, Halliburton plunged 10.8%, while Kinder Morgan was down 2.3%. Must Read: What the Collapse of the OPEC Cartel Means for Oil Prices Here's what analysts said about the OPEC news. JPMorgan Energy Team (Nov. 26 note including Kinder Morgan) We highlight KMI shares as an attractive destination in times of volatility given Kinder's impressive record of growth throughout market cycles, a testament to KMI's industry-leading management, in our view. As the third-largest US energy company, we believe KMI's scale, diversification and leverage to the significant energy infrastructure build-out surrounding unconventional production makes Kinder a core holding. Must Read: There's No Silver Lining in Plunging Oil Prices, but How About Aluminum? BMO Capital Markets' U.S. and U.K. oil and gas analysts (Nov. 27 note) While this outcome was largely expected by the market, the lack of any reassurance that the group would consider reconvening for a special meeting before June clearly signals that Saudi Arabia and Kuwait are not prepared to accommodate more hawkish members of the cartel (or Russia) and instead tolerate lower oil prices. We believe that Brent crude oil prices will likely test the $70/bbl level (West Texas Intermediate prices in the mid-$60s/bbl) over the coming weeks as the speculative long position in crude oil continues to be unwound. We do not believe that oil prices are sustainable at these levels longer term as the non-OPEC industry is very clearly built on expectations of oil prices greater than $80/bbl; however, until economic growth improves outside of the U.S. and/or supply falls we do not see the sell-off abating. We recommend that investors remain on the sidelines in the near term. December is not expected to offer much of a respite from the selling. Better opportunities are likely to emerge in the new-year, in our view. David Thomas, Credit Suisse (European Oilfield Services; Nov. 28 note) We believe there can be little doubt that lower oil prices would lead to budget cuts and lower upstream capital investments by oil and gas companies (from IOC's to NOC's). But we note that the only double digit %age drop in E&P capex occurred in 2009 when there was a 3mbd YoY decline in demand as a result of the financial crisis, when oil prices bottomed in the mid-$30's/bbl. The current macro-economic environment is completely different now, and all surveys point to at least 1mbd demand growth in 2015. In our view 2015 E&P capex cuts are more likely to be around 5% YoY, and may be partly ameliorated by increased spend in midstream and downstream. So it's not all doom and gloom we feel. We believe that if oil prices were to continue to fall, there would be little differentiation in OFS stock performance in the near-term as investors allocate funds to other sectors. But once oil markets stabilise (we make no guesses when and at what level), we expect to see some relative performance differences emerging across sub-sectors. Factors which we expect will drive this are (i) capital intensity (asset-heavy vs asset-light) (ii) balance sheet strength and (iii) backlog quality and longevity. TheStreet Ratings team rates KINDER MORGAN INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: "We rate KINDER MORGAN INC (KMI) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, expanding profit margins, good cash flow from operations and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated." Highlights from the analysis by TheStreet Ratings Team goes as follows: The revenue growth came in higher than the industry average of 6.5%. Since the same quarter one year prior, revenues rose by 14.2%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share. The stock has risen over the past year as investors have generally rewarded the company for its earnings growth and other positive factors like the ones we have cited in this report. Looking ahead, unless broad bear market conditions prevail, we still see more upside potential for this stock, despite the fact that it has already risen over the past year. The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry average. The net income increased by 15.0% when compared to the same quarter one year prior, going from $286.00 million to $329.00 million. 43.16% is the gross profit margin for KINDER MORGAN INC which we consider to be strong. It has increased from the same quarter the previous year. Along with this, the net profit margin of 7.66% is above that of the industry average. Net operating cash flow has increased to $1,289.00 million or 21.60% when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of -1.84%. You can view the full analysis from the report here: KMI Ratings Report Must Read: S&P 500 Set for Six Straight Weeks of Gains as Airlines Fly -Written by Laurie Kulikowski in New York. Follow @LKulikowski // 0;if(!d.getElementByIdid)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]>

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Chesapeake Energy (CHK) Stock Closes Lower Today as Oil Declines

NEW YORK (TheStreet) -- Shares of Chesapeake Energy Corp. closed lower by 12.07% to $20.26 on Friday afternoon, as oil prices dropped following the Organization of the Petroleum Exporting Countries' announcement it has decided not to cut output. Oil prices are down by 6.5%, which has sent energy stocks plummeting today. Brent Crude was trading close to $73 per barrel on Friday, following a new four-year low, Reuters reports. Must Read: What the Collapse of the OPEC Cartel Means for Oil Prices STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. Investors warn that OPEC's decision will leave oil markets over supplied, Reuters added. "Crude seems to have no floor right now, and we could easily see the price drop into the low $60s," Tony Roth, the chief investment officer at Wilmington Trust told Reuters. Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: "We rate CHESAPEAKE ENERGY CORP (CHK) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share, increase in net income, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow." You can view the full analysis from the report here: CHK Ratings Report CHK data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Halliburton (HAL) Stock Declining Today on OPEC Decision

NEW YORK (TheStreet) --Shares of Halliburton Co. are falling by 11.11% to $42.08 on Friday afternoon, as oil and energy stocks retreat as a result of the Organization of the Petroleum Exporting Countries' decision not to cut oil production. In the wake of OPEC's decision oil prices are down 6.5%, sending stocks lower. On Friday Brent crude traded close to $73 a barrel following a new four year low, Reuters reported. Must Read: What the Collapse of the OPEC Cartel Means for Oil Prices STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. While energy stocks drop, shares of airlines like Delta , up 5.11% to $46.50, are gaining as airline stocks are inversely associated to oil prices due to fuel costs, Reuters noted. Retailers like Macy's , higher by 2.25% to $64.96, are also getting a boost as Reuters speculates that lower gas prices could result in a rise in consumer spending. Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate HALLIBURTON CO (HAL) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, attractive valuation levels, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow." You can view the full analysis from the report here: HAL Ratings Report HAL data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Canadian Telecom BCE Bids $585 Million for Glentel

With its C$670 million ($585 million) bid for Glentel Inc., Canadian communications giant BCE Inc. is paying a steep premium to roll up mobile device distribution in its home country. The takeout price of C$26.50 per share in cash and stock is more than 100% above Glentel's prior close, and values the target's equity at C$594 million. Glentel also has C$78 million in net debt and minority interests. Shares of Burnaby, BC-based Glentel gained C$13.27, or about 104%, to C$26.02 in Friday morning trading. BCE stock rose 8 cents, or close to 0.2%, to C$47.12. Shares were down earlier on Friday. "The valuation metrics are very high," said Macquarie Capital analyst Greg MacDonald, who values the deal at 9.6 times Glentel's projected 2015 Ebitda. BCE chief executive George Cope said in a statement that strengthening distribution channels would accelerate its wireless growth. Glentel operates close to 500 stores in Canada that sell devices from multiple carriers. The company also has more than 700 stores in the U.S. and close to 150 million in Australia and the Philippines. Montreal-based BCE is a powerhouse, combining telecommunications, pay television systems, TV programming, entertainment and professional sports assets. BCE, Rodgers Communications Inc. and Telus Corp. form a "big three" that dominates Canadian wireless. Smaller carriers such as Wind Mobile and Mobilicity, which is formally known as Data & Audio-Visual Enterprises Holdings Inc., have become distant fourth-place competitors. "One might question whether these carriers need more distribution channels to drive further growth," Macquarie analyst MacDonald said regarding BCE's purchase of Glentel. "The more likely rationale is to lock up distribution channels before a possible fourth carrier consolidation scenario," he added, citing a potential combination of Mobilicity and Wind. With Glentel in the hands of BCE, the analyst suggested, there would be little third-party distribution aside from large retailers such as Wal-Mart Stores Inc. . The concentration of distribution could draw scrutiny from regulators, he said. BCE is a prolific acquirer. In November, it closed the C$3.95 billion purchase of regional telecom and pay-TV affiliate Bell Aliant Inc. BCE paid C$3.8 billion in 2012 for Astral Media Inc., which distributes HBO Canada and other stations. BCE teamed with Rogers and Kilmer Sports Inc. in 2012 to complete the C$1.32 billion joint purchase of pro sports group Maple Leaf Sports and Entertainment Ltd., which owns National Hockey League team the Toronto Maple Leafs and the National Basketball Association's Toronto Raptors. BCE expects to close the Glentel purchase in the first quarter of 2015. Canaccord Genuity Corp. advised Glentel., which received counsel from Owen Bird Law Corp. A special committee of Glentel's board retained McCarthy Tétrault LLP lawyers Clemens Mayr and Cam Belsher, Patrick Boucher, Pavan Jawanda and Laure Fouin, Gabrielle Richards and Amanda Laren, Oliver Borgers and Grant Buchanan. Advising BCE were Blake, Cassels & Graydon LLP in Canada and U.S. counsel Sullivan & Cromwell LLP.

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Transocean (RIG) Stock Falling Today on OPEC Refusal to Cut Oil Production

NEW YORK (TheStreet) -- Shares of Transocean LTD are plummeting by 9.76% to $21 in early afternoon trading on Friday, as energy stocks drop due to the decline in oil prices and the Organization of Petroleum Exporting Countries' decision not to cut production, Reuters reports. Investors told Reuters OPEC's decision would leave "heavily oversupplied" oil markets. Brent Crude is down 6.5% and traded close to $73 a barrel on Friday, a new four-year-low, resulting from OPEC's decision, Reuters noted. Must Read: What the Collapse of the OPEC Cartel Means for Oil Prices STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. "We are seeing continued oversupply. I think $70 a barrel will be the new norm. We could see oil go considerably lower," said Bill Hubard, the chief economist at Markets.com, Reuters added. Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: "We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself." You can view the full analysis from the report here: RIG Ratings Report RIG data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Don't Count on a Black Friday Sale of Discount Store Fred's

A sale of Fred's Inc. appears less likely in the near term as the operator of discount general merchandise stores continues to shutter unprofitable stores while simultaneously exploring acquisition opportunities to expand its pharmacy business. "We did receive indications of interest, but the board did not believe that those were at levels that we should go forward with," chief executive Jerry Shore said, noting that third-party interest regarding a potential transaction stemmed from financial players. The CEO, who took the reins on Oct. 30 after serving as executive vice president and CFO for more than 14 years, said volatility that the company has seen over the first three quarters of 2014 has affected its strategic review process, which it announced in January following a disappointing holiday season. Blake Hallinan and Cavan Yang of Bank of America Merrill Lynch and David Shiffman of Peter J. Solomon Co. are serving as financial advisers on the process. On Tuesday, Fred's announced results for its third quarter ended Nov. 1, posting $476.2 million in sales, up from $460.5 million the same period a year earlier. Its loss, however, widened to $10.4 million, from $7.3 million, while Ebitda was negative $6.3 million, compared with positive $21.3 million year-over-year. The Memphis company attributed the weaker bottom-line results to the clearing of inventory and related above-cost markdowns on overstocked products. "This company has been fighting for relevancy for a number of years," SunTrust Robinson Humphrey Inc. analyst David Magee said, noting that greater-than-anticipated challenges throughout the year likely derailed a possible sale of the company. "It's been wedged between two large channels," the analyst continued. On one side, Fred's is up against dollar stores and Wal-Mart Stores Inc. , while on the other end it faces stiff competition from Walgreen Co. , CVS Health Corp. and Rite Aid Corp. , Magee said. As an outright sale of the company seemingly is on the back burner, Fred's is focusing its attention on enlarging its profitable pharmacy and specialty pharmacy business while it shuts the doors of an additional 47 or so stores in its fourth quarter. The company announced plans in August to close about 60 locations that don't have pharmacies and that continue to underperform by the end of the fourth quarter. It successfully exited five of those stores in its third quarter. "That business [pharmacy] has been good and profitable for Fred's," Shore said. "It is an area that we're looking to grow. Potential acquisitions in specialty pharmacy will leverage the sales that we currently have." He added, "With the strength of our balance sheet and the ability to generate strong cash flow, we will continue to look at opportunities that arise." The company had about $7.6 million in cash and cash equivalents as of Nov. 1, alongside $268.5 million in total liabilities. Fred's is also exploring a recapitalization of the company, Shore said on a Tuesday evening call with investors. If Fred's successfully steers away from discretionary staples and revamps its stores to focus on convenience and health, the company will be positioned as a more attractive candidate to private equity firms and investors, followers of the company indicated. "What they're proposing makes a lot of sense," Magee said. "The longer-term growth prospects for the pharmacy space are favorable ... There's a great opportunity for greater consolidation" "It's a year or two away from being a pure-play drug store," BB&T Capital Markets analyst Andrew Wolf added, explaining that Fred's strategic value is its opportunity to operate pharmacies in rural areas where it faces limited competition. Fred's shares, traded on Nasdaq, fell 9.5% Tuesday to $15.30 following the release of third-quarter earnings. Shares were down an additional 6 cents Wednesday afternoon to $15.24.

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Trustee Sues Caesars for 'Unimaginably Brazen Corporate Looting'

Troubled casino operator Caesars Entertainment Corp. has been hit with a 207-page lawsuit by UMB Bank NA, the trustee for $1.25 billion in 8.5% senior secured notes due Feb. 15, 2020, which is alleging "unimaginably brazen corporate looting." The lawsuit was filed Tuesday in the Delaware Chancery Court against private equity-backed Caesars, based in Las Vegas, as well as its operating unit, Caesars Entertainment Operating Co. (CEOC), and other subsidiaries, including Caesars Entertainment Resort Properties LLC, Caesars Acquisition Co., Caesars Growth Partners LLC and Caesars Enterprise Services LLC. In filing the lawsuit, UMB is seeking the appointment of a receiver for CEOC. Several Caesars executives, including Caesars CEO and chairman Gary Loveman, and Caesars general counsel, Michael Cohen, were also named in the suit. According to the lawsuit, "This is a case of unimaginably brazen corporate looting and abuse perpetrated by irreparably conflicted management." A UMB spokeswoman Wednesday declined comment, but the trustee said in the lawsuit that Caesars has "stripped CEOC of eight of its most valuable hotel, casino and entertainment properties — including a six-property stronghold in the heart of the Las Vegas Strip — on terms that were patently unreasonable in order to enrich themselves at the expense of CEOC's creditors." UMB is alleging that Caesars has robbed CEOC of more than $4 billion in value, "leaving CEOC's longstanding creditors with no hope of being repaid." Caesars spokesman, Stephen Cohen at Teneo Strategy, responding early Tuesday evening, said by phone, "We believe the claims in this lawsuit are baseless and that this filing is an attempt to derail constructive talks that the company is having concerning a restructuring of CEOC and we will defend ourselves vigorously." Just days before the lawsuit was filed, UMB on Nov. 21 served CEOC with a default notice on the $1.25 billion in notes. The trustee demanded that the default be remedied immediately and warned that holders of at least 30% in principal of the 8.5% notes could choose to accelerate their debt. Caesars Entertainment said in filings with the Securities and Exchange Commission on Nov. 24 it doesn't believe a default has occurred. In a report on Nov. 24, CreditSights Inc. analyst Chris Snow said that the lawsuit is surprising, given speculation that there was an agreement in the works with the first-lien creditor groups. Still on the table in restructuring negotiations is a plan to turn CEOC into a REIT. "Now that the complaint is out in the open, it is more difficult to understand what is happening behind closed doors," Snow wrote. The lawsuit also accused Caesars Entertainment transferring assets to other Caesars subsidiaries through M&A deals "for staggeringly inadequate consideration." The transferred assets UMB is targeting in the lawsuit include six marquee Las Vegas properties that formed an exceptionally valuable stronghold at the very center of the Las Vegas Strip: Planet Hollywood, the Quad, Linq, the Cromwell, Bally's Las Vegas, and the Octavius Tower at Caesars Palace. Also mentioned were two of CEOC's most promising properties outside of Las Vegas: the Horseshoe Baltimore and Harrah's New Orleans. Snow said that the list of infractions against Caesars Entertainment is long in the complaint, including the company's "M&A over the past several years, the strip[ping] of the parent guarantee [of CEOC's debt], the creation of ServicesCo, the issuance of the B-7 term loan, and the transactions involving the 2015, 2016 and 2017 maturities, among others." He noted that the remedies proposed by UMB are also long, as the trustee is seeking the unwinding of M&A deals, reinstatement of the parent guarantee, avoidance of ServicesCo transfers, as well as the appointment of a receiver for CEOC and a declaration that CEOC was insolvent "for all periods during which the company executed the M&A transaction," Snow wrote in the report. When reached by phone Wednesday, Snow said that the lawsuit is similar to one that the second-lien bondholders filed against CEOC in August in the Delaware Chancery Court, but that this latest one is "more robust" and "very strongly worded." He said that the UMB lawsuit could have been filed either to put more pressure on Caesars Entertainment or it could mean that there is some "splintering among the first-liens." In the lawsuit, UMB said that, "CEOC's slavish obedience to the self-serving whims of its parent, CEC, and the sponsors is indefensible. Every day defendants maintain control over CEOC is another opportunity to strip out the last remaining value from CEOC's decaying carcass while simultaneously running the clock on the preference and fraudulent transfer look-back periods in advance of CEOC's inevitable collapse into bankruptcy." Private equity firms Apollo Global Management LLC and TPG Capital bought a majority stake in Caesars Entertainment for $30.7 billion in 2008, leaving the casino operator with more debt than it can support. The suit claims that CEOC's financial difficulties date back to the "original gamble" the sponsors made in 2008 when they relied on excess leverage to buy the company. An Apollo spokesman declined to comment, as did a TPG Capital spokeswoman. Caesars Entertainment admitted in a Nov. 14 regulatory filing that it expects CEOC to only have enough cash to get part of the way through the fourth quarter of 2015, and that the unit needs to pursue options such as a Chapter 11 bankruptcy. On its balance sheet, CEOC has about $6.16 billion in bank loans, roughly $6.35 billion in first-lien bonds, and about $5.44 billion in second-lien bonds. First-lien bondholders Elliott Management Corp., Pacific Investment Management Co. LLC, BlackRock Inc., Brigade Capital Management LLC, Beach Point Capital Management LP and DDJ Capital Management LLC formed a steering committee to conduct restructuring talks in September. Sources have said they expect Caesars to skip a $225 million interest payment that is due to second-lien bondholders on Dec. 15, and then file for Chapter 11 bankruptcy around Jan. 14, before the grace period on the missed payment ends but after the 90-day waiting period that would be necessary from a legal perspective after granting a lien on the cash on CEOC's balance sheet to first-lien creditors on Oct. 16. Caesars Entertainment's Nasdaq-listed stock, which closed at $16.31 on Tuesday, was up more than 6%, to $17.36, in midday trading Wednesday. UMB's counsel David E. Ross at Seitz Ross Aronstam & Moritz LLP couldn't be reached for comment. — Lisa Allen contributed to this report.

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Analysts' Actions: Lululemon, Men's Wearhouse, Perfect World

NEW YORK (TheStreet) -- RATINGS CHANGES Lululemon Athletica was upgraded to buy at TheStreet Ratings. You can view the full analysis from the report here: LULU Ratings Report. Men's Wearhouse was upgraded to buy at TheStreet Ratings. You can view the full analysis from the report here: MW Ratings Report. Must Read: Warren Buffett's Top 10 Dividend Stocks Perfect World was downgraded to sector perform from outperform at Pacific Crest. Third-quarter results were mixed with gross margins and ASU trends worsening, Pacific Crest said. Must Read: What the Collapse of the OPEC Cartel Means for Oil Prices Editor's note: To see analysts' stock comments and changes to price targets and earnings estimates, go to "Street Notes", which is available only to Real Money subscribers. To find out how to become a subscriber, please click here. Follow TheStreet on Twitter and become a fan on Facebook.

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