See below for product specific disclosures. The contents of CFRA’s websites are for informational purposes only, are provided on an as-is basis without any warranties, express or implied, as to the accuracy, completeness, timeliness or usefulness of this information, and are subject to change without notice. The contents of CFRA’s websites are not intended to, and do not, constitute an offer or solicitation to buy and sell securities or engage in any investment activity. Recommendations herein are not made with respect to any particular investor or type of investor. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice. Past performance is not necessarily indicative of future results. CFRA’s websites may contain forward-looking statements or forecasts; such forecasts are not a reliable indicator of future performance.
S&P GLOBAL™ is used under license. The owner of these trademarks is S&P Global Inc. or its affiliate, which are not affiliated with CFRA Research or the author of this content.
CFRA Equity Research is produced and distributed by Accounting Research & Analytics, LLC d/b/a CFRA (“CFRA US”; together with its affiliates and subsidiaries, “CFRA”). Certain research is produced and distributed by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor’s Malaysia Sdn Bhd) (“CFRA Malaysia”). Certain research is distributed by CFRA UK Limited (“CFRA UK”). CFRA UK and CFRA Malaysia are wholly-owned subsidiaries of CFRA US.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence. GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by CFRA.
CUSIP data copyright © 2018 American Bankers Association. CUSIP Database provided by S&P Global Market Intelligence LLC. All rights reserved.
Certain information in CFRA’s services is copyright © 2018, S&P Global Market Intelligence LLC (and its affiliates, as applicable). Reproduction of S&P Global’s information in any form is prohibited except with the prior written permission of S&P Global Market Intelligence (“S&P Global”). Nothing contained herein is investment advice and a reference to a particular investment or security, a credit rating or any observation concerning a security or investment provided by S&P Global is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. None of S&P, its affiliates or their third-party suppliers guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P GLOBAL, ITS AFFILIATES AND THEIR THIRD-PARTY SUPPLIERS DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Global, ITS AFFILIATES OR THEIR THIRD PARTY SUPPLIERS be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Global’s information. S&P GLOBAL, ITS AFFILIATES AND ALL OF THEIR THIRD-PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AS TO THE S&P GLOBAL SERVICE(S), INCLUDING THE INFORMATION, DATA, SOFTWARE, APPLICATIONS OR PRODUCTS CONTAINED THEREIN OR THE RESULTS OBTAINED BY THEIR USE OR THE PERFORMANCE THEREOF. A reference to a particular investment or security, a credit rating, or any observation concerning a security or investment provided in the S&P Global Service(s) is not a recommendation to buy, sell, or hold such investment or security or to make any other investment decisions and does not address the suitability of any investment or security. The S&P Global Service(s) should not be relied on and are not a substitute for the skill, judgment and experience of any user of the information contained in the S&P Global Service(s). None of S&P Global, its affiliates, or their third-party suppliers shall be deemed to be acting as a fiduciary in providing the S&P Global Service(s). NONE OF S&P GLOBAL, ITS AFFILIATES, OR THEIR RESPECTIVE THIRD-PARTY SUPPLIERS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, OR COMPLETENESS OF THE S&P GLOBAL SERVICE(S) OR ANY COMPONENT THEREOF OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. NONE OF S&P GLOBAL, ITS AFFILIATES OR THEIR RESPECTIVE THIRD-PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS IN THE S&P GLOBAL SERVICE(S). THE S&P GLOBAL SERVICE(S) AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND ALL SUBSCRIBERS’ AND/OR LICENSEE’S USE OF THE S&P GLOBAL SERVICE(S) IS AT LICENSEE’S OWN RISK.
S&P Global Ratings information are subject to the following disclaimers and notices: “Copyright © 2018, S&P Global Market Intelligence. This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness, or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advise.”
Certain information in CFRA’s services may be provided by Securities Evaluations, Inc. (“SE”), a wholly owned subsidiary of Intercontinental Exchange. SE is a registered investment adviser with the United States Securities and Exchange Commission (SEC). SE’s advisory services include evaluated pricing and model valuation of fixed income securities, derivative valuations and Odd-Lot Pricing that consists of bid- and ask-side evaluated prices for U.S. Municipal and U.S. Corporate Securities (together called valuation services). Such information is subject to the following disclaimers and notices: “No content (including credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of SE. The Content shall not be used for any unlawful or unauthorized purposes. SE and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively SE Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. SE Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. SE PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall SE Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. SE assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. SE’s opinions and analyses do not address the suitability of any security. SE does not act as a fiduciary or an investment advisor. While SE has obtained information from sources it believes to be reliable, SE does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Valuations services are opinions and not statements of fact or recommendations to purchase, hold or sell any security or instrument, or to make any investment decisions. The information provided as part of valuations services should not be intended as an offer, promotion or solicitation for the purchase or sale of any security or other financial instrument nor should it be considered investment advice. Valuations services do not address the suitability of any security or instrument, and securities, financial instruments or strategies mentioned by SE may not be suitable for all investors. SE does not provide legal, accounting or tax advice, and clients and potential clients of valuation services should consult with an attorney and/or a tax or accounting professional regarding any specific legal, tax or accounting provision(s) applicable to their particular situations and in the countries and jurisdictions where they do business. SE has redistribution relationships that reflect evaluated pricing, derivative valuation and/or equity pricing services of other unaffiliated firms with which SE has contracted to distribute to its client base. Pricing and data provided by these third-party firms are the responsibilities of those firms, and not SE, and are produced under those firms’ methodologies, policies and procedures. Valuations services provided by SE and products containing valuations services may not be available in all countries or jurisdictions. Copyright © 2018 by Intercontinental Exchange Inc. All rights reserved.”
Any portions of the fund information contained in CFRA’s services supplied by Lipper, A Thomson Reuters Company, are subject to the following: “Copyright © 2018 Thomson Reuters. All rights reserved. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.”
Any portions of information contained in CFRA’s services supplied by Action Economics LLC, are subject to the following: “Copyright © 2018 Action Economics LLC. All rights reserved. This content is intended for internal distribution within or to CFRA customers, and may not be altered in whole or part, or redistributed without prior written consent of Action Economics LLC.”
The content of CFRA reports and the opinions expressed within are those of CFRA. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, regarding the accuracy, completeness or usefulness of this information. and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. In particular, the research provided is not intended to constitute an offer, solicitation or advice to buy or sell securities.
CFRA’s financial data provider for financial companies is SNL FINANCIAL LC. CONTAINS COPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTED UNDER LICENSE FROM SNL. FOR RECIPIENT’S INTERNAL USE ONLY.
CFRA, CFRA Accounting Lens, CFRA Legal Edge, CFRA Score, and all other CFRA product names are the trademarks, registered trademarks, or service marks of CFRA or its affiliates in the United States and other jurisdictions. CFRA Score may be protected by U.S. Patent No. 7,974,894 and/or other patents.
If you have any comments or questions, please contact firstname.lastname@example.org.
If you need further assistance, please contact CFRA Client Services at +1 email@example.com email us at
Prior to joining S&P Global in 1989 and CFRA in 2016, Sam served as Editor In Chief at Argus Research, an independent investment research firm in New York City.
He holds an MBA in Finance from New York University and a B.A. in History/Education from Muhlenberg College, in Allentown, PA. He is a CFP® certificant and is a Trustee of the Securities Industry Institute®, the executive development program held annually at The Wharton School of The University of Pennsylvania.
Follow Sam on Twitter: @StovallCFRA
Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley.
Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University.
Follow Todd on Twitter at: @ToddCFRA
Prior to joining CFRA, Lindsey worked as an Investment Strategist with S&P Global within the Investment Advisory Services division. She worked in several different capacities at TheStreet.com before that, from helping to manage Jim Cramer’s small and mid-cap Charitable Trusts, to leading trader blog conversations and writing research. She learned the ropes as an equity research analyst at J.P Morgan and Deutsche Bank covering retail companies, and began her career in investment banking with Jefferies & Company’s Mergers & Acquisition group.
Follow Lindsey on Twitter: @LBellCFRA
Prior to joining CFRA and S&P Global, Tuna was a Senior Equity Analyst at Lehman Brothers, New York. He participated in key decisions by the firm’s Investment Policy Committee and was highly instrumental in managing a multi-capitalization equity portfolio, with primary focus on the Technology, Media and Telecom (TMT) sectors. Tuna also gained extensive global consulting experience in his previous roles at Arthur Andersen and KPMG.
Tuna earned an MBA in Finance from the Strathclyde University Business School in Scotland, U.K. He also holds a B.Sc. in Accounting from University of Nigeria as well as LL.B. (JD). Tuna is a CFA charterholder and a Certified Public Accountant (CPA).