Sigma-Aldrich reported third-quarter results in line with our expectations. Management increased the lower end of its EPS outlook on a favorable tax benefit, which is generally consistent with our EPS estimate for the year. Regardless, the company’s low-single-digit revenue growth trajectory remains on track with our forecast, and we’re leaving our fair value estimate and economic moat rating unchanged. Sigma’s organic revenue grew 5% from … Continue reading Sigma-Aldrich Posts Strong Numbers; Life Sciences Business Thrives

Banco Bilbao Vizcaya Argentaria announced that it is reducing its 15% stake in China CITIC Bank to 9.9% in order to increase its Basel III capital ratio. Because it will be below 10%, the CITIC stake will no longer be considered a “significant” investment, which alters the accounting methodology. The accounting will change from the equity method to available for sale, which requires marking to market. … Continue reading BBVA Cuts Stake to 9.9% in CITIC Bank