TC PipeLines, L.P.'s (TCLP) second-quarter earnings, while on the lower side relative to our estimates, were above year-earlier levels. The year-over-year increase resulted from higher transmission revenue, lower financial charges and increased equity income from Great Lakes, partially offset by a fall in equity income from Northern Border. Importantly, TCLP raised its quarterly distribution by 7.6% year-over-year to the annualized rate of $2.82 per unit. We continue to like the partnership for the potential addition of quality assets to the partnership's portfolio over the next few quarters from its general partner. Our Buy recommendation and price objective remains unchanged. Total cash distributions received increased approximately 3% from the year-earlier level to $50.4 million, driven by higher contribution from Great Lakes and Northern Border. Cash distributions[More...]

Oxford Industries, Inc.'s (OXM) first-quarter results came in ahead of our estimates. Unfortunately, it appears the upside was a one-quarter event. Management issued disappointing guidance for the rest of fiscal 2008. We are reducing our estimates for fiscal 2008 and 2009. We maintain our Hold rating on OXM shares. The investment case for Oxford Industries comes from the company's recognizable... [More...]

We are keeping our Buy recommendation on Coca-Cola FEMSA S.A. de C.V. (KOF). The company posted better-than-expected results for the first quarter. It has 32 bottling facilities in Latin America and currently accounts for almost 10% of Coca-Cola global sa [More...]