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Top Analyst Upgrades & Downgrades (ATVI, APD, CIM, DELL, DKS, GTIV, GERN, PAA, RIMM, SXL, TIBX)

Administrator — Wed, 16 Nov 2011 13:01:54 +0000

These are some of Wednesday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.

Activision Blizzard Inc. (NASDAQ: ATVI) Reiterated Buy with $18 target at Argus.
Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Cut to Sell at Wunderlich.
Dell Inc. (NASDAQ: DELL) Maintained Underperform at Credit Suisse; Reiterated Buy with $22 target at Argus.
Dick’s Sporting Goods Inc. (NYSE: DKS) Raised to Conviction Buy List at Goldman Sachs.
Gentiva Health Services (NASDAQ: GTIV) named Bear of the Day at Zacks.
Geron Corporation (NASDAQ: GERN) Cut to Neutral at JPMorgan.
Plains All American Pipeline, L.P. (NYSE: PAA) named Value stock of the day at Zacks.
Research in Motion Ltd. (NASDAQ: RIMM) Raised to Neutral from Sell at Goldman Sachs.
Sunoco Logistics, LP (NYSE: SXL) named Bull of the Day at Zacks.
TIBCO Software Inc. (NASDAQ: TIBX) Started as Market Perform at BMO Capital; Started as Market Outperform at JMP Securities.

JON C. OGG

Filed under: Analyst Calls Tagged: APD, ATVI, CIM, DELL, DKS, GERN, GTIV, PAA, RIMM, SXL, TIBX

Chimera Accounting Review, A Lesson For Other Mortgage REITs (CIM, NLY, AGNC, HTS, MORT)

Administrator — Tue, 15 Nov 2011 16:01:29 +0000

Chimera Investment Corporation (NYSE: CIM) is the mortgage REIT which we used to dub “the vulture mortgage REIT” because of its targets in lower-rated mortgage-backed securities. Usually a delay in a quarterly filing is not a good thing, but today that is not the case as the company clarified that the accounting review “will not affect the Company’s previously announced GAAP or economic book values, actual cash flows, dividends and taxable income for any period.” The company also noted that the quarterly filing will come “as soon as practicable.”

Without trying to draw too much in cause and effect, this could have an impact on most of the mortgage REITs if this develops as it is being accepted today. Specifically, this may bring a similar interest in shares of Annaly Capital Management, Inc. (NYSE: NLY), American Capital Agency Corp. (NASDAQ: AGNC), and Hatteras Financial Corp (NYSE: HTS). We would also look for the sector to impact the Market Vectors Mortgage REIT Income ETF (NYSE: MORT).

It was on November 10 that Chimera disclosed that the review by its outside independent accounting firm was with an analysis of the treatment under GAAP of “other-than-temporary impairments” related to investments in securities rated less than AA, non-rated non-Agency securities and other subordinate securities.

Chimera noted that it has not completed its analysis, but it did specify that it expects only immaterial adjustments to its historical financial statements in prior comparable periods. Also noted was that the effect will be a non-cash change in the GAAP accounting results and this change will not affect previously stated GAAP or “economic book values, actual cash flows, dividends and taxable income for any period.”

Another note was that the second quarter GAAP book value of $3.35 per share and economic book value of $3.08 per share will not change due to this action. As of September 30, Chimera’s GAAP book value was $3.27 per share and the economic book value was $3.01 per share. Its taxable income for the third quarter was $0.13 per share and the analysis is said to not have an impact on prior or future dividend distributions.

Chimera shares are up 7.8% at $2.76 and the last $0.13 dividend would generate a yield of nearly 19%, but mortgage REIT yields can fluctuate wildly as taxable income and distributions come and go. The fairly new Market Vectors Mortgage REIT Income ETF (NYSE: MORT) is trading up only 0.3% at $22.72 on very thin volume. Chimera is the third largest weighting of that ETF at 6.91%, but that falls a distant third with American Capital Agency Corp. (NASDAQ: AGNC) at 13.17% and with Annaly Capital Management Inc. (NYSE: NLY) having nearly a 19.7% weighting of the entire ETF.

Annaly Capital Management, Inc. (NYSE: NLY) is often tied to Chimera because of its past and because of management teams and its shares are actually down 0.5% at $16.23. American Capital Agency Corp. (NASDAQ: AGNC) is also down 0.5% at $27.85 and Hatteras Financial Corp (NYSE: HTS) is down 1% at $25.61. All sport double-digit implied dividend yields if the payouts remain static.

This review brought on a rating update on Chimera by Credit Suisse with a reiterated “Outperform” rating and a $3.50 price target objective. Credit Suisse went on to note that Chimera trades at a 15% discount to book value and that its yield before the pop was 20.4%. The end result is that this would begin to ease investor concerns as shares had fallen from $2.80 down to almost $2.50 in recent days before the recovery.

Usually investors tend to run for cover when they see accounting changes. So far, that is not the case with Chimera as investors are taking the company at face value. If everything represented is as-is, then Chimera is trading under its implied book values and that may be cushion enough for investors. Stay tuned.

JON C. OGG

Filed under: Accounting, Dividend, Housing, REIT, Restatements, SEC, Shareholder Issues Tagged: AGNC, CIM, HTS, MORT, NLY

Top Analyst Upgrades & Downgrades (AAP, A, ALIM, CNP, CIM, CWTR, GT, K, LOW, M, NU, NST, CRM, FIRE)

Administrator — Tue, 15 Nov 2011 13:39:41 +0000

These are some of Tuesday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.

Advance Auto Parts Inc. (NYSE: AAP) Cut to Hold at Argus.
Agilent Technologies Inc. (NYSE: A) Raised to Buy at BofA/ML.
Alimera Sciences, Inc. (NASDAQ: ALIM) Cut to Neutral with $2 target at Credit Suisse.
CenterPoint Energy, Inc. (NYSE: CNP) Cut to Neutral at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Reiterated Outperform at Credit Suisse.
Coldwater Creek Inc. (NASDAQ: CWTR) Added to Strong Sell List at Zacks.
Goodyear Tire & Rubber Co. (NYSE: GT) named Bull of the Day at Zacks.
Kellogg Company (NYSE: K) Cut to Sell as Bear of the Day at Zacks.
Lowe’s Companies Inc. (NYSE: LOW) Raised target to $28 from $25 at Argus.
Macy’s Inc. (NYSE: M) named value stock of the day at Zacks.
Northeast Utilities (NYSE: NU) Raised to Buy at BofA/ML.
NSTAR (NYSE: NST) Raised to Buy at BofA/ML.
Salesforce.com Inc. (NYSE: CRM) Reiterated Neutral at Credit Suisse.
Sourcefire, Inc. (NASDAQ: FIRE) Initiated as Buy at BofA/ML.

JON C. OGG

Filed under: Analyst Calls Tagged: A, AAP, ALIM, CIM, CNP, CRM, CWTR, FIRE, GT, K, LOW, M, NST, NU

Top Analyst Upgrades & Downgrades (AMZN, AMAT, SAM, CAM, CIM, GNW, MHR, MPEL, NVDA, PKD, PLSX, RF, SVU, UTHR, ZMH)

Administrator — Fri, 11 Nov 2011 13:21:17 +0000

These are some of Friday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.

Amazon.com Inc. (NASDAQ: AMZN) Started as Neutral at Nomura.
Applied Materials Inc. (NASDAQ: AMAT) Started as Neutral with $13 target at Credit Suisse.
Boston Beer Company (NYSE: SAM) named Momentum stock of the day at Zacks.
Cameron International (NYSE: CAM) Reiterated Buy with $73 target at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Raised to Neutral at Stern Agee.
Genworth Financial Inc. (NYSE: GNW) Raised to Neutral at Citigroup.
Magnum Hunter Resources (NYSE: MHR) reiterated Buy and raised target to $8.00 at Canaccord Genuity.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) maintained Neutral but cut target to $14 at JPMorgan.
NVIDIA Corporation (NASDAQ: NVDA) Reiterated Buy with $18 target at BofA/ML.
Parker Drilling Company (NYSE: PKD) named value stock of the day at Zacks.
Plexus Corporation (NASDAQ: PLXS) named Bear of the Day at Zacks.
Regions Financial Corporation (NYSE: RF) Started as Outperform at BMO Capital.
SUPERVALU Inc. (NYSE: SVU) Reinstated as Neutral at BofA/ML.
United Therapeutics (NASDAQ: UTHR) Raised to Outperform as Bull of the Day as Zacks.
Zimmer Holdings Inc. (NYSE: ZMH) Cut to Hold at Argus.

JON C. OGG

Filed under: Analyst Calls Tagged: AMAT, AMZN, CAM, CIM, GNW, MHR, MPEL, NVDA, PKD, PLSX, RF, SAM, SVU, UTHR, ZMH

Top Analyst Upgrades & Downgrades (BHP, BP, CIM, DRYS, FITB, GFA, HBAN, JCOM, JBHT, ERIC, MS, PLL, PETM, STX, STM, SYNA)

Administrator — Fri, 21 Oct 2011 12:19:00 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Friday morning.

BHP Billiton (NYSE: BHP) Cut to Hold at Societe Generale; Cut to Neutral at HSBC.
BP plc (NYSE: BP)Started as Neutral at Nomura.
Chimera Investment Corporation (NYSE: CIM) Cut to Underperform at Stern Agee.
DryShips, Inc. (NASDAQ: DRYS) Started as Equal-Weight at Barclays.
Fifth Third Bancorp (NASDAQ: FITB) Reiterated Outperform at Credit Suisse.
Gafisa S.A. (NYSE: GFA) named as Value stock of the day at Zacks.
Huntington Bancshares Inc. (NASDAQ: HBAN) Cut to Perform at Oppenheimer.
j2 Global Communications (NASDAQ: JCOM) Raised to Outperform as Bull of the Day at Zacks.
JB Hunt Transport Services Inc. (NASDAQ: JBHT) Started as Overweight at Barclays.
LM Ericsson Telephone Co. (NASDAQ: ERIC) Reiterated Buy with $19 target at Argus.
Morgan Stanley (NYSE: MS) maintained Underperform as Bear of the Day at Zacks.
Pall Corporation (NYSE: PLL) added to U.S. Focus List at Credit Suisse.
PetSmart, Inc. (NASDAQ: PETM) Cut to Market Perform at Wells Fargo.
Seagate Technology PLC (NASDAQ: STX) Raised to Outperform at Baird; Raised to Buy at ThinkEquity.
STMicroelectronics (NYSE: STM) Raised to Hold at S&P Equity Research.
Synaptics Inc. (NASDAQ: SYNA) Raised to Buy at Stern Agee; Raised to Hold at Needham.

JON C. OGG

Filed under: Analyst Calls Tagged: BHP, BP, CIM, DRYS, ERIC, FITB, GFA, HBAN, JBHT, JCOM, MS, PETM, PLL, STM, STX, SYNA

Mortgage REITs Trying To Recapture Lost Ground (NLY, AGNC, HTS, CIM, IVR, MORT)

Administrator — Thu, 06 Oct 2011 13:55:03 +0000

The mortgage REIT sector is trying to make a comeback after many lost 10% or more of their value from last week to the start of this week as many issues are hanging over it. A lack of refinancings, how ‘operation twist’ affects the yield curve, a poor housing market, and the fear of the future tax status are just some of the overhanging issues here. The good news, as Bank of America Merrill Lynch noted in its key sector downgrade one month ago, is that the tax issue is not likely to come to a head in the immediate future. The bad news is that the last week has not been kind to a sector where investors reach for the highest dividend yields possible.

It was just over one-month ago that we noted how BofA/Merrill Lynch downgraded 6 of the 12 major mortgage REIT stocks to Neutral from Buy. The big call at the time was that the tax overhang might make these trade closer to book value. We are seeing some small indicated gains right around the open this morning after many have continued to bounce. We have to refer to an “implied dividend” rather than a true dividend because the payouts usually depend mostly on the earnings from quarter to quarter and earnings in mortgage-REITs are difficult to predict.

Annaly Capital Management, Inc. (NYSE: NLY) is trading up by 0.5% after closing at $15.68 and after breaking under $15.00 this week. Still, the 52-week range is $14.05 to $18.79. The latest implied dividend yield: 15.2%.

American Capital Agency Corp. (NASDAQ: AGNC) is up 0.3% after a $26.38 close but shares were down close to $23.00 at the lows this week after having been above $27.00 last week. The 52-week range is $22.03 to $30.76 and the implied dividend yield is now north of 20%.

Hatteras Financial Corp (NYSE: HTS) is flat at $23.90 and shares broke under $23.00 earlier this week during the peak of the panic. This stock was close to $25.50 last week and the 52-week range is $22.33 to $31.98. The implied dividend yield is almost 17%.

Chimera Investment Corporation (NYSE: CIM), which we call the vulture mortgage REIT, is up 0.4% at $2.58 and the 52-week range is $2.38 to $4.36. The implied dividend on last look was close to 20%.

Invesco Mortgage Capital Inc. (NYSE: IVR) is up over 1% in early trading at $14.11, and this went well under $13.00 early on Tuesday and the 52-week range is $12.55 to $24.07. The implied dividend is now close to 23%.

The fairly new Market Vectors Mortgage REIT Income ETF (NYSE: MORT) is still down around $21.40 and shares briefly broke under $20.00 this week. We only have one real dividend payment so far, but the implied dividend on this ETF is close to 13%. The post-launch trading range is $19.83 (yesterday) to $26.50 and that should show how the whole sector has been slammed so hard.

Again, these dividend yields are simply “implied” because they can rise and fall and picking the trend is hard to identify from REIT to REIT.

JON C. OGG

Filed under: Dividend, REIT Tagged: AGNC, CIM, HTS, IVR, MORT, NLY

Are High-Yield Mortgage Dividend REITs Doomed? (NLY, AGNC, HTS, CIM, IVR, RWT, PMT, DX, ARI, STWD, CLNY, CXS, MORT)

Administrator — Sat, 03 Sep 2011 13:30:43 +0000

No money was injured while filming

There was a development this week in the land of the high-yielding mortgage REITs. Wealthy and income oriented investors have been flocking to these for years because of their high dividends which are often up in the double digits as these entities are forced to pay out almost all of their income as a dividend to be taxed at the investor level. With low taxes on dividends and with a promise from Ben Bernanke to keep rates exceptionally low out to mid-2013, the path was set for clear skies ahead. Until this last week…

On Friday came a sector downgrade from Bank of America’s Merrill Lynch. This might have been considered a valuation call or that the dividends were unsustainable if you just looked at the summary. It is worse.

Mortgage REITs underperformed the market this week because of the possible impact of changes in how the Securities Exchange Commission interprets mortgage REITs and their exemption from the Investment Company Act. The only potential saving grace is this: “The SEC has not made formal recommendations, so any specific outcome is unclear at this time.”

BofA/Merrill Lynch downgraded 6 of the 12 mortgage REIT stocks in its coverage universe to Neutral from Buy, and the research calls with the implied dividends are below:

Annaly Capital Management, Inc. (NYSE: NLY) was downgraded from Buy to Neutral; indicated yield is 15%. American Capital Agency Corp. (NASDAQ: AGNC) was downgraded from Buy to Neutral; indicated yield is 20.5%. Hatteras Financial Corp (NYSE: HTS) was downgraded from Buy to Neutral; indicated yield is 15.3%. Chimera Investment Corporation (NYSE: CIM) was downgraded from Buy to Neutral; indicated yield is 18%. Invesco Mortgage Capital Inc. (NYSE: IVR) was downgraded from Buy to Neutral; indicated yield is 23%.

Redwood Trust Inc. (NYSE: RWT) was maintained as Underperform; indicated yield is 8.3%.

PennyMac Mortgage Investment Trust (NYSE: PMT) was maintained Buy; indicated yield is 12.1%. Dynex Capital Inc. (NYSE: DX) was downgraded from Buy to Neutral; indicated yield is almost 13%. Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) maintained Buy; indicated yield is 11.1%. Starwood Property Trust, Inc. (NYSE: STWD) maintained Buy; indicated yield is 10%. Colony Financial, Inc. (NYSE: CLNY) maintained Buy; indicated yield is almost 8.5%. CreXus Investment Corporation (NYSE: CXS) maintained Buy; indicated yield is about 11%.

The newly launched Market Vectors Mortgage REIT Income ETF (NYSE: MORT) fell almost 2% Friday to $23.26 after having been around $24.50 on Wednesday.

The Bloomberg Mortgage REIT index fell 1.7% on the week. BofA/Merrill Lynch noted another form of caution even if the SEC action dies out, “The weak employment markets are consistent with our view that many mortgage borrowers will continue to struggle to qualify for refinances barring additional government intervention.”

BofA’s belief is that now these shares will be tied to fair value movements in the underlying asset classes. The net effect of the SEC consideration and speculation that the government could intervene in mortgage markets only add to the issue. As a result, Merrill Lynch’s call is that some of these stocks may reflect a discount to book value now.

Here is where this gets very interesting. You know now that BofA has had enough with its mortgage losses that it is exiting the sector just about entirely. Bye-bye Countrywide. The problem is that the bank is under fire from more states, pensions, and agencies for misrepresentation and losses tied to mortgages. It is endless. Our take is that Merrill Lynch might know even a bit more here about what could happen to some of the mortgage-backed securities out there that are being held by these REITs. That sounds a bit like a conspiracy theory, admittedly, but think about it for a bit…

JON C. OGG

Filed under: Analyst Calls, Dividend, Housing, REIT, Research, Shareholder Issues Tagged: AGNC, ARI, CIM, CLNY, CXS, DX, HTS, IVR, MORT, NLY, PMT, RWT, STWD

Top Analyst Upgrades & Downgrades (AGNC, NLY, CAB, CP, CIM, EDMC, FDX, FSLR, GS, HTS, IVR, JOSB, LQDT, MDR, ODFL, RIMM, SKS, TD, UPS)

Administrator — Fri, 02 Sep 2011 12:26:33 +0000

These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.

American Capital Agency Corp. (NASDAQ: AGNC) Cut to Neutral at BofA/ML.
Annaly Capital Management, Inc. (NYSE: NLY) Cut to Neutral at BofA/ML.
Cabela’s, Inc. (NYSE: CAB) named as Bull of the Day at Zacks.
Canadian Pacific Railway Limited (NYSE: CP) Cut to Neutral at Credit Suisse.
Chimera Investment Corporation (NYSE: CIM) Cut to Neutral at BofA/ML.
Education Management Corporation (NASDAQ: EDMC) Raised to Equal-Weight at Morgan Stanley.
FedEx Corporation (NYSE: FDX) Cut to Neutral at Credit Suisse.
First Solar Inc. (NASDAQ: FSLR) Reiterated Buy with $140 target at Argus.
Goldman Sachs Group. Inc. (NYSE: GS) Maintained Outperform but cut estimates by Credit Suisse.
Hatteras Financial Corp (NYSE: HTS) Cut to Neutral at BofA/ML.
Invesco Mortgage Capital Inc. (NYSE: IVR) Cut to Neutral at BofA/ML.
Jos. A Bank Clothiers Inc. (NASDAQ: JOSB) Called the value stock of the day at Zacks.
Liquidity Services, Inc. (NASDAQ: LQDT) Raised to Outperform at Oppenheimer.
McDermott International (NYSE: MDR) named as Bear of the Day at Zacks.
Old Dominion Freight Line Inc. (NASDAQ: ODFL) Raised to Outperform at Credit Suisse.
Research in Motion Ltd. (NASDAQ: RIMM) Maintained Neutral but raised target to $37 from $25 at BofA/ML.
Saks Inc. (NYSE: SKS) Maintained Buy with $14 target at Argus.
Toronto Dominion Bank (NYSE: TD) Raised to Outperform at Credit Suisse.
United Parcel Service, Inc. (NYSE: UPS) Raised to Outperform at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: AGNC, CAB, CIM, CP, EDMC, FDX, FSLR, GS, HTS, IVR, JOSB, LQDT, MDR, NLY, ODFL, RIMM, SKS, TD, UPS

Top Analyst Upgrades & Downgrades (AMZN, ADSK, ASTE, BIDU, BLK, CIM, MRGE, PBY, RHI, RY, SKS, UTI, Z)

Administrator — Mon, 29 Aug 2011 12:20:37 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Monday morning.

Amazon.com Inc. (NASDAQ: AMZN) Maintained Buy with $255 target at BofA/ML.
Autodesk Inc. (NASDAQ: ADSK) Reiterated Hold at Argus.
Astec Industries, Inc. (NASDAQ: ASTE) named Value stock of the day at Zacks.
Baidu, Inc. (NASDAQ: BIDU) Raised to Neutral at Credit Suisse.
BlackRock, Inc. (NYSE: BLK) Reinstated as Buy with $216 price target at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) lowered target to $3.15 at BofA/ML.
Merge Healthcare (NASDAQ: MRGE) named Bear of the Day at Zacks.
Pep Boys-Manny, Moe & Jack Inc. (NYSE: PBY) Maintained Buy but cut target to $13 at Argus.
Robert Half International Inc. (NYSE: RHI) Cut to Hold at Citigroup.
Royal Bank of Canada (NYSE: RY) Cut to Neutral at BofA/ML.
Saks, Inc. (NYSE: SKS) named as Bull of the Day at Zacks.
Skullcandy Inc. (NASDAQ: SKUL) Started as Buy with $22 target at BofA/ML; Started as BUy at KeyBanc.
Universal Technical Institute Inc. (NYSE: UTI) Reiterated Buy and $20 target at Argus.
Zillow, Inc. (NASDAQ: Z) Started as Buy at Citigroup.

JON C. OGG

Filed under: Analyst Calls Tagged: ADSK, AMZN, ASTE, BIDU, BLK, CIM, MRGE, PBY, RHI, RY, SKS, UTI, Z

New Mortgage REIT ETF Highlights Double-Digit Dividend Yields (MORT, NLY, AGNC, CIM, MFA, HTS)

Administrator — Wed, 17 Aug 2011 20:09:48 +0000

Investors now have yet one more option to choose from when it comes to investing in mortgage REITs. Van Eck Global has now launched the Market Vectors Mortgage REIT Income ETF (NYSE: MORT) as a pure-play ETF giving exposure to mortgage REITs. Now that Treasury yields are nothing and investors are having to chase yields, the mortgage REIT sector’s high yields are still keeping investors interested.

The new ETF tracks the performance of the Market Vectors Global Mortgage REITs Index. The underlying index has 25 constituents and is a market cap-weighted index where the companies have to derive at least half of their revenues from mortgage REITs. The allowance can include those which purchase or service commercial or residential mortgage loans or mortgage-related securities. Van Eck noted, “Unlike other indexes used in mortgage REIT-focused ETFs, the Index does not include mortgage finance companies or savings associations.”

The weighting of the top-5 members in the index is as follows (as of July 31, 2011): Annaly Capital Management, Inc. (NYSE: NLY) at 19.73%; American Capital Agency Corp. (NASDAQ: AGNC) at 11.46%; Chimera Investment Corporation (NYSE: CIM) at 7.27%; MFA Financial, Inc. (NYSE: MFA) at 6.07%; and Hatteras Financial Corporation (NYSE: HTS) at 5.04%. The top five of the twenty-five constituents account for just over 49.5% of the entire weighting.

This new ETF has a gross expense ratio of 0.54% and a net expense ratio of 0.40%, with expenses capped at 0.40% until May 1, 2013.

What makes this interesting is that all five of the top constituents carry a yield of well above 10% based on the last dividend payments. These underlying entities are required to distribute 90% of their income as dividends to investors, so the returns can fluctuate wildly.

With a promise from Ben Bernanke to keep rates at near-zero for the next two years, the spread between short-term borrowings and leveraging up for mortgage yields is likely to keep the environment positive for entities such as these. The problem is when the short-term borrowing rates go back up. When… If…

JON C. OGG

Filed under: Dividend, ETF, Housing, REIT Tagged: AGNC, CIM, HTS, MFA, MORT, NLY