Parker Hannifin on Monday announced plans to acquire British aerospace components maker Meggitt in a cash and debt transaction valued at more than $9 billion. This deal will boost Parker Hannifin's revenue by over 15% and nearly double the size of its aerospace division, which will account for roughly a third of the business going forward. While the acquisition's large size will increase Parker Hannifin's debt and result in significant integration costs, management remains committed to the dividend.

Faced with low oil prices, a stretched balance sheet, and growing pressure to invest more in low-carbon energy, BP in August 2020 slashed its dividend by 50% and unveiled a business transformation plan. Following the dividend cut, we maintained BP's Unsafe Dividend Safety Score in recognition of the international oil major's still-elevated leverage and the challenging commodity price environment. Since then, crude oil has nearly doubled to $75 per barrel – well above the $45 level BP needs to cover its capital spending and dividend. This helped BP hit its debt reduction target recently, providing more support for its A- credit rating from S&P.

British American Tobacco, or BAT, is one of the world's largest tobacco companies with a broad international reach. The company primarily sells cigarettes (~90% of sales), with oral tobacco and so-called next-generation products accounting for the rest.Through the years, BAT has generated consistent cash flow thanks to the addictive nature of its products, strong brand loyalty, and high barriers to entry from government-imposed advertising restrictions on cigarettes.Despite the industry's advantageous history, the pool of smokers in lucrative developed markets has been declining for many years. In fact, only 14% of the U.S. population smokes cigarettes – down from 21% in 2005, according to the CDC.

Simon's Empire Mall in South Dakota – the largest mall in the state – has seen its retailers' sales exceed their 2019 pre-pandemic level, according to comments made earlier this week by General Manager Dan Gies. Empire Mall's observation supports Simon's expectation that its mall retailers would likely see their sales start topping 2019 levels beginning in April as vaccinated consumers strapped with record excess savings return to brick-and-mortar retailers. Malls and in-person shopping are not dead, but parts of the industry continue facing an uncertain future as more consumers embrace online shopping and retailers shrink their store footprints.