Morningstar

Analyst Notes:

• Accor Announces 2011 Results and Large Dividend Increase; Shares Undervalued and Yield Attractive February 22, 2012
• Volume Growth Drives Boston Beer Company in 4Q; Shares Slightly Overvalued February 22, 2012
• MGM Resorts Reports Solid Fourth Quarter, but Las Vegas' Recovery Already Priced Into Stock February 22, 2012
• Analog Devices Also Sees a Bottom to the Chip Industry Downturn February 22, 2012
• HDFC's Profitability Expands in the Third Fiscal Quarter February 22, 2012
• France Telecom's 2011 Results Slightly Ahead of our Expectations, but Firm Cuts Dividend February 22, 2012
• AGL's Earnings Fall on Merger Expenses and Continued Weak Nonregulated Performance February 22, 2012
• Value-Conscious Shoppers Boost TJX Comps; Raising Fair Value Estimate, but Shares Look Rich February 22, 2012
• Lamar Reports Solid Revenue Growth for Second Quarter in a row, Shares Slightly Overvalued February 22, 2012
• MGM China Reports Strong 4Q Results and Announces Special Dividend; Shares Remain Undervalued February 22, 2012

Videos

• Peters: No Dividend Bubble February 22, 2012
  Dividend-paying stocks are fairly valued, but low payout ratios indicate that there could be more room for dividend growth, says Morningstar DividendInvestor editor Josh Peters.
• Plenty of Tailwinds for Muni-Bond Investors February 21, 2012
  Improving municipal-bond market fundamentals and the potential for rising marginal tax rates should power investor interest in muni bonds in the coming years, says Cedar Ridge's Guy Benstead.
• Nuveen: Muni Credit Risk Is Overblown February 17, 2012
  Improving local-government finances and lower default rates than corporates have made high-yield municipal bonds an attractive option for investors eyeing tax-free income, says Nuveen's John Miller.
• Muni or Taxable Bond? Our Calculator Crunches the Numbers February 17, 2012
  Morningstar's Christine Benz demonstrates how our Tax-Equivalent Yield Calculator can help you determine whether you're better off investing in taxable or municipal bonds after adjusting for munis' tax-exempt status.
• Muni Investors: Time to Check Your Expectations February 17, 2012
  Morningstar associate director of fund analysis Miriam Sjoblom explains what drove municipal bonds' great performance in 2011 and what issues may lie ahead for muni investors.
• Dialing Up and Dialing In February 17, 2012
  While some dialed up deals this week, others phoned it in, says Morningstar markets editor Jeremy Glaser.
• Sommer: Munis Still Attractive for More Than Just Yield February 16, 2012
  Munis' tax-equivalent yields remain compelling especially for investors in the highest tax bracket, says Fidelity muni manager Mark Sommer, but there are other good reasons to own them.
• Is Something Wrong With Retail Sales? February 15, 2012
  This week's retail sales data was not as disappointing as it seemed, says Morningstar's director of economic analysis Bob Johnson.
• Larson's Stock Picks for Your Taxable Account February 15, 2012
  Morningstar's Paul Larson highlights three undervalued tax-efficient stocks that have reinvested profitably for investors, plus one attractive MLP that offers a nice tax-advantaged income stream.
• Topnotch ETFs for Taxable Accounts February 14, 2012
  Morningstar's director of ETF research explains which ETFs offer the most tax efficiency and names some of his favorite low-cost ETFs for building a simple but diversified tax-saving portfolio.