Spectrum Brands: No Longer a Buy

A NY presenter is no longer recommending Spectrum Brands (NYSE: SPB, $28.71) as a Buy. The valuation may be cheap, but liquidity has worsened since Harbinger upped their stake. Q2 results were underwhelming. September Q #s will be out next week. The presenter believes that earnings will be fine, but notes that FCF has been weak due to continuing fees and charges.