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AO Smith Corp (AOS) -- Summary and Opinion: We believe the risk is now high that the SEC will investigate A.O. Smith. Activities in or related to China, along with company disclosures of the same, is the likely the starting point. If we are correct, expect that negative material that hit the shares last week will be closely examined.
Note: This is an update to material previously sent to clients on Friday, 17-May-2019. As we were preparing it for broader release, the company issued a press release which is now reflected herein. - PR
Notes: New SEC investigative activity could theoretically begin or end after the date covered by this latest information which would not be reflected here.