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We are cutting our 4Q03 estimate by $0.04 to $0.55, which is 2% or a penny better than the $0.54 reported a year ago, due to a charge relating to early debt retirement and lower capitalized credits that management outlined on the call (worth a penny each), and slightly higher fuel assumptions (we are going to $31/bbl i... | 2 | negative |
As we noted in our previous notes (please see 4/4/03: "Money Funds This Defensive Product Could Be In For a Rough Time"; and 11/13/02 "Money Market Business Under Pressure") we believe that Schwab is at risk if the Federal Reserve further cuts interest rates. | 2 | negative |
However, the cost pressures experienced in Q4 will likely continue during 2008, as the impact of reduced utilization rates is replaced by the adverse impact of significantly higher raw materials costs (primarily iron ore and metallurgical coal). | 2 | negative |
Given that the passenger cargo contract for the USPS is to be rebid and signed in September, it would seem likely that some shift in USPS network volumes between the ground, passenger belly-space and the FedEx network would occur at about that time. | 0 | neutral |
This reflects most importantly the removal of the risk that the company will do a highly dilutive deal to enter California, as well as the reduced risk from a more diversified earnings stream and the above-average growth of many western markets. | 1 | positive |
The distribution centers operate as profit centers and the profits earned are rebated back to each store based on its purchases from the distribution centers.. | 0 | neutral |
Harry Potter and the Prisoner of Azkaban could generate $350 million in U.S. ticket sales. | 0 | neutral |
Maintaining our Equal-weight-V Rating We are maintaining our Equal-weight-V rating on DUK shares at this time. | 0 | neutral |
Almost all of the increment in EPS was attributable to a much more aggressive pace of store refranchising than we had expected. | 1 | positive |
Cash provided by operations was down 53% from prior year, but was down only 15% after adjusting for a single payment made to a vendor in early 2001. | 2 | negative |
AT&T's Consumer Business declined 17.8% YOY, but rose about 1% sequentially to $3,822 million, versus our estimate of $3,717 million (-20.1% YOY and -1.8% sequentially). | 0 | neutral |
The new business model will utilize telephone and Internet direct response distribution platforms. | 0 | neutral |
Consistent with 2Q04 guidance, liquidation levels remained low and mortgage to debt spreads remain tight. | 2 | negative |
Until it can react to its competitors actions quickly, sales will remain lackluster, despite heavy investment in price and service. | 2 | negative |
In our opinion, this deal helps to address this problem for AOL. | 1 | positive |
Rebetron has data exclusivity until June 2001 in U.S. Partner Enzon said 2/20/01 that Schering-Plough won a method-of-use patent for treatment of hepatitis C with Peg-Intron and ribavirin.. | 0 | neutral |
The shares are trading 13% above their three-year average forward P/E (12.5x). | 0 | neutral |
This should result in April comps in the +LDD for LTD. Management is currently comfortable with the Street's EPS estimate of $0.23 for 1Q00. | 0 | neutral |
In 4Q 1994, the company took a restructuring charge of approximately $50 million after tax to consolidate many of these businesses into the core Grainger branch-based business.. | 0 | neutral |
Also yesterday, Stryker announced that the FDA has granted the company a Humanitarian Device Exemption for sales of OP-1 in the U.S. This exemption allows Stryker to market the product for use in up to 4,000 surgical cases annually in the U.S. These surgeries include long bone nonunions in which an autograft has failed... | 1 | positive |
Maxx sells brand-name family apparel, accessories, giftware, domestics, women's shoes, and fine jewelry at prices typically 20% to 60% below regular department and specialty store prices. | 0 | neutral |
The reason for this lies in CCE's historical investment in production plants and distribution equipment, which resulted in a higher fixed-cost structure relative to PBG and PAS.. | 0 | neutral |
We believe any future collapses are likely the result of management retirements, geographic convergence or bank affiliate underperformance. | 2 | negative |
Comopany attributed the lowered guidance to competitive environment in the market. | 2 | negative |
The presentations were segmented into 1) Sam's Club, 2) Wal-Mart's domestic operations, and 3) International. | 0 | neutral |
* Normaliz ed figures exclude the effect of amortization of deferred stock compensation, intangibles and IPR&D.. | 0 | neutral |
Our EPS estimates now reflect Forest gaining full control of Celexa at the end of June 2000. | 0 | neutral |
It offers systems for inspection, metrology, and data analysis. | 0 | neutral |
We note that many of the large public companies have plenty of cash, so all is not lost. | 0 | neutral |
As far as we can tell, the company has yet to make any progress in this direction. | 2 | negative |
We believe "trusted agent status" will be critical to success in online financial services. | 1 | positive |
Price Target: (12 months) for (CTAS) Method: Discounted Cash Flow based price target (using CSFB's Value Equation Framework). | 0 | neutral |
Excluding TriPath, which generated revenues of $27 million (flat sequentially), Diagnostics sales were up 8.6%. | 1 | positive |
Earthlink (ELNK; Not Rated) has also expressed an interest in consummating a deal with AOL for the purpose of consolidating the dial-up internet market. | 0 | neutral |
n Infergen sales of $6 million were flat sequentially, up $2 million compared to one year ago and were in line with our estimate of $6 million. | 0 | neutral |
As we had indicated earlier, we believe that customers are curbing spending ahead of LU/ALA merger and that the Lucent salesforce may potentially be distracted ahead of the merger. | 2 | negative |
HIGHLIGHTS MHP reported operating EPS of $0.24 in 1Q06, excluding a previously announced $0.04 one-time restoration option charge. | 0 | neutral |
We do not expect the discount to be eliminated immediately upon an announcement of the new bank financing later this month, but; a large share of the discount should disappear at that time.. | 0 | neutral |
The company is likely to target acquisitions in international small package business and freight forwarding. | 0 | neutral |
Valuation Range: $22 to $24 Our valuation range is $22-24 per share, based on our 10-year DCF analysis, which forecasts organic midsingle-digit top-line growth, expanding operating margin, a 1011% discount rate, and a 3% terminal growth rate. | 0 | neutral |
Exhibit 7 Correlation of OXY's share price performance to the 6 month forward commodity price. | 0 | neutral |
The studies the company has run have not enrolled patients old enough to be reflective of the Medicare population, and these older patients are not the target patient group for ADR. | 0 | neutral |
While the AIM-HIGH and HPS-2 studies are well known among investors, we think many investors may have overlooked the ARBITER-6-HALTS study, which is a head-to-head study comparing Abbott's Niaspan to Merck/Schering-Plough's Zetia. | 0 | neutral |
line with the group, given our constructive opinion on the company's fundamentals 6-12 months out. | 1 | positive |
We learned that Gilead plans to enroll 200 patients, comparing three once-daily doses for GS 9137, 20 mg, 50 mg and 125 mg, each boosted with Ritonavir 100 mg, versus placebo in a Phase II clinical trial. | 0 | neutral |
As a result of the lowered loss expectations and improved credit profile of the portfolio, the allowance for credit losses is expected to decrease from 8% of on-balance. | 1 | positive |
North American margins declined to 9.8% from 11.2% last year. | 2 | negative |
In our opinion, Compass' attractive franchise, coupled with the company's solid historical performance, warrants a premium valuation relative to peers. | 1 | positive |
At $4.41 earnings per share for 2002, Bear Stearns will be reporting a 13% ROE. | 0 | neutral |
The company completed a $2 billion accelerated share repurchase today and has $2.17 billion remaining on its current repurchase authorization. | 0 | neutral |
The company has already announced several asset and business disposals this year, some of which have already closed and others that should close by year end. | 0 | neutral |
Range held an investor day and gave a site tour of its new Houston, PA gas processing, and we have highlighted several key incremental data points. | 0 | neutral |
Cash paid for these acquisitions totaled roughly $170 million. | 0 | neutral |
We recognize that earnings have not grown in the past two years and that this is the issue with the stock. | 2 | negative |
end-of-period (millions) Change from prior period Avg. | 0 | neutral |
But there are others as well, including stepper lens for deep UV lithography, scientific plasticware for genomics research, and ceramic substrates for automotive catalytic converters.. | 0 | neutral |
We expect JBL to continue to benefit from vendor consolidation and the ramp of new customers and programs throughout F'02 (see below). | 1 | positive |
following reasons: (1) continued marketing synergies between UOP on-site and online, (2) growing popularity of rEsource - the company's online textbook platform and FlexNet - the hybrid on-site and online delivery medium, and (3) a favorable revenue mix-shift toward higher margin online programs We still view APOL's o... | 1 | positive |
The creation, distribution, and playback of high quality digital video is as much a high performance computing task as it is a communications task. | 0 | neutral |
reinsurance protection in excess of a $4.5 billion per event industry retention.. | 0 | neutral |
In addition, we have raised our 2003 EPS estimate to $7.10 from $7.05 per share, and initiated a preliminary 2004 estimate of $7.95 per share. | 1 | positive |
2) Segment Profitability: This was HP's "Show Me" quarter and the company fulfilled its pledge by reporting profitability across all segments. | 1 | positive |
End-usersof NOVL' products are offered educationthrough the company' 1,300Authorized Education Centers. | 0 | neutral |
Public Storage reported 4Q04 FFO per share of $0.82 versus $0.68 in the comparable quarter a year ago, ahead of our estimate of $0.79, and well above the Street's consensus estimate of $0.76. | 1 | positive |
To review, we believe that bonus accruals at Franklin are not driven purely by relative performance (which -- as we have seen at companies such as Janus -- can put a big pinch on margins during lean times), but also by the absolute performance of the company and the markets in general.. | 0 | neutral |
Miller was initially bought for the purposes of stabilizing the company's currency footprint but has evolved into an effective tool to harass Anheuser-Busch and exacerbate the decline in BUD's market cap and valuation. | 2 | negative |
If confirmed, we believe a deepwater newbuild by Transocean supported by a long-term commitment could be a catalyst for RIG's shares as the company has historically only ordered deepwater newbuilds supported by favorable long-term contracts. | 1 | positive |
The company recently decided to cut the quarterly dividend from $0.20/share per quarter to $0.01 per share.. | 2 | negative |
Other Companies Recommended in This Report (all prices in this report as of market close on 07 May 2007) Canadian National Railway (CNI/$51.08/Neutral), Norfolk Southern (NSC/$53.36/Neutral). | 0 | neutral |
Eighty percent of their revenues then in the year 2000 came from computer related products, for which they were the preeminent chipmaker. | 0 | neutral |
With crude currently hovering in the low $50s range (and having traded as high as $58 per barrel in March), the chance that MAR's tax credits will be reduced is more significant than we might have thought. | 2 | negative |
Strong Brand Portfolio Coca-Cola's brand portfolio is one of the most prestigious portfolios in the world with the most recognizable brand franchises, Coca-Cola. | 1 | positive |
Bell Atlantic will be the managing partner and 55% owner of the largest cellular company in the United States, covering 90% of the population and 49 of the top 50 U.S. wireless markets. | 0 | neutral |
slight discount even though our forecast includes sales growth, earnings growth, R&D growth, and R&D-to-sales investment levels in line with the peer group average because we are uncomfortable with the lack of revenue growth visibility of Mylan's brand franchise due to limited patent protection and generic sales growth... | 2 | negative |
The shares, we believe, merit a premium to peers based on the positive EPS momentum expected over the next 12-18 months.. | 1 | positive |
Bank of New York management is among the most disciplined in the banking industry at exiting unprofitable credit relationships, a practice that is very difficult to manage effectively. | 1 | positive |
Working to capture higher margin business and to achieve better mix, American Standard increased sales of high efficiency units by 2 points to 20% of sales. | 1 | positive |
Cornerstone's revenues are now 11% of Broadcast division revenue, up from 75 in FY05. | 1 | positive |
As we've said all week, the issue is that of capital composition (i.e. the predominance rule), not capital amounts. | 0 | neutral |
On the other hand, if we are to treat what we estimate the $2.0B pension deficit at the end of 2003 as debt, the implied EV/Sales would be 0.7x. | 0 | neutral |
Homeland security is the main driver of growth both in the Americas and in Europe. | 1 | positive |
As a result, EBIT from continuing operations of $39.3MM ended 5.8% lower from the prior-year period. | 2 | negative |
Enbrel facing intensifying competition and maturing markets. | 2 | negative |
Air Products & Chemicals recently introduced a new vinyl acetate / ethylene (VA/E) based emulsion product for water-based paints and represents it as an excellent replacement for vinyl acrylic emulsions. | 1 | positive |
The applications business is experiencing strength, even in today's weak market conditions, in the customer relationship management (CRM), e-commerce and e-procurement segments, which we estimate contribute approximately 35% - 40% of Oracle's applications business. | 1 | positive |
Matthew Jacob provided assistance in preparing this report.. | 0 | neutral |
In addition, the bondholders and banks also have to agree with the plan. | 0 | neutral |
Additionally, there is a significant trend towards the incorporation of electronics into motion control. | 0 | neutral |
Over the period, Mercury maintained 16%-21% non-GAAP earnings before interest and taxes (EBIT). | 0 | neutral |
Second, while we estimate a $432mm pension swing (which increases SGA by that amount), we are projecting SGA higher in '09 by only $267mm. | 0 | neutral |
Altace has captured 7.6% NRx market share of the total ACE inhibitor market (including diuretic combination products) in the November monthly data, up 30 bps from 7.3% in October. | 1 | positive |
To explain some of these multiples, it is important to realize that because KRI paid a P/E multiple for the Disney papers that was higher than the multiple at which its own stock was trading, its P/E also rose (see Acquisition and Divestiture section for details), and the additional debt taken on by the company gives i... | 0 | neutral |
Though Sprint has not provided precise churn numbers for those customers with bundles, we are assured that it is substantially lower than that for the general subscriber population. | 1 | positive |
Communications: Earnings were $9.6 million versus $6.6 million last year, up 46%. | 1 | positive |
At 9.6x our revised fiscal 2001 EPS estimate, we believe MAY stock is attractively valued, based on projected long-term net earnings growth of 7-9% and a 3.3% dividend yield. | 1 | positive |
Even if access line pressures (or other competitive pressures) delay this event, we believe it will happen in the coming quarters. | 0 | neutral |
We view the transaction as very positive for GM and for Delphi, since we believe the two businesses have the potential of better operating performance apart than they do together. | 1 | positive |
Revenues at $11.5 billion were slightly ahead of expectations, though this was due entirely to currency which added 5.6% to J&J's top line. | 1 | positive |
Schwab clients opened 45,900 new accounts during October 2005.. | 0 | neutral |
CTL remains one of our top picks in the wireline industry. | 1 | positive |
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Balanced Sentiment Sampled Data
Collects a balanced sample of positive, negative, and neutral labeled samples for potential training or analysis, but provides limited insight beyond the selection process itself.