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We were expecting $3.3 billion reflective of the recent pickup in market activity. | 1 | positive |
April carloads (+7.5%) offer encouraging evidence. | 1 | positive |
NBC is also continuing to look for additional TV stations to purchase, as its current audience reach in the U.S. is only about 30%, well below the 35% legal limit. | 2 | negative |
Our Off-Price Index Indicates That TJX Is Close To Full Valuation. | 0 | neutral |
Given the discount valuation, we are quite comfortable owning the stock as the. | 1 | positive |
Almost all the strength in the quarter could be attributed to North American distribution. | 1 | positive |
Earnings leverage increasingly tied to floaters, with jackup fleet well contracted in Mexico and other international markets: Average dayrate for GOM floating rigs in Q3 was $123,959, down 1.3% sequentially. | 2 | negative |
Such an increase would be consistent with our previously expressed views that the sale of the Lima, OH refinery ($1.9 billion) as well as strong EBITDA generation (given the current refining margin environment) would result in an expansion of the $6 billion share repurchase program. | 0 | neutral |
Most of the growth has been attributable to acquisitions, the most important of which was Keystone. | 0 | neutral |
Our $78 price objective also equates to 11.7X our 2007 EPS estimate of $6.67 and is at the low end of AIG's historical trading range of 12X-39X, and this multiple is below its 5-year historical average of 22X and 13% estimated long-term earnings growth outlook. | 0 | neutral |
In an acquisition, the company could be valued between $59-63 per share, in our opinion. | 0 | neutral |
Hence, we believe radios dual internal and external share run has more room to drive than the endgame skeptics suggest. We think CCU and other large- to mid-market groups should benefit the most from scales impact on pricing power, national advertisers, and further siphoning of newspapers share. | 1 | positive |
Citigroup has no representation on the Travelers board of directors, is required to vote all of its shares pro rata with shares held by the public, and must divest itself of its entire Travelers stake within five years of the August 2002 distribution.. | 0 | neutral |
The Variable and Universal Life Product Line, which accounts for 6.9% of total earnings and 16.8% of IB Segment earnings, posted operating earnings of $30 million and represented a $5 million drop from the $35 million result recorded a year earlier. | 2 | negative |
2Q02 EPS of $0.42 fell $0.01 below our above-consensus forecast. | 2 | negative |
� Ferrlicit Should Hold Through Late-2007: In branded products, we are assuming that the Ferrlicit (iron/injectable) will not be subjected to off-patent competition until sometime in late-2007. | 0 | neutral |
We continue to believe that EMC is executing extremely well and is positioned to address incremental opportunities within the international markets. | 1 | positive |
Good performance and a favorable mix contributed to the respectable showing. | 1 | positive |
Capital Markets: In terms of activity at Piper Jaffray, like most investment banks, incentive compensation time is near and management may use that time as an opportunity to ensure that the division is prepared for a much different operating environment than a year ago. | 0 | neutral |
Supporting the rapid growth was the aggressive marketing of prepaid services, which accounted for two-thirds of firstquarter net additions. | 1 | positive |
The company's underwriting margin has improved by nearly 400bps over the past three years and its SG&A expense per member is among the lowest in the industry. | 1 | positive |
Outside North America, PVR uptake has been more sluggish. | 2 | negative |
Highlights from our day: Walgreen's Health Services Walgreen's Health Services includes Walgreen's PBM Walgreens Health Initiatives, a $1 billion prescription mail business and specialty pharmacy and home healthcare operations. | 0 | neutral |
NCG is, however, currently authorized a regulatory return on equity (ROE) of 12.7%. | 0 | neutral |
Scientific-Atlanta reported pro forma EPS of $0.44 beating our and consensus estimates of $0.43. | 1 | positive |
Late 2005/Early 2006: Trial expected in HP v. EMC in which HP accuses EMC of infringing seven HP patents (EMC's cross-claim asserting HP storage, server and printer products infringe six EMC patents). | 0 | neutral |
Bell operating profit increased versus the prior year, largely attributable to the creation of a partnership with European helicopter maker, Agusta, on the Bell 609 civilian tiltrotor aircraft ($7-9 million to the EBIT line). | 1 | positive |
readily provide to commercial and government payers various "quality" and utilization data that they increasingly require. | 0 | neutral |
The new risk-adjusted capital roll-out is targeted to be fully implemented for fiscal year 2005 and will incorporate business segment goals linked to compensation. | 1 | positive |
Adrian Dillon, who had been executive vice president and chief financial and planning officer at Eaton Corp., will join Agilent as executive vice president and CFO. | 0 | neutral |
Total 2002 advertising expenses for GPS amounted to $496 million. | 0 | neutral |
While the TGT pre-announcement is concerning heading into the holiday sales season, keep in mind that in 2004, November sales accounted for 8.7% of TGT's full-year sales versus 15.6% in December. | 0 | neutral |
Our forward price target is based on a 30x P/E multiple (the high end of its historical P/E range of 15x to 30x), and our 2006 EPS forecast of $0.75 per share. | 0 | neutral |
2004 R&D (% Sales) of 28% excluding items associated with the termination 25%-30% of of the Wyeth agreement. | 0 | neutral |
We estimate that return on total capital will be 11.0% in 2004, modestly down from 11.4% in 2002. | 2 | negative |
During the 2003-06 period the number of common shares outstanding also fell from 260 million shares to 243 million shares, which at current market values represents approximately $362 million of enterprise value. | 0 | neutral |
Applying a forward PEG of 1.5 (roughly in line with the group), we believe GENZ shares should trade to $65 by year-end. | 0 | neutral |
Pro forma for the transaction, we estimate that AT&T would derive nearly 60% of total revenue from wireless and enterprise businesses, versus 55% prior to the transaction. | 0 | neutral |
The stock rose 2% (versus 2% for the S&P 500) on news of Fortune's selection as manufacturing partner for The Home Depot's private label, semi-custom cabinet line, and rose 5% (versus +2% for the S&P 500) on the announcement of a distribution alliance between Jim Beam and Absolut vodka. | 1 | positive |
The company maintained its FY2006 guidance of about $1 per share. | 0 | neutral |
Operating Margins The gross margin contracted to 70.1% from 72.3% in 2Q97. | 2 | negative |
Remember that year ago operating margins were in the 20% range. | 0 | neutral |
Williams will be reasonably successful in containing costs over our forecast period with respect to selling, general and administrative and operating expenses. | 1 | positive |
While we are revising our estimate to the high end of their guidance, this quarter's results suggest there could be further upside to results, above their guidance. | 1 | positive |
Figure 16 provides a peer valuation comparison for HI. | 0 | neutral |
Although the company got surprised by the downturn like everyone else, it managed through the downturn better than most companies by aggressively reducing costs and pressing harder to find revenue opportunities. | 1 | positive |
We believe the company is looking to issue opportunistically in the unsecured market when the cost of doing so is not so high. | 1 | positive |
higher tax rate and point out that PEP has reported Q4 EPS in-line with consensus for the last seven years in a row. | 0 | neutral |
We believe that the acquisition will likely be slightly additive to EPS, especially given the improving economic environment in the United Kingdom and GCI's strong track record of integrating acquisitions. | 1 | positive |
The company also owns controlling interest in the world's second largest API manufacturer as well as operates the Dey Labs, a brand business focused on respiratory and allergy therapies.. | 0 | neutral |
Revenues in the quarter exceeded our estimates for $1,602.2M and consensus expectation for $1,600.8M. | 1 | positive |
Our model assumes earnings growth of 10% through 2007 versus the mid-single-digit range for the group. | 0 | neutral |
The 4Q results and commentary on the call reinforces our view that HAL is a restructuring story that is positioned to work. | 1 | positive |
Stock Thoughts/Valuation Though the company has a number of new products in the pipeline (drug-eluting stents, artificial discs) that should drive strong top-line growth, we believe that the main driver of the stock at this point is a reacceleration in the U.S. implantable defibrillator market. | 1 | positive |
Citigroup (CCI) and Bank One (ONE) rank first and second, respectively. | 0 | neutral |
Our analysis looks at share repurchases ranging from 5% to 25% of the average daily trading volume. | 0 | neutral |
Domestic sales accounted for 63% of revenues, while international was 37%. | 0 | neutral |
This growth was driven primarily by increased sales volumes, driven largely by greater demand for VMware's virtualization product offerings attributable to wider market acceptance of virtualization, a broadened product portfolio and expansion of VMware's network of indirect channel partners. | 1 | positive |
HCR continues to rationalize portfolio and look for growth opportunities. | 1 | positive |
INSIDER SALES NOT ABNORMAL Finally, the report highlights what it suggests is a large amount of insider selling. | 2 | negative |
Total average earning assets were flat year over year at $193.9 billion. | 0 | neutral |
Though the reinsurance operation is relatively small relative to CG's healthcare and pension operations, reinsurance revenue growth and profitability have been very strong in recent years. | 1 | positive |
DETAILS: BACKGROUND On Wednesday morning we spoke to 3M regarding preliminary two month's results for 1Q99. | 0 | neutral |
Franchise margins should also continue to feel pressure from higher commodity costs and inflation-adjusted labor contracts. | 2 | negative |
Most importantly, it demonstrates that while MRK is focused on implementing aggressive restructuring initiatives to foster a near-term return to growth, it remains forward-looking and continues to make substantial and aggressive investments to fuel longer-term progress. | 1 | positive |
The following table summarizes our BSX 1Q04 estimates as compared to the year ago period and consensus where possible. | 0 | neutral |
The resulting 16% underlying Orthopedic Implant revenue growth was helped along significantly by trauma products, which grew 20% constant-currency in the quarter. | 1 | positive |
Blockbuster: Modify Estimates on Interest and Sales. | 0 | neutral |
Remoxy Could Be a Game Changer, But There's a Hitch We see abuse-deterrent opioids as an important part of the pain market in the future. | 2 | negative |
Sourcing increased 11.7%, to $317.8 million, due to higher volumes. | 1 | positive |
EDS's core business has been plagued by reductions in discretionary spending, underperforming contracts, competitive losses, and declining contract profitability. | 2 | negative |
We are projecting pre-tax earnings growth of 12% this year, or +3% on a fully taxed basis (last year, TIF enjoyed an $0.18 per share benefit from lower taxes due to the one time repatriation of foreign earnings). | 1 | positive |
Five of the six major national carriers have already reported first quarter 2001 subscriber results or full financials, and industry net adds are tracking 7% above expectations. | 1 | positive |
We estimate Tenet will have to repay the full $115 million.. | 0 | neutral |
In addition, we believe that the EBT equipment has been installed in nearly all stores. | 0 | neutral |
NORVIR (Protease inhibitor for the treatment of HIV infection): Sales down 1% in the quarter (up 26% U.S.; down 24% Int.) below our expectation. | 2 | negative |
We expect the market for PTCA products to shrink in the coming years, partly because of declining prices and partly because of lower usage rates. | 2 | negative |
Lower fee income as a result of an 8% decline in separate account assets was somewhat offset by a lower tax rate and additional operating expense leverage. | 0 | neutral |
The '02 units were for delivery in Q4 and were therefore only in pre-production. | 0 | neutral |
Management also noted that it is increasingly focused on global acquisition targets to expand product lines and geographic footprint and is committed to its "reasonable price" philosophy (only considering targets that will achieve a 4% EVA in five years pro forma and targeting a 15% return on acquisitions) despite rece... | 0 | neutral |
Moreover, we think investors will appreciate and reward a closer alignment between Lucent's reported and cash earnings, which has been a point of confusion to date. | 1 | positive |
Earnings growth for the full year should be 2H loaded, with 2Q'04 relatively flat with LY, as RBK continues to invest in the business.. | 0 | neutral |
According to CE, such shift pressures pretax income by about $0.03 per share, net. | 2 | negative |
Risks to the stock achieving our target price include the following: First, we highlight that UNP has a minimal amount of its remaining 2004 and full year 2005 fuel needs hedged at the present time; hence, were fuel prices not to decline from recent levels, our estimates would likely prove difficult to achieve. | 2 | negative |
Actual revenues at TXU Corp. grew 32% to $5.8 billion. | 1 | positive |
Bare metal sales approximated $103 million, which was in-line with our estimates. | 0 | neutral |
At the current valuation the risk reward profile has led us to initiate with a Hold (2H) rating and a $68 (+4%) target price.. | 2 | negative |
Excluding currency, sales growth would have approximated 16.8%. | 0 | neutral |
Assuming a $20 billion capex, $20 billion share repurchase, and $8 billion cash dividend, we estimate free cash flow in excess of $5 billion, which would boost their cash balance close to $40 billion. | 1 | positive |
Factors that are driving low loss frequency include: (1) high gasoline prices, which results in individuals driving less and fewer cars on the road; (2) the move by individuals to drive safer cars, including devices designed to prevent accidents; (3) the increase in the number of cars per household due to recent initia... | 0 | neutral |
The only part of the equation that is currently missing in our opinion is a robust economy in which companies like Yahoo! have the ability to attract advertisers while also charging a premium for their ad space. | 1 | positive |
We would continue to focus on cash flow for valuation purposes for Symantec post the completion of the merger.. | 0 | neutral |
We also assume that Baxter will pay off the remainder of the equity forwards with treasury stock. | 0 | neutral |
We project EPS of $4.06, up from $3.93, previously, and up 26% y/y (see "Additional Information"section for more detail). | 1 | positive |
The company ended the fourth quarter with $37.2 million in cash and we currently expect the company to end the first quarter with roughly $62.1 million in cash. | 0 | neutral |
We believe that large scale outsourcing is a low return business & EDS continues to provide evidence of this. | 2 | negative |
The regulated utility business earned $2.35 per share in 1998, with $0.19 worth of strong weather offsetting the impact of rate reductions. | 1 | positive |
In the latest iteration of this survey, 34 domestic franchisees representing nearly 200 restaurants participated. | 0 | neutral |
Managed Receivables Growth Rates (Y/Y % Change) Domestic Credit Card Global Financial Services (Int'l & US Cons. | 0 | neutral |
This product is to undergo a standard 12-month review, and the company reaffirmed that it is still on track for a 2Q03 launch. | 0 | neutral |
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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.