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PD pioneered the use of the electrowinning solvent-extraction process. | 0 | neutral |
Prior to Avaya's sale of connectivity and this purchase of Expanets, Avaya had $239M in net cash on its balance sheet at the end of its Sep-03 quarter. | 0 | neutral |
Risks to our valuation include that (1) the company cannot execute and achieve the high level of turns required to meet guidance; (2) the company's endmarkets do not sustainably return to sequential booking strength; (3) the macroeconomic/semiconductor sector's situation does not improve; and (4) Maxim's Dallas Semicon... | 2 | negative |
These results handily exceeded our $0.39 and $333.4 million projections, respectively. | 1 | positive |
September quarter results Sun reported September quarter revenue of $2.99 billion (down 21% qtr/qtr and down 7% yr/yr) in line with its negatively pre-announced (October 21) range of $2.95-$3.05 billion (down 19-22% qtr/qtr and down 5.3-8.4% yr/yr), but below its original expectations of a slight decline yr/yr ($3.2 bi... | 2 | negative |
The "comparable" numbers are adjusted to reflect dispositions of businesses in 1999 and they exclude the results of Move.com. | 0 | neutral |
We have upwardly adjusted our Fox News affiliate fee estimate assuming future renewals are structured with similar terms. | 1 | positive |
New power price drivers are discounted from current forward curves. | 0 | neutral |
CI is currently trading at less than 12 times our 2007 forward estimates of $9.53. | 0 | neutral |
The five methodologies are based on historical multiples, normalized earnings, DCF (2.5% terminal growth a 8.1% WACC), residual income (using 50% payout ratio and 2% fade in ROE) and EV/Berth average. | 0 | neutral |
We have a $25/share price objective, reflecting an approximate 23x multiple based on our C2006 EPS estimate of $1.07. | 0 | neutral |
However, the rules have changed and so has the market perception. | 0 | neutral |
Earlier today, GENZ announced the acceptance by AnorMED (AOM.TO $15.24) of the company's $580 million all-cash offer to purchase the company. | 1 | positive |
Lastly, the development of GS-9350 will require 1 Phase III trial. | 0 | neutral |
Another example is when significant price increases are passed on to distributors, as was the case with Coca-Cola's fountain business in Q4 2002. | 0 | neutral |
We calculate enterprise value as the sum of the current market value and the net debt (total debt less cash) level as of the second quarter 1999 balance sheets. | 0 | neutral |
As we have indicated in our AMD note published on September 3rd, "Is This the Next Miss", we expect pricing pressure in the NOR flash market to intensify in 4Q as more flash supply are expected come on line in the near term. | 2 | negative |
After 59 consecutive quarters of increasing net income, eleven since the spin-off, PVN consistency commands a premium market multiple, but currently trades at less than half of our growth projection. | 0 | neutral |
ery segment, where cyclically weaker-than-expected domestic volume, coupled with an outbreak of aggressive price discounting midway through the period, put profit significantly below expected levels. | 2 | negative |
Jude to continue to build out its atrial fibrillation business, potentially adding some products to its cardiovascular business.. | 0 | neutral |
We estimate Disney is trading at approximately 8.5 times F2003 EBITDA. | 0 | neutral |
We are maintaining our 2002 and 2003 EPS estimates of $2.45 and $2.60, respectively.. | 0 | neutral |
In addition to macro pressures, Wella remains over-skued and its distribution strategy is still uncertain, and we believe addition by subtraction, which should take some time, is required to grow this business again. | 2 | negative |
*** We are hosting SABMiller CEO Graham Mackay at a Bear Stearns lunch in New York today and hope to gain greater clarity on his near and long-term outlook for Miller Brewing. | 0 | neutral |
Negatives were minimal, but minor standouts were another reserve - $5 million pre-tax - and the recent scrape with the Massachusetts AG.. | 2 | negative |
Contribution income in the segment was flat sequentially at $26 million. | 0 | neutral |
Although ITT could go as high as 10,000 SINCGARS units per month, it would appear that the best of the production ramp-up is behind the company, meaning that continuous productivity and revenue mix will be key drivers of margins going forward. | 0 | neutral |
Our price target of $51 per share uses a 7.7% discount rate, which represents the company's weighted average cost of capital, as well as a 8.25x terminal EV/EBITDA multiple. | 0 | neutral |
The most exciting, and nearest-term is Reminyl, an Alzheimer's drug developed with UK-based Shire Pharmaceuticals. | 1 | positive |
Abbott shares trade at 18.4x and 16.8x our 2005 and 2006 EPS estimates, respectively, in line with JNJ as well as the median valuation level for the pharma group, and several multiple points below the large-cap medtech universe. | 0 | neutral |
The communications systems side of the business refers to wireless private networks, broadband fixed wireless LMDS systems, and fixed wireless networks. | 0 | neutral |
APS would be permitted to defer for later recovery costs of complying with the ACC's competition rules, including costs associated with being the provider of last resort. | 0 | neutral |
We have assumed an effective tax rate of 32.5% in FY05E, FY06E and FY07E. | 0 | neutral |
Investment Conclusion: In the company's regular mid-quarter update yesterday, Novellus Systems left its revenue guidance essentially unchanged but raised its Q2:05 EPS outlook, most of which we estimate will come from the four-day shutdown the company is implementing this quarter. | 1 | positive |
*Includes an est. $2.0B of outsourcing capex and $1.8B of associated D&A accounted for in Global Financing. | 0 | neutral |
� We will await the company's 9:00 am conference call before adjusting our model. | 0 | neutral |
Additionally, we do not see Symantec as insulated from the trend toward shorter terms and smaller deal sizes reported in the enterprise segment by a number of enterprise focused vendors.. | 0 | neutral |
As evidenced by the experience with AMR's stock, such trades can lead to significant stock price appreciation, if correct. | 0 | neutral |
So far Intel has only introduced Atom products targeted for the Mobile Internet Device (MID) space, Intel is expected to introduce its Atom products for desktop and notebook computers (Diamondville) in the June quarter. | 0 | neutral |
We believe such network flexibility is attractive to consumers, who want liberal access to providers today, but may also become more budget conscious in the future, as employers increasingly shift financial responsibility onto their employees. | 1 | positive |
It was the largest single contributor to revenues, followed by retail banking, commercial banking and investment management. | 0 | neutral |
APOL stock traded down last quarter when online enrollment growth fell to 52% from 58% in the prior quarter. | 2 | negative |
VALUATION SUMMARY: We recognize that Stanley is in a "show me" mode in 2006, as investors will await signs of core growth stabilization and any signs of progress on the acquisition integration front. | 0 | neutral |
This represents Lucent's bigger IMS award and investors have speculated that such a deal was in the works. | 1 | positive |
Our new estimates are $1.04 for 3Q2000, down from $1.11, and $1.22 for 4Q2000, down from $1.29, which pulls our full-year 2000 estimate down to $4.55 from $4.69. | 2 | negative |
We are increasing our 3Q06 EPS estimate by $0.05 to $0.95 based on fine-tuning. | 1 | positive |
We expect CenturyTel to post a 1% increase in total access lines to 1.82 million. | 1 | positive |
VASCULAR INTERVENTION � Guidant's Vascular Intervention (VI) business has passed through its most difficult comparison in 4Q 1998. | 0 | neutral |
As a percentage of net revenues, this line item represented 3.4% in 1Q00, compared with 2.9% in 1Q99 and 4.0% in the fourth quarter. | 0 | neutral |
For 2002, our revised estimate is $2.90--and presumes an economic rebound. | 1 | positive |
Risks to the stock materially surpassing our forecasts include an environment of higher market share and strong production and a steep decline in commodity costs (including oil and steel). | 1 | positive |
Thus the implied value for the stock is about $21. | 0 | neutral |
Audit Committee Findings Indicate Internal Control Issues. | 0 | neutral |
Through a series of recent investments and joint ventures, the company is planning to make significant commitments to satellite broadband (Astrolink), satellite capacity leasing (LMI, Americom Asia and Comsat) as well as satellite telephony (ACeS) businesses. | 0 | neutral |
Total revenue of $380 million ($385 million constant currency) for F3Q06 were lower than both our and Street mean estimates of $388 million. | 2 | negative |
Along with progressively better gross margin expansion projected for 3Q99 and 4Q99, operating margin should benefit from improved volume growth, cost-containment efforts, and a continued mix shift away from promotion-heavy pasta. | 1 | positive |
At the analyst meeting, UPS indicated that almost half of their export package volume was from Europe with most of the remainder of international export volume coming from the US. | 0 | neutral |
Total revenues were $787 million, up 23% sequentially after. | 1 | positive |
This is the key for us: management's handle on the problem and its solution. | 0 | neutral |
It is expected to feature Intel's Active Management Technology 2 (AMT 2) and the LaGrande security system. | 0 | neutral |
Adams joined the company in 1991 and led operations in numerous business units including Western Union, Teleservices, and First Data Merchants Services. | 0 | neutral |
R&D was one percentage point lower at 12% of sales, as was G&A at 14%. | 1 | positive |
Sales in EMEA rose 14.4% (or 9.4% ex FX) to $1.16 billion, led by apparel (up 19.8% to $409.7 million) and footwear (up 12.4% to $663 million), significantly better than we had expected. | 1 | positive |
Furthermore, going further Claritin D will be pressured by the September launch of Pfizer's Zyrtec-D. | 2 | negative |
By region, growth was broad-based, with Canada listings up 4% wk./wk. | 0 | neutral |
� Due to higher estimates, we are slightly increasing our price target to $103 from $100, which is based on 6.0x 2008 TEV/EBITDA. | 1 | positive |
According to IRI data (albeit lacking due to the absence of Wal-Mart data), as of calendar 3Q03 Campbell Soup had about 68.2% dollar share of the total wet soup category. | 0 | neutral |
We believe that the company can further leverage its overhead in the second half of the fiscal year if volumes improve. | 1 | positive |
It is possible that ROK's strong prospects are already fully reflected in its share price. | 1 | positive |
Property EBITDA was slightly weak, coming in $12 million shy of our estimates, largely on lower than expected margins in several regions. | 2 | negative |
New Product Story Ramps And Drives Organic Growth - Management will introduce 8 new products in 2004, up significantly from no new product introduction in the five years leading up the Danaher deal in 2001. | 1 | positive |
The company does not provide adequate information to reconcile the DCP excluding AARP. | 0 | neutral |
Net of capex, 4Q free cash flows were $867m, up significantly from $248m a year ago. | 1 | positive |
Albertson's private label program accounts for approximately 14% of sales. | 0 | neutral |
In short, as we have emphasized repeatedly, the asset values of well-scrubbed or western coal burning coal plants, along with nuclear plants, could continue to rise in value due to scarcity at least for a considerable period years going forward - as long as they are located, as EIX's are, within unregulated or partly r... | 1 | positive |
Markets Boston San Francisco New York San Jose Los Angeles Total NOI. | 0 | neutral |
Based on recent conversations with management, we believe that order growth accelerated to the midteens in January, 2000. | 1 | positive |
Management indicated 3Q units will be 86,000-88,000 units vs. prior guide of 91,000-95,000 prior, or 6.5% at the mid-point and -10% y/y. | 0 | neutral |
Discounting cash flows on a segment-by-segment basis also allows us to adjust the discount rates used in calculating the terminal value for a segment, which we have done for the defense businesses. | 0 | neutral |
Truck Tonnage Historically Lead Average Comps by 3 Quarters. | 1 | positive |
In this FD-dominated environment, we rely solely on our models, rather than management guidance. | 0 | neutral |
SPS reported pro form pre-tax loss of ($335) million, slightly ahead of our forecast loss of ($352) million. | 1 | positive |
Knight Ridder and New York Times, both with similar pure-play newspaper characteristics, are trading below 10 times 2000 EBITDA estimates. | 0 | neutral |
The lack of market volatility negatively impacted Global Clearing Services. | 2 | negative |
We are forecasting postpaid net adds of 435k for full-year 2006 and 700k for 2007. | 0 | neutral |
The Qwest / IBM alliance is projected by the two companies to yield $5 billion revenues over its seven year term. | 0 | neutral |
Pfizer anticipates hosting meetings with the FDA later this year, pending discussions with the agency, in accessing filing strategies and possible commercialization of avasimibe.. | 0 | neutral |
Pepperidge Farm and Arnott's sales rose 2% for the first quarter. | 1 | positive |
The company provided an extensive operational update, outlining how it expects to achieve this impressive organic growth. | 1 | positive |
Management will provide a detailed product strategy which includes: 1) new initiatives on customer acquisition and retention for the QuickBooks product line, 2) new professional tax product to help INTU regain ground, 3) detail product offerings for emerging areas of growth across multiple businesses, more specifically... | 1 | positive |
Valuation Supported by Rapid Growth and ICE as a Potential Takeout Candidate: ICE currently trades at 28.1x our 2008 estimate of $4.92, versus 30.2x for CME Group and 30.5 for Nymex. | 1 | positive |
But, we would acknowledge that each business area went into a fair amount of detail as to their strategic initiatives. | 0 | neutral |
Flight deck displays for tactical aircraft, optical technologies, and specialized aircraft products.. | 0 | neutral |
One of the strengths of Western Union's business model is that agent locations have a networking effect. | 1 | positive |
Under the consent decree, Abbott could not manufacture or distribute certain diagnostic products until the operations were found to be in conformity with the current Quality System Regulation (QSR). | 2 | negative |
ECL's debt-to-cap ratio stands at 32% with net debt of 29% at the end of the second quarter. | 0 | neutral |
If we are wrong on either count, so much the better.. | 1 | positive |
As we recently noted, we believe there is $300-$400 million in upside in our U.S. forecasts this year from Peg Rebetron alone (not to mention sales in Japan which were launched in December). | 1 | positive |
Our 2002 estimate for interest expense declines to $4.1 million from $6.0 million, and our estimate for investment and other income declines to $2.8 million from $3.0 million. | 1 | positive |
Nortel received a number of optical networking contract awards in 1Q'99, including a $300 million follow-on contract from Williams and a significant core transport network award from Bell Nexxia. | 1 | positive |
Subsets and Splits
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.