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Second-Quarter 2002 Forecast -- Improvement We forecast better results in second-quarter 2002, driven primarily by price increases and better margins in engineering polymers, which should offset lower profits from elastomers.
1
positive
In other words, the growth outlook remains modest. In particular, from a technology perspective, we see CDMA continuing its long-term decline, with GSM spending likely to peak in 2008.
2
negative
Meanwhile, it continues to generate revenues via maintenance and upgrades, as well as occasional sales into certain international markets.
1
positive
This business makes electrical distribution and transmission equipment for the utilities market.
0
neutral
However, favorable currency notwithstanding, AVY would have put up only lowsingle digit top line growth and even that benefited from the earlier timing of back-toschool orders in the Office & Consumer Products division..
1
positive
In our view, robust sales growth and favorable loss trends (barring high cat losses) should continue to propel growth in the specialty property business.
1
positive
$3.00+ OF EARNINGS POWER We believe that Millipore can show about $3.00 of earnings power, 3-4 years out, at the peak of the microelectronics cycle.
0
neutral
Our model includes a $15 million impact from lost revenue at HCA, given its new three vendor contract.
2
negative
The motivation for the changes was to decrease the incentive behind two behaviors of doctors: cherry-picking and excessive device use.
0
neutral
Risks: Several risk factors: 1) Shareholder lawsuits surrounding earnings guidance in 2003 and 2004 will continue to cloud the story and could negatively impact earnings.
2
negative
Holiday product hits stores the week of 10/10 and should be fully set by the week of 10/24, a week earlier than last year.
0
neutral
Upside risks: better-than-expected market conditions for the bank, including, a steeper yield curve, better economic growth in its core markets, and a more benign credit environment..
1
positive
6. Time Warner Disney Fox Entertainment Viacom Pixar MGM News Corp (CSFB - Masojada) E.W.
0
neutral
Management expects full-year 2002 operating cash flow of $900 million and fullyear 2003 operating cash flow of $1 billion.
0
neutral
Intel has left Hewlett Packard stranded without a 64 bit Itanium microprocessor (let alone McKinley) to use.
0
neutral
At this point, we believe that the magnitude of any reserve adjustment associated with the Run-Off Reinsurance segment is likely to be modest in nature.
0
neutral
Authorities from Israel's Ministry of Health believe the problem may stem from an absence of B1 vitamin or thiamine, despite labels that indicate the vitamin is in the ingredients.
2
negative
Cost savings, particularly lower-thanexpected SG&A and R&D, made up the difference.
1
positive
Kozlowski sets aggressive targets for each business and if those targets are not met, the managers get no bonus.
0
neutral
The Group offers life insurance, annuities, automobile and property insurance and mutual funds to individuals, group insurance, reinsurance, as well as retirement and savings products and services to corporations and other institutions.
0
neutral
McGraw-Hill had a strong showing in the El-Hi market, attaining first or second place in 30 of the 53 adoption opportunities (18 #1, 12 #2).
1
positive
As part of a broad review of our financial models we are updating our estimates.
0
neutral
As mortgage rates rise, the home equity lending that consumers used to pay down credit card debt loses its pricing advantage -- removing one overhang on card lending growth.
2
negative
The turnaround has already begun and we expect the recently installed new management team to solidify the improvement..
1
positive
This low valuation for QUALCOMM shares is despite expected growth of 35%40% over the next five years - about two times the average growth rate of the peer group.
0
neutral
Consumables growth was ~4%, with International up 6% (80% of International is dental related).
0
neutral
Exhibit 2: GE Industrial Operating Income Comparison Sheet.
0
neutral
Windstream breaks down its wireline revenue into six reporting segments: voice, long distance, data and special access, switched access and USF, miscellaneous and product sales.
0
neutral
In particular, Price/Miles was accepted on an unusual direct appeal to the Illinois Supreme Court post trial; Marrone is on appeal to an intermediate appellate court, the case is limited to six Ohio counties over a two year period, and Ohio has an appeal bond cap; Aspinall was decertified on appeal and that ruling will...
0
neutral
Valuation DCF Is Our Primary Valuation Methodology We based our DCF analysis on the following assumptions: A terminal free cash flow multiple of 15x-17x.
0
neutral
forward curve is sustained -Maintain Overweight, PT $140/share.
1
positive
Schwab, by lowering prices, is attempting to reach the price point for these customers with more than one broker to either move all of their business to or increase their trading volume with Schwab..
0
neutral
We therefore are raising our 2003, 2004 (peak for wood), and 2005 EPS estimates.
1
positive
Service revenues were $36.4 million compared to guidance of $34-38 million and $48.0 million in 1Q01.
0
neutral
Management expects 15% to 20% growth in hedge funds generally, given demographic and market trends, and State Street is looking to expand its top five market share ($175 billion in assets serviced).
1
positive
Cinergy has some experience with acquisitions, having purchased Public Service of Indiana around 11 years ago.
0
neutral
KO Marketing Support We believe that CCE received increased marketing support on a per unit case basis in 1998 from CocaCola.
1
positive
Exhibit 1: Summary of Model Changes After Bridion Not Approvable Letter.
0
neutral
(The company noted sales of SQL Server alone rose 20% from 2Q05.) We expect the growth of this business to continue its acceleration into the back half of fiscal 2006 on the strength of the new SQL release.
1
positive
...Based On 1.0%-1.5% Comp-Store Sales Growth...We conservatively estimate normalized comp-store sales growth of 1.0%-1.5% beginning in 2005, which is near the lower end of the company's 1.0%-3.0% guidance.
2
negative
Prior to the swap, ALLTEL's markets had 28% of total revenues derived from foreign roaming (See Figure 4).
0
neutral
With the end of the NFL season, we believe ABC will be competing solely with FOX for the top spot.
0
neutral
Increasingly, the advertising client mix is comprised of large corporate and agency advertisers seeking brand advertising opportunities.
0
neutral
This property is comprised of two Class `A' office properties totaling.
0
neutral
Unemployment is rising among younger UK people....
0
neutral
The Electrical contribution was modest in Q3 2006 and with mixed end market conditions, upward revisions to ETN's 5-10% Yr/Yr earnings growth forecast during 2007 could be limited..
2
negative
Comverse's core technology is well suited to support MMS service, as the company's customer base includes many of the world's leading wireless operators including Sprint PCS (PCS/$16.90/Strong Buy), Deutsche Telekom (DT/$15.02) and TIM.
1
positive
We expect strong operating and free cash flow of $292.2MM and $243.0MM, respectively, and continue to expect debt pay-down to be the key focus of free cash deployment over the next few quarters..
1
positive
1997 Revenue $3.1 billion % of Textron Revenue 1997 Operating Margin 29% 10.9%.
0
neutral
With the shares in the mid-$60s, we believe investors in Kimberly-Clark are paying for: Shares That Are Trading at 17x Our 2005 EPS Estimate of $3.82, and a Five-Year EBIT Growth Rate of 4%.
0
neutral
Fiscal 2001 revenue of $1.11 billion, representing 28% growth from fiscal 2000 revenue of $870 million.
0
neutral
Underperformance at the Temperature Controlled Logistics division could continue to impact results going forward, albeit less meaningfully than weaknesses at other divisions.
2
negative
As Korean handset manufacturers move more facilities to China, it is believed.
0
neutral
This could possibly lead to a diminishment in the contribution from this contract for FedEx at some point in the future.
2
negative
Third, the willingness to act quickly to deal with excesses in the balance sheet is evident.
1
positive
Jude will be holding its annual investor conference in New York next week.
0
neutral
We would also highlight Lincoln's 49%owned AnnuityNet.com subsidiary, which is the industry's leading B2B and B2C distributor of annuities via its retail Internet store; financial aggregators, such as TD Waterhouse and Bank One; and independent financial advisors.
1
positive
In 4FQ00, Seagate led the overall unit market share with 21%, led the enterprise drive segment with 41%, and was second in the desktop segment with 21%.
1
positive
We reiterate our Buy-Speculative rating on BGEN shares..
1
positive
Revenues were softer than expected, especially in Asia where a weak economy was compounded by weak currencies.
2
negative
The results are a case study in how to manage through an economic downturn.
1
positive
The probability of a compromise bill, such as the current House bill, is somewhere in between those two probabilities.
0
neutral
Hence a good exit strategy is to sell to a large player such as NRT, which can manage overheads more effectively.
0
neutral
Auto OEM customers account for only about 5% of revenues, and liquid paint systems make up about 4% of revenues.
0
neutral
FE management has done an excellent job at improving operating performance and continues to push for top nuclear and coal availability and reliability.
1
positive
The key driver to the faster rise in operating profit relative to the top-line growth is the increased use of generics within the membership base, increased mail penetration and additional leverage.
1
positive
As shown in Exhibit 1, we estimate that the EPS impact to BMY of all sales in Germany is about $0.03.
0
neutral
Metrogel-Vaginal is administered intravaginally daily for five days.
0
neutral
This continues a trend evident through 2005 after operating and organizational improvements undertaken in 2003 and 2004; significantly, AIV was able to sustain its momentum through Q4 this year, an improvement from prior years.
1
positive
General surgery products within endoscopy also demonstrated solid worldwide growth of 23%.
1
positive
Viacom has stated it does not want to become a full fledged video game developer but it sees video games as a key distribution platform.
0
neutral
However, Steve appears disciplined in his strategy and is extremely sensitive to valuation.
1
positive
We do not believe any material changes (affecting EPS or returns) will occur during 1999, but we note the analogy investors are likely to make--Best Buy hired Andersen Consulting in 1997, when the stock was one-tenth its current value..
0
neutral
However, we are raising our 2003 and 2004 EPS estimates by $0.02 to $1.27 (vs. $1.00 in 2002) and $1.54, respectively, due to the better than expected 3Q03 EPS result.
1
positive
The company also plans to eliminate its net debt going forward and, excluding additional acquisitions, believes that it can be in a positive cash flow situation in 2003.
1
positive
Specifically, the company is anticipating a 2Q07 MLR of 81.2% with a 2H07 ratio that is below 80%.
0
neutral
According to the CFO, they could issue just debt and buy back stock, as they have no constraints in buying back shares given their excess capital position today.
0
neutral
Enterprise value and EBITDAR adjusted for SABRE (stock price split and spinoff adjusted).
0
neutral
According to IDC, the worldwide video game market is a $29.5 billion opportunity in 2006, with hardware representing $11.7 billion, or 40% of the total market.
0
neutral
Approximately 600,000 shares remain under its prior purchase agreement as of August 13, 2007.
0
neutral
Our pessimistic case assumes a 6.2% video ARPU CAGR, while our optimistic case assumes a video ARPU CAGR of 7.8% over the 2007-2011e period.
0
neutral
We think acquisition efforts are already priced into the stock, given the stock's current multiple.
0
neutral
Conclusion: Downgrading recommendation on shares of Chubb to Underweight.
2
negative
If you sold the stock in the fourth quarter there was a 10% probability the buyer was the company.
0
neutral
The FASB is well aware of market reaction and the GSEs' importance to the housing and broader financial markets.
0
neutral
The gains continue to come at the cost of UNIX as price to performance of Windows based servers have clearly caught up.
1
positive
Downside was driven by worse than expected working capital management.
2
negative
Schulze grew the company into a small chain of stores into the early 1980s, selling primarily audio components.
0
neutral
The company characterizes the European business as fairly steady with market-by-market variations in the competitive environment.
1
positive
Visit Buoys Bullish Thesis, Offers Comfort on Options.
1
positive
Downgrading shares of Quest from Equal-weight to Underweight.
2
negative
Risks include economic sensitivity, exposure to worldwide cycles in automotive production, inability to recover commodity cost increases in the North American.
2
negative
The price of OSB remains at $465/msf and order books are current stretched into mid-to-late November.
0
neutral
U.S. sales of Synagis in Q4 (to wholesalers and distributors) totaled $238.0 million, a bit lower than our $242.0 million estimate and up 18% from Q4 00.
2
negative
Anthem's same-store enrollment grew 8.5% over 1Q03.
1
positive
In Q1 risk membership grew 157,000, while self-funded membership increased by 558,000.
1
positive
The most significant portion of the company's business relates to long-term care, including skilled nursing care and assisted living.
0
neutral
During the quarter, the company also generated $1.2 billion flow from operations while investing $283 million in capital expenditures, including $88 million for retail.
0
neutral
He began his career with Corning in 1983 in the company's corporate control group and held several positions in financial and business development.
0
neutral
Silver jewelry sales were strong, particularly in the Return to Tiffany and 1837 collections.
1
positive