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We based our pension funding analysis on an estimated 3.75% return on U.S. plan assets, and 5.00% return on international plan assets, for full-year 2005.
0
neutral
However, the firm was unable to find a buyer for the Cellular Baseband business and shut it down instead.
2
negative
There seems to be a growing complexity aversion in all facets of finance and economics.
0
neutral
This is only an 8% gain, well below the targeted "double-digit" expected run rate.
2
negative
Nike's ability to generate strong free cash flow has been significant during the past three years, totaling more than $2.0 billion.
1
positive
Finding that replacement is still one of the bigger challenges that HD faces in the future..
2
negative
Although Oracle's core business is database, the company offers an extensive set of infrastructure software for enterprise software deployment.
0
neutral
We reiterate our Overweight on PFE shares, given that we believe the stock has taken.
1
positive
Fuel Systems Textron (FST) designs, makes and overhauls innovative, proprietary products.
0
neutral
Total revenue for SLR associated with the purchased operations and a three-year supply agreement is expected to be in the $200 million per year range although an expected close by the end of March 2000 will likely limit the revenue opportunity for SLR to $100 million during the current fiscal year (August).
0
neutral
Microsoft will issue its first dividend to shareholders and split its shares two-for-one.
1
positive
Remicade has also received EU approval for several supplemental indications, including ankylosing spondylitis (2Q03), psoriatic arthritis (3Q04), psoriasis (3Q05).
1
positive
The margin expansion was impressive to us given the impact of hurricanes in the quarter.
1
positive
Bard's Contigen collagen addresses stress urinary incontinence.
0
neutral
VALUATION: Lehman's shares currently trade at 12.8 times our 2004 estimates or about 70% of the market multiple, well above its historical average, on earnings that may offer limited upside..
0
neutral
A likely protracted aerospace midcycle provides underpinnings for a potential rise in UTX's multiple.
1
positive
PA&E is worth paying attention to because it's a definitive step in that direction,.
0
neutral
With less than 5MM physical cases sold in 2004, Rockstar will contribute only modestly to CCE's North American volumes of 1.5B cases.
0
neutral
Indeed, based on the fundamentals of the business mix, from this point, we feel nothing short of de-conglomerative action can push the valuation into premium territory - an even tougher argument when the M&A-friendly baked goods category covets your namesake.
0
neutral
This outlook from the launch of 4 high margin new product opportunities implies material upside to current Street estimates leading to meaningful multiple expansion.
1
positive
Amgen reaffirmed 2008 revenue guidance of $14.2 to $14.6 billion and 2008 EPS guidance of $4.00 - $4.30 for 2008 (excl.
0
neutral
Applying a three-stage discount cash analysis, we calculate a revised price target of $19.25 (from $17.50) based on a growth rate to 18% with a terminal growth rate of 6%..
0
neutral
Our sum-of-the-parts analysis assumes 2007 peer multiples of 11.0x for TV, 7.6x for cable systems (based on DB cable team's peer group estimate), 8.3x for newspaper, 8.0x for magazines (based on our own estimate), and 12.0x for the education division (based on an approximate peer range of 8x to 13x).
0
neutral
There are three elements to the strategic repositioning of Black & Decker: 1. Selling three non-strategic businesses which consists of True Temper Sports, Emhart Glass, and the Household Products business in North America, Latin America, and Australia.
0
neutral
This is consistent with the current proven and probable reserves, less those at Phoenix, which total 25m oz with an average recovery rate of 82.8%.
0
neutral
In October 1998 he was given the additional corporate responsibility of helping to coordinate the company's new media activities.
0
neutral
Using a discounted cash flow model forecasted through 2015, we believe SGP's 50% interest in the Zetia/Zocor Joint Venture is worth approximately $6.2 billion, or $4.30/share.
0
neutral
The future growth in its ROIC should be more sustainable with the completion of the merger, based on stronger earnings trends for the more diversified company as well as meaningful reductions to the committed capital base.
1
positive
As shown in Exhibit 5, CIT has traded in a P/E range of 8.69 to 13.68 since going public (again) in 2002..
0
neutral
The company also noted that its exposure to the ongoing Washington western power market refund negotiations is negligible and that reports that the company overcharged the state by $236 million have no basis (particularly as that figure exceeded its entire sales level to the ISO during that period).
0
neutral
One large service provider is indicating to vendors the release of a large nextgeneration deployment beginning this fall; however, our research indicates capex requirements and cash flow could push the real deployment out to something more like the summer of 2003..
0
neutral
Adjusted for this, first quarter sales grew 11% from a year ago.
1
positive
Next, we value Clear Channel's 90% equity stake in Clear Channel Outdoor (CCO) at the current market value.
0
neutral
For 2000, we raised our Epogen estimate to $1,967 million, from $1,826 million.
1
positive
Eliminating subsidy payments for PFFS plans and the complete elimination of all MA subsidy payments are not the only options for Congress.
0
neutral
Assuming a 5% year-over-year decline in CXP EBIT, 100% debt financing at a 7% interest rate, and $40 million of integration costs, we estimate the transaction would be roughly neutral to Staples' 2008 EPS, as shown in table 6. The acquisition would be $0.06 dilutive to 2008 EPS assuming a 20% higher transaction price, ...
0
neutral
The AG's office yesterday indicated that BAC earned roughly $2.3 million per year from its relationship with Canary.
0
neutral
While the company's core competency in electrochemistry and photometry is new to Danaher, management believes there is room for leveraging Danaher's strengths in other areas (such as electronic testing and handheld instruments, to name just a few) into developing new products.
1
positive
Kate Spade is a designer and marketer of fashion accessories for men and women under the JACK SPADE and kate spade brands.
0
neutral
Management also announced it planned on issuing $250 - $450 MM in equity in addition to the approximately $100 MM it issues annually from dividend reinvestment and employee stock ownership plans.
0
neutral
With annual revenues expected to exceed $10 billion in 2000, the company offers its Internet platform, tools, and Internet-enabled applications, along with related consulting, education and support services, in more than 145 countries.
0
neutral
A final way that the company may generate growth, post-Palm will be to acquire, prior to the spin-out, while the company has an attractive currency.
1
positive
The terms of coverage must by clear, fair and broad.
0
neutral
We do not view this award as a surprise, as we have previously stated that we expected ESRX, as the incumbent, to retain the contract.
1
positive
We estimate that FDX benefited modestly, by roughly $0.03/share, from a higher y-o-y Express fuel surcharge during F3Q:05 when compared to the year ago quarter (see details below).
1
positive
Guidance As Expected As expected, management guided 2008 EPS to a range of $4.65-$4.85, in line with the 10-14% growth it indicated on the Q3 conference call.
0
neutral
While we are not opining that there will be a dramatic market share shift in the next two years, we feel more confident that Applied has finally made a significant dent into Novellus' dominant market share position.
1
positive
Acquisition of Permian and Piceance Basin assets allows for integration of high return assets.
1
positive
4. The company's financial metrics remain stellar with ROS, ROA, and ROE of 40%, 18%, and 20% respectively.
1
positive
We now expect comp-store sales, a closely watched metric, of 7.5% down from 10% in the second quarter.
2
negative
From four wells drilled since 2003, three discoveries have secured the development of the Alvheim area together with a successful satellite extension to the existing Heimdal development.
1
positive
Approximately 80% of its capacity is base load, and approximately 5% is peaking, with the balance an intermediate load.
0
neutral
4Q guidance is for approximately 10% revenue growth and 10-15% profit growth.
1
positive
We believe its core business remains strong and forecast approximately 10% growth in combined Presentation Server product license and update revenue in 2007.
1
positive
When added to books already available on Kindle, these Simon Schuster titles represent the vast majority of sales from the publisher's catalog.
0
neutral
The increase is reflective of the operating improvements expected in the quarter.
1
positive
Management noted that worldwide dealer inventories in 1999 declined $600 million, with $500 million of this amount coming from North American dealers.
0
neutral
Given the differences in views on certain elements of reform as well as the increasingly crowded legislative calendar, the prospects for enacting of legislative reform in the current session are diminishing.
0
neutral
We've adjusted for the other moving parts in our model and they essentially net out..
0
neutral
Additionally, Microsoft will sell VIA's remnant display inventory on its digital sites through Miscrosoft's ad syndication business, likely an improvement in monetization of this inventory for VIA.
1
positive
strong cash balances and strong cash flow suggesting a special cash dividend could materialize if 2003 acquisitions remain limited, ITW holds plenty of attraction for large cap industrial investors.
1
positive
More important, the higher earnings growth masked the lack of investment in the infrastructure, leading to the shock therapy that Nardelli has been forced to undertake.
2
negative
In our view, EIX has successfully negotiated most of the difficult issues that have hampered both the regulated and unregulated sides of the business.
1
positive
EOP expects insurance costs to increase by 50% on renewed contracts during 2002; this would amount to only $0.50/sqft.
2
negative
However, since introduction, these products have enjoyed only a modest reception..
2
negative
Since this rally, PEP's P/E multiple has contracted and is now below the level is started at in 2007..
0
neutral
We continue to believe the company's transition will take multiple quarters.
0
neutral
Amylin is expected to present some of the AC2993 data at the 2003 American Diabetes Association meeting (June 13-17) in New Orleans, LA..
0
neutral
In addition, we believe our forecast for 12% revenue growth in FY99 has upside to the high-teens.
1
positive
We believe the rating cut to BBB+ will likely adversely impact UNM's franchise value by making it more challenging for UNM to win and retain large case group insurance business and high-end individual disability business.
2
negative
First, the business would have been difficult to grow without entering the highly competitive acquisition arena.
2
negative
At the end of fiscal 1999, the actual shares outstanding were 369.1 million.
0
neutral
For corporate enterprises, new bandwidth entrants selling cheap bandwidth do not have the ability to match WCOM's capabilities in provisioning connectivity, product sets and support systems..
1
positive
RESULTS Jacobs Engineering Group reported a strong fiscal first quarter with $61.3 million in net income or $1.01 per share.
1
positive
Attractive valuation for growth profile We value MDP using three methods: 1) First our DCF analysis, which uses a WACC of 8.75% (2.5% long-term growth rate, 5% equity premium, 4.3% risk-free rate, and 0.90 beta) derives a $59 fair value.
1
positive
Including Interpore, we are estimating growth of 54%.
0
neutral
Although Nabors has been actively repurchasing shares during H1'07, the company has roughly $400 million outstanding on its current authorization.
1
positive
Implications for mass merchants: While DG has been the least promotional in the dollar store segment in recent years, a further slowdown in expansion for DG, the largest player in the dollar store sector, should result in a more rational competitive environment for the remaining players [Family Dollar (FDO, $28.78, NEU...
2
negative
Our current estimate F4Q08 remains $1.15 per share.
0
neutral
In addition, Nucor has a purchase agreement with its former joint venture partner, CVRD, for 380k ton/year of pig iron from Brazil.
0
neutral
We continue to forecast 11% EBITA growth in 1999.
0
neutral
While EMR is likely to undertake a potentially major acquisition (as much as $5 billion) over the next couple of years, it will only move opportunistically and if accretive, in our view.
0
neutral
Recent Investor Meeting Highlights Continued Growth.
1
positive
MER aims to include not just on-line trading for equities, fixed income and mutual fund products, but also electronic banking, e-commerce, links to its credit card and other embellishments..
0
neutral
The sequential quarter uptick in variable cost compensation is primarily related to capital market activities, and secondarily we believe, to under-accrued benefits in the prior quarter owing to below norm results.
2
negative
That said, we do not believe a merger would bring immediate material benefits.
2
negative
Domestic sales were up by $1 million to $28 million, while international sales were up $2 million to $18 million.
1
positive
RG&E hopes to obtain these approvals in time to close on the purchase of the plant by the summer of 2000.
0
neutral
1997 earnings were $2.36 per share, also in line with our forecast, compared with $2.21 per share a year ago.
0
neutral
The company also had a one time charge of $17M in the quarter for the retirement of the $880M liquid yield option notes (LYONs), which was listed as restricted cash on the balance sheet in prior quarters.
0
neutral
We are flowing through the third quarter increase of $.03 to full-year 2004 EPS, as such, our new full year 2004 EPS estimate is $1.98, implying 0.2% growth to full year 2003 earnings base of $1.96 per share.
1
positive
The depressed industrial economy has resulted in substantial declines in industrial production, capacity utilization, capital spending, and commercial construction.
2
negative
As of 2/12, eBay has logged 45.6% of the listings it needs to reach our updated 1Q listing estimate of 561.3M, compared to 43.8% of the listings it needed to reach its 431.8M listings in 1Q'05.
0
neutral
Viacom's high free cash flow generation, at 46% of EBITDA, is superior to its peers, which average 25% at Disney, Time Warner, and News Corp. Those stocks are valued at a 30-50% premium to estimated growth rates.
1
positive
COP's reported adjusted earnings of $2.01bn or $2.87/share were in-line with.
0
neutral
Investment management revenue was a record $605 million, up 2% from 2Q06, given record private investment management revenue ($256 million, up 4%) and stronger asset management revenue ($349 million, up 1%).
1
positive
We now model $225 million in sales for the 2004/2005 flu season..
0
neutral
KMB's response to the difficult conditions is to reduce costs and accelerate product improvements, leading to higher margins and volumes.
1
positive
During the March launch, Inventor will be at version 10, Revit on version 8, and AutoCAD in its 23rd year since being first introduced in 1982.
0
neutral
Activity levels are accelerating on the back of recent acquisitions at the Deep Basin project area (175 wells next year versus 145 this year) and Viking-Kinsella (where production has doubled this year).
1
positive