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We believe Micron's disciplined approach to Capex/Opex and improving.
1
positive
Thus, we suspect that the business is actually performing significantly better than the result which is being booked (101.6% for 1H04), a view that management apparently shares.
1
positive
Our latest available data for FLNA did appear weak, with ACNielsen showing a 4.4% decline in Frito-Lay volumes vs 3.0% for the overall category during the 4-week period ending August 7. However, we want to remind investors that while ACNielsen is a good proxy for general trends, it does not tell the entire story.
2
negative
Q3/05 results reflect higher-than-expected NGL margins and G&P fees.
1
positive
Remaining Optimistic While Waiting for the Rebound.
1
positive
Ethanolamines are used in numerous applications, including gas conditioning and production of soaps, detergents, and textile chemicals.
0
neutral
Adobe is still a good play on an advertising recovery..
1
positive
and Canada, the drug is also approved for use in the hip, the second largest indication for this disease, and Genzyme is currently treating patients in a U.S. hip trial.
1
positive
Management expects it to produce 140 million pounds of nickel in 2007, as it will operate above life-of-mine ore grade.
0
neutral
We also wonder if now is the time for Amgen's management to address investor concern as to whether some of this risk could have been avoided..
2
negative
Our valuation methodologies and multiples remain unchanged and changes to our model are not material enough to impact our target price.
0
neutral
From a geographic view, international sales accounted for 51% of revenues.
0
neutral
Forest (Neutral): Strong Upside for December Quarter (Fiscal 3Q07) on Higher Sales and Lower Expenses Than Modeled We carry no formal price target for Forest Laboratories and we believe that FRX shares remain at fair value.
1
positive
SYMC recently launched an updated version of its Veritas Storage Foundation solution and is seeking to expand its penetration within data centers by offering a free version (Support is $98/year) for servers with 2 or fewer CPUs.
0
neutral
Global Consumer income growth has remained strong -- up 23% year-over-year in 1Q00, driven by 12% revenue growth coupled with only 4% expense growth.
1
positive
The portfolio is nearly evenly split between fixed and adjustable rate product and has an average loan size of $101,500.
0
neutral
Recent inkjet hardware price cuts have pushed LXK's inkjet business into an operating loss.
2
negative
Based on company comments, we estimate mLife advertising contributed about $23 to the CPGA in the quarter.
0
neutral
We will watch Energy America closely as it develops..
0
neutral
Merrill Lynch was able to achieve a 13% return on equity during the quarter due to vigilant expense control--an improvement from the 11% ROE achieved in 2001.
1
positive
Headquartered in Cincinnati, Ohio, Convergys employs over 45,000 people in the U.S., Canada, South America, Israel, and Europe.
0
neutral
For full-year FY08, management now expects 15%-16% top line growth, up from prior guidance of 14%.
1
positive
Our saturation analysis indicates that there is room for at least 900 Kohl's stores nationwide.
0
neutral
If the soft sales trends of November continue, clearly there could be some risk in our top-line estimate..
2
negative
Sears' new marketing efforts focus on value for the consumer.
0
neutral
However, the timing of such potential awards is currently unknown..
2
negative
The company's future acquisition activities should be the largest source of growth in cash available for distribution to shareholders, but management plans to supplement acquisitions with strategies to grow internally.
0
neutral
We believe SGP can reach our PT of $24, based a multiple of 15 times our '09 est. of $1.60, or a 15% premium to the drug group, given its above average growth outlook.
1
positive
At US$400 per ounce the internal rate of return rises to 17%.
1
positive
Nonetheless, this commitment to defense could wane should the U.S., in attempting to battle global terrorism, encounter setbacks comparable to those experienced in Vietnam.
2
negative
$33.00 $26.36 Our final 3Q05 checks suggest that the quarter may have come in slightly ahead of CMVT's expectations, as enhanced data applications continue to drive healthy growth.
1
positive
Phelps Dodge has a healthy balance sheet, with over $300 million in working capital and a net debt to total capitalization ratio that is manageable at 21.6%, especially compared to North American copper group average of 37.5%.
1
positive
Counter intuitively, while we have tweaked production up (<1%) and lowered total per unit operating costs by a nickel, our estimates are down slightly for the year on interest and ARO..
2
negative
At 12x our FY2008 EPS estimate, shares of LOW trade in line with the peer group average of for the home retailers that we monitor.
0
neutral
The allowance to loans ratio declined to 1.49% from 1.50% the prior year.
2
negative
BALANCE SHEET/CASH FLOW: The company has made improvements in both receivables and payables, and net trade working capital increased only modestly.
1
positive
2) Ford produced 1.094 MM units in Q4, down 155,000 units from last year.
2
negative
2. Intended For Adult Population, MAb Should Enter Clinic In Early 2001.
0
neutral
Notably, we remain at the lower end of the guidance range and hence clearly see room for further upside to our numbers.
1
positive
Total work-site employees, the key revenue driver for the PEO business segment, reached 19,200, up 39% from a year ago.
1
positive
And finally, Investor's Business Daily ran an article on June 13th (the day after the MIC release) highlighting that HDI had traded through its 200-day MA on heavy volume.
0
neutral
Nevertheless, it appears that the industry has behaved rationally with respect to pricing as input costs have risen.
1
positive
PH reported positive order growth in all of its businesses during April.
1
positive
Biosciences sales of $180 million (up 14% year over year), slightly above our $175 million estimate.
1
positive
Excluding several one-time benefits from selling commercial and retail banking businesses, State Street's asset growth has been more or less in line with its revenue growth.
0
neutral
Credit card M&A and Providian Given a high level of investor interest in recent weeks, we are taking a detailed look at the possibility of further consolidation in the US credit card industry with a particular focus on Providian.
0
neutral
All-in net interest income yield rose to 4.8% (vs. 4.5% in 1Q:FY08).
1
positive
Deal Capitalizes on Internet and Distribution Strategy.
1
positive
Below the operating line, total non-operating expenses were $27 million, $4 million higher than our expectations.
2
negative
Sales in Pharmaceuticals decreased 47.3% to $205 million while segment earnings fell from $54 million in first quarter 2000 to a loss of $64 million.
2
negative
MAY: Upgrading to 1M: Opportunities on the Horizon.
1
positive
Fortunately, it should be able to fully service this new business with virtually no incremental capital investment.
0
neutral
Following management's guidance to expect EPS toward the low end of plan, we are trimming our FY08 and FY09 EPS estimates to $1.43 and $1.65, down from $1.46 and $1.68, respectively.
2
negative
Y/Y gross margin expansion slowed in 3Q:04 to 160bp compared to 240bp in 2Q:04.
2
negative
As the table below indicates, same-hospital volumes came in significantly stronger than the prior-year quarter, while pricing growth was modest, facing difficult year-over-year comparisons.
1
positive
However, conversion of the nearly 2400 Revco stores (net) that were acquired two years ago is now complete, and we believe the P/E disparity should narrow..
0
neutral
We are also lowering our price target to $13 from $15.
2
negative
The bundling of CD ROM products with new textbooks has stopped share growth in the used market.
2
negative
Reported revenue grew disproportionately to profit due to the impact of the 80/20 minority interest reporting structure.
0
neutral
Indeed, the collective market share of Janus and Berger has increased to 2.6% in June 1999 from 1.2% in 1995.
1
positive
Holders of NCE stock will receive 1.55 shares of NSP, or $42.24 per share based on NSP's closing stock price of $27.25 on March 24, 1999.
0
neutral
This compares to a PE range since 2003 of roughly 12x to 19x.
0
neutral
However, we believe the potential acquisition of MYG will present WHR with a stronger market position, significant cost savings for at least the next three years, and revenue opportunities from an improved MYG brand.
1
positive
Express Scripts is well positioned to capitalize on inherent sector tailwinds such as increasing prescription cost trends, a mix shift toward mail order distribution, the aging of the baby boomers and significant brand-name drug patent expirations over the next three to five years.
1
positive
The companies are primarily focusing on the female, constipation predominant population.
0
neutral
Our price target remains $50 on our sum-of-the-parts valuation, and we reiterate our Buy rating.
1
positive
Source: Eastman Kodak financial statements: Prudential Securities estimates..
0
neutral
Our three year price target is $126 based on a 45 multiple applied to our 2004 fully-taxed estimate of $2.80..
0
neutral
Note that our estimates assume the digital revenue per sub declines with the drop in the digital access fee, although that is eventually offset by higher pay buy rates and eventually the contribution of new revenue streams promised in the advanced digital settop.
2
negative
Please see our reports from October and December of 2005 for details.
0
neutral
Costco is the ecommerce pioneer in the warehouse sector.
1
positive
Taking away millennium and dot com ads, USA Today has seen some pluses in the first month of 2001.
1
positive
We believe that the associated production shutdowns will be positive catalysts for the industry, with the capacity closures leading to firmer product prices.
1
positive
We believe that the problems are more than just computer integration glitches that will suddenly work themselves out, as management has suggested.
2
negative
The Apache-operated Van Gogh and BHP-operated Pyrenees developments in the Exmouth are expected to begin production in late 2008 and early 2009, adding a total of 40 mbd net to Apache.
0
neutral
Source: Company reports and Prudential Equity Group, LLC (PEG) estimates For the second quarter, the Marmaxx Group, the combined entity of TJ Maxx and Marshalls, reported a +2% comp, below guidance of +3% to +4%.
2
negative
When the question was asked "where are all the industry adds coming from?" the universal answer seemed to be the youth market, with a specific emphasis on family plans.
0
neutral
The balance is from maintenance, remodeling, and hardware, which should continue to grow, particularly with improving consumer spending fundamentals, such as rising income and wages, and an employment growth upturn later in the year.
1
positive
These assumptions, from an expense standpoint, are consistent with what we heard from management.
0
neutral
Exhibit 4: NOPAT Margin and Invested Capital Turns Analysis.
0
neutral
Bookings in the qtr were only $3bn, quite weak (SSB $5.8bn), and we believe the last two weeks of the qtr had weak bkngs, as clients may have been concerned about EDS' pre-announcement and aftershocks.
2
negative
� We expect this to take a week of production out of Q3 and two weeks out of Q4 production and cost $0.20 earnings in 2008.
0
neutral
Telecom Services/Wireline / Rated: Market Weight August 19, 2003.
0
neutral
These factors are driving the semiconductor industry to firmer pricing which, in turn, is making it easier for the industry to justify higher capital spending.
0
neutral
against a tough 14% prior year comparison and a negative 3% impact from a calendar shift.
2
negative
For the CPG biz, we forecast a 12.8% YoY growth (a slowdown from 27.9% YoY in C06E), as we believe that with a strong product refresh from INTC coming along in C06, the going will get tougher for AMD in C07.
2
negative
STRONG REVENUE GROWTH: Sales increased 48% over last year to $800.7 million, driven by robust demand for TITAN and CableSpan products.
1
positive
Adjusting for fourth quarter 1998 having 13 accounting weeks, compared with 14 in 1997, net premiums written grew 11%.
1
positive
Normalized operating cash flow was strong at $1.5 billion ($1.7 billion GAAP), well above our forecast of $1.0 billion, and equating to 1.6 times net income, suggesting good earnings quality.
1
positive
AmSouth Reports Q4 EPS of $0.49, up 10% and a penny ahead of estimate.
1
positive
opportunities that exist for the U.S. retirement market are present in many other international markets as aging populations and underfunded state pension plans provide opportunities for providers of private pensions products.
1
positive
$93 million of debt matures in 2009, $393 million (excluding a $500 million term loan that can be extended 2 years) matures in 2010, and $250 million is left to spend on the development pipeline at year end.
0
neutral
The company's latest cost-saving initiative includes signing up more than 1 million customers via a paperless option.
1
positive
There are significant enhancements planned for the product over the next 12-18 months through several point releases including improved performance capabilities, new front end architecture and cross project functionality.
1
positive
The really concerning feature of this housing depression compared to the last is that the negative multiplier of a lack of MEW scarcely existed back in the 1990s..
2
negative
Other Aflac-Japan topics of interest from the meeting included an update on Japan's Financial Services Agency's ("FSA") potential decision to allow Japan banks to sell a complete range of insurance products likely in 2007 or 2008.
0
neutral
Allocated capital to its international operations declined 59% from $1.0 billion at September 30, 1998, to $416 million at year end 1998.
0
neutral
Revenue enhancements are estimated at $194 million pre-tax by 1999 primarily from additional opportunities in capital markets and capital management activities.
1
positive
Managing growth and profitability in the PC business.
1
positive
Lower capex at Time Warner Cable and the ISP division was offset by higher capital lease payments, composed of network equipment used by the ISP.
0
neutral