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Price Target: (12 months) for (ONE) Method: Discounted Cash Flow valuation Risks: Macroeconomic outlook, Capital markets weakness, Credit quality Price Target: (12 months) for (JPM) Method: Discounted Cash Flow Valuation Risks: Capital markets weakness, Interest rates, Commercial Credit Recovery CSFB and/or its affilia... | 0 | neutral |
The removal of $3 billion of equity and the sale of $1 billion in hybrids will serve to make the book value more interest rate sensitive. | 0 | neutral |
However, versus Q105, earnings staged a recovery, again reflecting the sharp increase in base margins. | 1 | positive |
Although Germany produces very little of its own natural gas consumption, natural gas, like in other developed countries, is taking up a growing share of its energy consumption. | 0 | neutral |
However, as more integration is required at the component level, semiconductor vendors are in effect designing more of the application, or "box"--and capturing more of its value.. | 0 | neutral |
Turns requirements for the September quarter are similar to the previous quarter (high 50s %). | 0 | neutral |
Salaries and benefits as a percentage of revenues increased 210 basis points year-over-year to 39.0% and was above our estimate of 36.7%. | 2 | negative |
EBIT margin trends though should remain above the 1.1% level reported for 2005 � which points to structural improvement. | 1 | positive |
Tribune's educational publishing interests are being developed through acquisitions of generally smaller niche properties. | 0 | neutral |
Robust asset sales to date have included $1 billion for the Williams Pipe Line, $750 million for the Kern River pipeline, $75 million for non-core Wind River assets, and $58 million for non-core South Texas gathering assets. | 0 | neutral |
Assuming monthly sales of light vehicles remains at a seasonally adjust annual rate (SAAR) of 15.8 to 16.3 million units, management would need to significant production cuts by lowering production rates but will probably utilize selected weekly shutdowns. | 2 | negative |
Historically, the tobacco industry has chosen not to invoke pure comparative fault in an effort to force the jury to make a reasonable decision. | 0 | neutral |
Tyco Forecast Fiscal Second Quarter Earnings of $0.350.37 Per Share and Maintained Full Year Forecast. | 0 | neutral |
It is highly likely that we will experience a softening in the new housing construction market down from current highs of 1.7-1.8m per annum down toward a trend rate that is closer to 1.4-1.5m. | 2 | negative |
We expect the efficiency ratio to be rather stable in the coming quarter, as our expectations for net interest income growth and relatively flat fees offset modest expense growth. | 0 | neutral |
Initiated on 11/06/95 with Strong Buy ; Rating as of 01/12/99 was Buy; Price Target as of 01/19/00 was $16.00; SG Cowen Securities Corporation eliminated price targets on 09/09/02.. | 1 | positive |
Our price target of $56.50, combined with the current annualized dividend of $0.60, implies total potential 12 month returns of 16.2% - using the current price of $49.10.. | 0 | neutral |
We have adjusted our estimates for 1Q and 2Q 2005 to reflect this realignment.. | 0 | neutral |
Consolidated loan backlog at the end of the third quarter was roughly $4 billion. | 0 | neutral |
According to the Dell'Oro Group, Cisco grew its storage revenue by approximately 200% year over year in 2004 to approximately $191 million, and captured 14% of the $1.3 billion storage switch market. | 1 | positive |
For that reason, we have little visibility on quarterly FFO estimates; for now, we assume that development contributions will occur ratably throughout the year, which is unlikely to turn out to be the case. | 2 | negative |
Mark Bartell, President of US sales operations, discussed Guidant's "Market Development Initiatives." He began by discussing reimbursement which, with the new DRG codes for CRT, should not "break the bank" for hospitals. | 0 | neutral |
Second, we believe that if the company is capable of delivering a solid performance amidst a weak operating environment, upside exists in many of the businesses when the cycle turns. | 1 | positive |
Gross margin was up in the quarter, +35 bp vs. our -55 bp estimate, and operating margins were up across most divisions and corporate. | 1 | positive |
The expected annual 2002 cost savings is now expected to be $86 million (versus the previously stated $100 million in cost savings).. | 0 | neutral |
The company will have 16 stations affiliated with the new CW network, which is projected to launch in September 2006. | 0 | neutral |
We Expect Circuit City and Best Buy to Continue to Dominate the Audio/Video and PC Segments Despite the justified hype surrounding the digital products cycle, we believe Best Buy and Circuit City are better positioned to benefit from the favorable trend. | 1 | positive |
We expect about 70% of those, or 38, in the third quarter. | 0 | neutral |
We view his emergence as a leader at HMA as a longterm positive for the company and investors because he did a good job of making the right financial decisions as CFO at Triad Hospitals. | 1 | positive |
As it stands right now, Compuware has the products and direct sales channel needed to sell products in the mainframe area should demand pick up later this year. | 1 | positive |
In the mean time, we believe a weak link for silver sales is due to outdated designer assortments. | 2 | negative |
HIGHLIGHTS Franklin Resources reported March AUM of $412.1 billion, which was down $3.8 billion or 0.9% from the end of February. | 2 | negative |
This is old news, in our opinion, since Microsoft acquired antivirus vendor GeCAD in June 2003, so an eventual entrance in this market has been expected. | 0 | neutral |
A Closer Look at Valuation ITT has experienced multiple expansion the past few years as it has consistently executed its wellarticulated strategy of moving toward "premier" multi-industry status. | 1 | positive |
A definitive agreement is expected to be reached shortly, with completion of the deal expected to occur sometime in the fourth quarter of 2000. | 0 | neutral |
The reality is that these companies control the customer and thus have pricing power. | 1 | positive |
Hence we retain our InLine (2H) rating given what we view as minimal opportunity for upside near-term. | 2 | negative |
We had predicted radio/entertainment revenue to increase 7.5% to $99.4 million. | 1 | positive |
We have two concerns with this strategy: 1) restructuring charges always follow, and 2) recent large deals have not historically been cumulatively accretive to earnings.. | 2 | negative |
Inventory growth is in good shape going into the first quarter. | 1 | positive |
While this result does not alleviate our margin compression concerns for the future, it does calm our near-term fears, though we will continue to keep an eye this topic.. | 2 | negative |
Why the earnings strength early in the year? Well, the most obvious reason is that we believe commercial aircraft deliveries (and thus revenues) should be higher in 1H99 versus 2H99 --- we forecast 318 aircraft deliveries in 1H99 versus 302 in 2H99. | 1 | positive |
A $1B share buyback could reduce the share count by 7%, by our estimates. | 0 | neutral |
Further, we believe HOT has a deep bench if the board decides to go with an internal candidate. | 0 | neutral |
So we increased expected expenses for both divisions to offset the higher revenue growth. | 0 | neutral |
Additionally, our cost savings assumption related to the WB deal increases to $3.5bn (70% recognition of the $5bn est. cost saves) for 2010. | 1 | positive |
Also, the joint venture with Stockhausen in acrylic acid should lead to consolidated operational cost savings and a ready customer for future expansions. | 1 | positive |
Accordingly, we decreased our 2000E EPS to $1.67 from $1.72 and our 2000E EBITDA to $763.0 million from $772.0 million, excluding any contributions from the acquisition of Players (PLAY $8.19). | 2 | negative |
Intel's 8-9% growth in microprocessor shipments in Q4 was likely close to the rate of PC unit shipments, so excess finished goods inventory is probably relatively small. | 1 | positive |
The core categories performed well with some seasonal pressure in processing revenues and service charges. | 1 | positive |
This was the sixth consecutive quarter of growth greater than 30%. | 1 | positive |
Raising Price target to $45 and reiterate Overweight -V stock rating. | 1 | positive |
80% of Avandia erosion occurred in first 21 weeks of controversy.. | 0 | neutral |
Operating Cash Flows were $2.6B and Free Cash Flows were $2.2B. | 0 | neutral |
We reiterate our OW rating, based on our outlook for solid 2006 EPS growth, upside potential from acquisition accretion, and FO's reasonable P/E, which, at 15.5x our 2006E, is at a 3% discount to its blended peers. | 1 | positive |
� If current business conditions continue, Masco expects 3Q03 EPS to be approximately $0.48-0.51. | 0 | neutral |
While ContentGuard may overlap with Adobe's new PDF Merchant product to some degree, the added security with ContentGuard should actually help fuel demand for digitized documents created with Acrobat. | 1 | positive |
However, the reported net profit is a little bit distorted by the sale of Plant Breeding International Cambridge in the 3Q98 (estimated net profit after tax of E254m for PBIC) and extra marketing investments in North America and Latin America of about c45m. | 2 | negative |
Dell expects to continue pricing its printing hardware to gain share through the rest of this year (i.e. roughly at break even); however, the company may begin a more profitable approach to the business in 2006. | 1 | positive |
Assets under management of $290.2 billion compared to $299.4 billion in 4Q-01 and $297.7 billion in 1Q-01, down 3.0% and down 2.5%, respectively. | 2 | negative |
We are in the camp that believes the US will outperform once again in 2006. | 1 | positive |
CTS continues to see strong growth rates fueled by competitive wins from Alaris and Pyxis, while MPT benefited from a faster-than-expected integration of Viasys as well as several successful new product launches. | 1 | positive |
Management also said that its engine share at Volvo specifically was disproportionately high early in 2007 due to low volumes and that it expects to exit the year with roughly 33% engine share at Volvo. | 0 | neutral |
At the same time, the industry is becoming more dynamic as children are losing interest in traditional toys at a younger age. | 0 | neutral |
As might be expected, the secularly declining micrographics business turned in slightly negative year-over-year sales performance. | 2 | negative |
Allergan, Inc. is a global specialty pharmaceutical company which currently has three core business segments: specialty pharmaceutical products (67% of 2001 sales), contact lens care (18% of 2001 sales), and surgical products (15% of 2001 sales). | 0 | neutral |
Aerospace's operating margin declined to 6.3% from 17.0% in the prior year's second quarter. | 2 | negative |
The first new products, which has 5 risk tiers instead of 3, is already in 8 states and will be introduced in the remaining 30 states of business by March 31. | 0 | neutral |
Domestic beer shipments +4.2% and sales-to-retailers +3.6% were stronger than our recent estimates of 3.8% and 2.8% respectively. | 1 | positive |
This does not concern management unduly--it sees this as a commodity business and runs it for cash. | 0 | neutral |
Endosurgery posted sales of $347M, up 9% and just ahead of our forecast, with modest upside relative to our forecast coming from Urology sales of $109M (+9%). | 1 | positive |
conversations confirmed previous checks we've had indicating the same. | 0 | neutral |
Consistent with the company's November 2004 investor day, the theme of consumerism still provides a common thread for many of the different segment business strategies and a view that its businesses are still at a relatively early stage of their growth potential, having penetrated only a small percentage of existing ma... | 0 | neutral |
This development positions abarelix for a 2H00 filing and 2H01 launch. | 0 | neutral |
Demand was strong across all technology segments but particularly in Well Services and Well Completions & Productivity technologies. | 1 | positive |
First, many investors have preferred gold-mining companies to maintain an "untainted" exposure to gold. | 0 | neutral |
Management highlighted a renewed focus on capital discipline and enhancement of current properties. | 0 | neutral |
Although consumers may not opt to use a 24hour location each and every time, we believe that they like knowing that the service is available as an option, and that there prescription is readily accessible at any time. | 1 | positive |
Importantly, we believe the PBM model can generate longer-term earnings growth in the mid-teens to 20% on 5% or less in membership gains, assuming per capita utilization growth in the 5% range, ongoing expansion in mail order and generic penetration, and typical distribution-oriented gains in operating margins through ... | 1 | positive |
Resulting In A Significant Compression In Relative Valuation. | 0 | neutral |
� We previously estimated a smaller impact on production, assuming Harley would ship extra Sportsters, Dynas and V-Rods from its Kansas City plant. | 0 | neutral |
1) The integration of the Paper Mate/Parker writing instruments acquisition is moving faster than expected, showing a profit. | 1 | positive |
In summary, while the best of the cycle is likely behind us, trading opportunities should exist ahead. | 0 | neutral |
Also adversely affecting the company' results in third-quarter 1998 was s a loan loss provision of $75 million; J.P. | 2 | negative |
This will improve cash flows and lower production costs. | 1 | positive |
Our `what's in the price' analysis suggests the market thinks DRI will earn $1.50-$2.00 in FY09, a scenario requiring >6% down comps and a collapse of margins to late `90s levels. | 2 | negative |
The company enjoys an excellent reputation within the market place for client service and quality, and this is reflected in its market shares ranking within large corporate pension plans, including endowments and foundations. | 1 | positive |
Specialty, helped by acquisitions, generated a 27% increase in sales during the quarter. | 1 | positive |
Debt maturities remain manageable in the near term. | 1 | positive |
We expect new Rx growth to moderate going forward, primarily because of tougher comparisons and secondarily because of competition � specifically, the entrance of J&J's Aciphex (3.6% share in July), the roll-out of AHP's Protonix (a strong 80bp gain to 1.3% in July) and late 2000/early 2001 introduction of generic... | 1 | positive |
Purchased power costs were $25.44 per Mwh in 3Q99 compared with $15.36 per MWh in 3Q98, a 66% increase. | 2 | negative |
Valuation We are initiating coverage of Pall with a Hold rating. | 0 | neutral |
In our last quarterly earnings note we indicated that Merrill was coming out of its restructuring phase into a growth phase. | 1 | positive |
Gross margin: As expected, DG' gross margin fell 24 basis points to 26.8% versus 27.0%. | 2 | negative |
Against a softening aftermarket environment, we like Tenneco's recently implemented broad restructuring plan to realign capacity and reduce head count in its North American and European OE and aftermarket operations. | 1 | positive |
EMC's 4Q05 results contained some ominous data points. | 0 | neutral |
� In the US trials, 81% of patients using imiquimod five times a week and 52% of those using imiquimod three times a week saw their sBCC clear. | 0 | neutral |
In terms of the product portfolio, the company attributes strong demand in the quarter to the Palacos G (a Gentamicin antibiotic-loaded bone cement for the second stage of a two stage revision) used in arthroplasty procedures. | 1 | positive |
Management has expressed concern about other participants in the program using this program as a marketing tool, rather than as a philanthropic endeavor, with many participants charging for state and city filings while Intuit provided these services for free. | 2 | negative |
In growth terms, this represents a 5% increase from the previous year, or a flat showing, excluding the $0.05 per share benefit from the elimination of goodwill amortization. | 0 | neutral |
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.