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Our 2007 EPS estimates are flat, as our expectation for NIM compression offsets these positives.
2
negative
A breakdown of Weyerhaeuser's sales and operating profit along with net income appears in Exhibit 2. Statistics on debt appear in Exhibit 3..
0
neutral
Lifestyle, which includes brands such as JanSport, The North Face and Nautica, represents faster growth and higher margin opportunities for VF's future.
1
positive
The bulk of the capex is directed in the business segment of the market, of which twothirds is success driven - taken to mean the construction of local connectivity to the backbone network for enterprise customers.
0
neutral
Given these statements, it appears that growth is likely to accelerate, and as such we are comfortable with our 20% growth estimate in earned premiums for 2002.
1
positive
APA will acquire 57.8 mmboe in proved reserves at a price of $22.50/boe.
0
neutral
Specifically with respect to ROE, we are comfortable that not only will management realize its 12% goal in 2005, but based upon our analysis, we now consider a 15% level by 2008 to be potentially achievable.
0
neutral
To meet our estimates, eBay needs to generate approximately 25 million listings per week for the remainder of the quarter.
0
neutral
Exhibit 1. Amazon.com Active Customer Accounts and Unit Growth (In Millions).
0
neutral
GZMO has two proprietary technology platforms; antigen discovery platform and SAGE.
0
neutral
(See Chart 1.) Overall, we forecast a growth rate of 12% for the two-year period ending in 1999 and an 8% growth rate for 2000..
0
neutral
Management is scheduled to hold a conf call beginning at 10am EST to discuss results.
0
neutral
Erbitux studies in head/neck and lung cancer continue, but other tumor types do not appear to be a high priority.
0
neutral
For now, we are forecasting only nominal growth in EBIT from the international segment..
2
negative
The offset, however, is that higher interest rates negatively impact the value of their investments, placing pressure on reported book values.
2
negative
The one roadblock between the iPod and spectacular sales is that it works only on the Mac.
2
negative
SMserver: Manages the transmission of alphanumeric messages between mobile subscribers and external systems like pagers and voicemail systems.
0
neutral
Self-help initiatives deliver more than $1.0 billion after-tax income per year.
0
neutral
The agreement, under which Alcoa will acquire all outstanding shares of Reynolds Metals in a tax free stock-for-stock transaction, has an equity value of approximately $4.4 billion, or $70.89 per RLM share (based on AA' August 18 closing price).
0
neutral
Using a multiple to growth ratio of around 1.5x times Yahoo!'s expected three year free cash growth rate of 30% points to a 2005 FCF multiple in the 45x range.
0
neutral
Our price target is now $25, which assumes a multiple of 17 times our CY07 EPS, a 10% premium to the market.
0
neutral
The OUS distribution agreement calls for MedImmune to manufacture and sell Synagis to Abbott at a price based upon end-user sales, and Abbott books all of the sales.
0
neutral
CC's weaker-than-expected 1QF06 EPS results confirmed our belief that the company (1) remains early in its turnaround; (2) is expected to post choppy results in the near-term; and (3) faces an increasingly challenging competitive environment.
2
negative
If KMB achieves its "Global Strategic Plan" targets, we believe margins and returns will slowly improve.
1
positive
Nonperforming assets are at historically low levels.
1
positive
Segment operating profit was $75 million (7.5% margin), essentially flat versus a year ago.
0
neutral
(See Figure 1.) Recognizing that severe weather in February along with war in March impacted consumer spending and were leading "excuses" during the quarter, it is interesting that our A.G.
2
negative
n n. Fifth Third reported a noisy fourth quarter, reporting $0.80 in EPS, $0.01 ahead of consensus and in line with our estimate.
1
positive
Progress in attracting successful marketers will be one of the catalysts we will look for in considering the level of earnings growth and expanded return on equity.
1
positive
Not least, our current expectations through FY2007 incorporate just over $100mm in US Endeavor sales, or one quarter.
0
neutral
Regarding valuation for Valero, we attain our $60/share price target on Valero by applying a relative P/E multiple that is 55-60% of that of the S&P to our $6.05/share projection of mid-cycle EPS..
0
neutral
WAG opened 371 net new stores (new stores less closures and relocations) for fiscal year 2005 and is planning to open 390 net new units in fiscal 2006 and this is of course far greater than any of its pharmacy peers.
0
neutral
Yeda's license of the patent to third parties could result in product competition for ERBITUX* that might not otherwise occur.
1
positive
Arestin is an anti-infective drug acquired as part of the OraPharma acquisition, which was completed in February of 2003.
0
neutral
Qwest's agreement with IBM provides it with a readily available source of engineering talent and an anchor tenant for its data centers (IBM occupies 25% of the gross space).
1
positive
On the other hand, the company is burdened with $18 billion in debt and we forecast negative earnings through 2007.
2
negative
While electronics are certainly cyclical, BNT is exposed to a growth segment that is highly dependent on new product introductions.
2
negative
5. The multi-family portfolio is in significantly better shape than it was at the beginning of the 1990s.
1
positive
Sales for 2000 are estimated at over $500 million, led by Quadrant.
0
neutral
We believe this position is more likely to be consistent with a compromise necessary to get new healthy legislation in place, potentially removing one of the key overhangs on GSE shares.
0
neutral
These numbers suggest two years of roughly 15% earnings growth.
1
positive
We think the central risk to the story will be flows in the ST� both equities and perhaps fixed income.
2
negative
This represents a 41% discount to the industry average P/E multiple for 2006E of around 17.5x.
0
neutral
Our new December 2009 price target for IFF of $30 per share is derived by applying an 11.5x P/E multiple to our 2009 estimate of $2.60 and reflects an 8.1x '09 EV/EBITDA multiple.
0
neutral
Formulation patents might protect Vasotec to a limited extent.
0
neutral
(2) Eliminations /Other consists of the following: (a) the elimination of intercompany revenue and expense between intermodal and container shipping and between contract logistics and rail; (b) a portion of interest expense between container-shipping and the parent company; and other corporate expenses.
0
neutral
Our 2002 estimate of $3.15 (new GAAP) contemplates continued weak capital markets income, good expense controls, a declining net interest margin and slightly higher net charge-offs.
2
negative
FCC strongly suggested it would apply access charges to Internet-based phone-tophone connections, but not those accessed by computer.
0
neutral
Robinson settled the three lawsuits in 2003, and it recorded a charge of $4.3 million ($0.02 per share) during Q4 2002..
0
neutral
The company continues to benefit from lower interest expense due to debt reduction.
1
positive
The company's three operating units are Travel Related Services (TRS), American Express Financial Advisors (AEFA), and American Express Bank (AEB).
0
neutral
Gross margin is conservatively projected at 36.7%, vs. 37.5% in the June quarter and 37.2% last year..
0
neutral
California is emerging from several years of a slow economy.
1
positive
We do not view such a discount as warranted, as it implies that F&F companies are significantly less defensive than staples..
0
neutral
2) McKessonHBOC is reviewing all aspects of HBOC's business.
0
neutral
Jude continues to execute on all fronts, with excellent operating fundamentals across most of the major businesses.
1
positive
Avaya to Report on July 25, 2005, at 5:00 PM EST. We expect sales to be in line around $1.25 billion but believe there is risk to our EPS estimate of $0.13.
2
negative
We believe this is a 6-12 month opportunity for Nvidia.
1
positive
With a high annual cost basis of around $110 million, Motorola will clearly have to cut costs to minimize the negative impact on margins and profitability.
2
negative
In particular, results from 38 evaluable indolent NHL patients documented that approximately 24% or 9 patients had objective responses, with 6 responses (out of 14 or 43%) at the final dose selected.
0
neutral
For F2004, we are projecting 3% sales growth for perfusion products to $231 million.
0
neutral
OXY projects its sales this year of Ethylene Dichloride (EDC), one of its key chemical products, to be the lowest in 10 years.
2
negative
This profit was mainly attributed to extraordinary gains, specifically a reduction in loss reserves for discontinued products.
2
negative
Sunoco's trading department already does this on a regular basis to minimize feedstock costs.
0
neutral
Almost all of the recurring revenue stream is attributable to remote processing services, which generally have five-year contracts and typically do not begin to generate revenue until services begin (8 -12 months from contract signing)..
0
neutral
A Few Silver Linings Tyco reported FQ4 EPS of $0.48 excluding unusual items.
0
neutral
Symantec signed 376 contracts worldwide each worth more than $300,000, including 99 worth more than $1 million during the quarter.
0
neutral
While California opened at 70%, within management's target range of 70%75%, this was on the low end of the range, which we continue to find troubling.
2
negative
The deal will be financed by proceeds from previously announced Northwood pulp mill sale (initial net cash proceeds of $150 million), free cash flow and $200-250 million of short-term debt.
0
neutral
Re-launch of Enbrel franchise: Increased penetration and broader indications to drive Enbrel sales.
1
positive
Rating and Price Target History for: Andrew Corp. (ANDW) as of 07-26-2006.
0
neutral
RBC Capital Markets has provided Apartment Investment and Management Company with non-securities services in the past 12 months.
0
neutral
(4) CB's 2003 guidance of $4.60-$5.00 per share assumes a leveling off of D&O and E&O claim activity in Chubb Specialty, however, in our view, this may be aggressive given the current unfavorable trends in the market.
2
negative
This influx of generic competition is expected to stifle pharmaceutical sales growth down from the current double-digit level to the mid- to low single digit level.
2
negative
JKHY has been building various capabilities to attack the upstream market over the last year or so.
0
neutral
� While SWY trades at a low earnings multiple (9.2 X 2004), we continue to avoid the shares due to risks in the distressed sale of Dominick's, other possible acquisition "work-outs" and secular pressure on the supermarket channel.
2
negative
The bank is clearly gaining market share in many key areas.
1
positive
We are unable to assess the merits of the action or potential outcomes, but note that in 2000, Coca-Cola agreed to pay $192.5 million to settle a similar suit that included approximately 2,000 plaintiffs.
0
neutral
The mid-point is in line with the company's past five year average sequential growth rate of 5%, excluding the outlier in 2001.
0
neutral
The market cap of the automotive business after the spin-off of the packaging operations is expected to be under $1bn..
0
neutral
The above-average retirement rate in 1999 stems from the fact that Delphi workers can retire on a pension that will still be paid by GM until the end of October.
0
neutral
For Q2, Motorola expects revenues to be up slightly relative to Q1 with operating margins improving.
1
positive
The U.S. results--sales, premium income, investment income and earnings--were all on tough year/year comparisons.
0
neutral
The company also acknowledges that gross margins are not expected to improve substantially over the next several years.
2
negative
EPS estimate by $0.06 to reflect the upside in the headline number this quarter, our 4Q06 and 2007 EPS estimate of $1.20 and $5.25, respectively, remain unchanged.
0
neutral
Prior to today's release, '03 consensus reflected just 7-9% EPS growth.
0
neutral
The company would have to increase average selling prices by 2% to offset these cost pressures.
2
negative
The segment operating rate decreased to 32% from 38% in 1Q09 and 45% in 4Q08.
2
negative
As such, we don't see much value in the shares over the next 12 months.
0
neutral
Of this increase in branches, 50% has been in Asia ex.
0
neutral
Given Apple's pre-announcement of fiscal first quarter (December) revenue and net income yesterday, which brings us to $0.35 per share on the bottom line, versus a previous estimate of $0.13, we are raising our full-year (September) 1998 number from $0.15 to $0.22.
1
positive
New plans should also be rolled out in specialty lines in 2005.
0
neutral
Ford met our expectations in Q4, and edged the Street by a penny, achieving EPS of $0.08, or $150m.
0
neutral
Given the April trends from the U.S. (positive), South Korea (negative), Japan (mixed), and now China (negative), we are comfortable with our low-end estimates and believe upside is less likely.
2
negative
The company believes its online business is unique in being explicitly approved for operation in all 50 states.
1
positive
Driving top-line upside was better than expected average revenue per billable consultant of $231,900, $28,900 ahead of our $203,000 expectation.
1
positive
Applied's return on invested capital would have been 53%.
0
neutral
There are two years that we treated differently than the others--1990 and 2001.
0
neutral
On a sequential basis, revenue weakness was driven by the communications (30% of sales, down 5% q/q and 11% y/y), enterprise computing and storage (16%, down 7% q/q, down 16% y/y) and multimedia (8%, down 2% q/q, down 21% y/y) segments.
2
negative
HMA's DSOs rose sequentially to 74 days from 66 days in Q2 due to delays in obtaining Medicare tie-in notices for several 2006 acquisitions and to CMS claims payment held for the last 9 days of the federal fiscal year under the Deficit Reduction Act.
2
negative