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The company's return on net assets (RONA) has steadily declined over the past decade, from 9.7% in fiscal 1992 to 3.5% in fiscal 2001, primarily due to margin pressure (Figure 41). | 2 | negative |
Considering that railroad traffic seasonally increases by roughly 25% in March from February and January levels [with chemical traffic (fertilizers) constituting a large proportion of that increase] the situation grows more precarious with each passing day with the risk of a national emergency rising. | 2 | negative |
To date, over 600 fractures have been reported, with death resulting in about two-thirds of these cases. | 0 | neutral |
The company attempts to provide a one-stop-shop for enterprise software, including database, application server, business applications and professional services. | 0 | neutral |
Box office performance was stronger than a year ago, driven largely by the May 30 release of Disney/Pixar's Finding Nemo. | 1 | positive |
We now estimate a 40 basis point decline in gross margin year-over-year to 47.7% in Q3, versus a 70 basis point decline in Q2. | 2 | negative |
By our estimate, May '02 ad revenue was down 2.4%. | 2 | negative |
We believe the company will benefit over time from sales of coke. | 1 | positive |
The Goldstar renewal rate increased from 81% to 83%. | 0 | neutral |
Our target price is based on 11x our 2005 EPS estimate of $6.85, based on continued improvements in CIGNA's Health Care segment fundamentals, which we believe lower the risk in the company's turnaround. | 1 | positive |
FCF was $434m, $318m ahead and 46% growth y/y on better w/c but also higher capex. | 1 | positive |
SEE: Japan Officially Lifts Two-Year Ban--Catalyst For 2006 � As we highlighted in our note last week, "Japan Potentially Lifting Beef Ban; Positive," the Japanese government agreed today (12/12) on lifting a two-year ban on U.S. and Canadian beef imports, which previously represented a $1.7B market (about 50% of ... | 1 | positive |
We expect fiber to settle back to an equilibrium range once pipeline buying is over. | 0 | neutral |
Our 2005 target price is $98, implying a P/E multiple of 13.7x our 2005 EPS estimate of $7.16. | 0 | neutral |
Over the next few years the profile of contracted generation declines to 75% in 2009 providing earnings visibility for a long period. | 1 | positive |
This has resulted in our raising our EPS forecasts for the second time this year. | 1 | positive |
GDS contract renewals represent a risk, but this should no longer be an issue by the time that the break-up occurs. | 2 | negative |
stocks and/or a general equity market downturn may affect GILD's ability to achieve our price target. | 2 | negative |
Ongoing capital expenditures should be limited to $1.1 billion, and is to be funded from internally generated funds. | 0 | neutral |
Moreover, we look for the company to continue to spend about $100 million per quarter on share repurchases. | 0 | neutral |
We had projected second quarter net income of $14.2 million, or $0.15 per share. | 0 | neutral |
The company plans to open 48 stores in FQ3 with a majority opening in October. | 0 | neutral |
Management appeared conservative regarding its reserve calculations and has re-confirmed a reduced output for the stand-alone operations. | 2 | negative |
wears out the GM (GM, $45.02, Outperform, target $54, Underweight) components that really grew from the smaller truck up; this is PACCAR's opportunity. | 1 | positive |
Gillette is acquiring the brand, product lines, and intellectual property, but no manufacturing capacity. | 0 | neutral |
Trovan is Pfizer' other s star of the emerging product group. | 0 | neutral |
Certified as class action in September, and trying to opt out of Zawikowski case. | 0 | neutral |
Golf and leisure accounted for one-quarter of the company's total operating income, up 3 percentage points from last year's first quarter. | 0 | neutral |
Management expects card revenue growth in 2007 as a result of higher outstanding balances and spending volumes. | 1 | positive |
We have also assumed the partial spin-off of Shurgard Europe as a publicly-traded European Company in FY10 as well as trading day's market close, EST (unless otherwise noted). | 0 | neutral |
Conclusion: We are maintaining our thesis and Underweight rating, and we'd take profits on a sustained rally. | 2 | negative |
Excluding depreciation of $10.4 million in cost-of-goods-sold (COGS), Linear's COGS declined 29% sequentially, in-line with the 29% sequential decline in revenue. | 2 | negative |
1Q07: Healthy Outlook, With AWP Case a Swing Factor. | 1 | positive |
As a result, we are maintaining our BUY rating on JCI.. | 1 | positive |
We adjust fiscal 2006 sales up $59mm, and leave EPS at $2.15, consistent with company guidance. | 1 | positive |
Management anticipates revenue and gross profit gains from customer centricity stores to offset these costs. | 0 | neutral |
Moreover, shippers in our survey gave UPS the best score in service reliability among ground products. | 1 | positive |
Remods are existing aircraft that are modified to include upgrades and improvements to the program. | 1 | positive |
To us, the only mitigating factor is its cash per share of $3.17, which may act as a level of support, but if its strategy falters and the company continues to post losses, that could be at risk as well. | 2 | negative |
Merck has entered into a tolling agreement (the "Tolling Agreement") with the MDL Plaintiffs' Steering Committee that establishes a procedure to halt the running of the statute of limitations (tolling) as to certain categories of claims allegedly arising from the use of Vioxx by non-New Jersey citizens. | 1 | positive |
We highlight that RX noted modest improvement in 2003 from its global customer satisfaction survey (from 6.7 to 7.0 in U.S./Europe, on a 10 point scale), but a score of 7.0 needs to be improved, in our view, to create an ongoing partnership. | 1 | positive |
Greenberg becomes "Honorary Citizen of Shanghai" General Insurance Division of AIA renamed and established as AIU Shanghai Branch AIG raises $1.7 Asian Infrastructure Fund II Zhu Ronghi becomes Premier of China Renovation complete, AIG moves into the highly visible and historic AIA Building in Shanghai S&P assigns trip... | 1 | positive |
We continue to see upside on the international side due to the success of the European launch of Risperdal Consta and the expansion of the drug into new countries. | 1 | positive |
We think there are probably more cost savings at FMN than at most of BBTs other potential Virginia acquirees because of its decentralized structure (58% efficiency ratio in 2000). | 1 | positive |
3Q EPS of $0.87 in Line with Preannounced Target. | 0 | neutral |
The inventory buildup continued to be worked off during the December quarter as well. | 0 | neutral |
We expect the deal to close shortly after shareholder approval. | 0 | neutral |
How Much do you Normally Charge for your Cheapest Two Megapixel Camera? Mean $341 Median $299 Mode $299 Std $84 Dev How Much do you Normally Charge for your Cheapest Three Megapixel Camera? Mean $654 Median $579 Mode $579 Std Dev $139. | 0 | neutral |
The dropped products have pretty much been handled.. | 0 | neutral |
Management lowers guidance for the second quarter. | 2 | negative |
AMR's board of directors recently authorized the repurchase of an additional $500 million in common stock, which we believe mitigates labor risk. | 1 | positive |
How long will the product cycle last? How much revenue can PSFT generate from the new products, which we like to refer to as icing on top of the cake that is the core enterprise and customer management applications PSFT sells? For example, new applications like eBenefits and Resource Mangement are extensions of Human R... | 0 | neutral |
Since Microsoft significantly discounts Windows XP Home edition (~50% discount) for netbooks, it has seen continuous erosion of overall ASP's with the increasing adoption of these low end PCs. | 2 | negative |
Specifically, higher base raw material costs (aluminum + variable costs), coupled with: 1) a slower than anticipated integration of the U.S. Can acquisition, 2) market share swapping in U.S. metal cans (gain in beverage cans / loss in food cans), and of course 3) the plant fire in Germany, have combined to mute earning... | 2 | negative |
Moreover, the delayed release of Playstation 2 with limited supply is likely to impact the video game market. | 2 | negative |
A portion of the success is tied to the roll-out of the No Fee Mortgage Plus product, which accounted for 21% of first mortgage production in 3Q07, up from 11% in 2Q07. | 1 | positive |
Appliance led to the downside, posting a -21% in the quarter reflecting the weak housing environment and lower access to consumer credit. | 2 | negative |
In addition, its expansion activities appear to be aided and encouraged both by local authorities and the central authorities in Beijing as the company serves as a model to other retailers on how to do business in China. | 1 | positive |
First-quarter guidance is $0.04 GAAP and $0.28 excluding charges and stock option expense but retail buy-in benefits. | 0 | neutral |
Chemicals should report healthy volume growth: we forecast 20% sales growth to $505 million with 15% operating income growth to $33 million versus a depressed year-ago quarter. | 1 | positive |
Valuation and Risks Our new $59 target averages a $62 P/E-based target, a $64 PEG-derived target and a $62 DCF target. | 0 | neutral |
In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Xcel Energy. | 0 | neutral |
* Gross margin fell 500 b/p to 35.8% driven by higher close-outs and additional markdown allowances both in the US, Europe and Asia Pacific. | 2 | negative |
The bulk of the earnings surprise came from the equity income line, which included some non-recurring liquidation of Engelhard-CLAL. | 1 | positive |
This compensation plan was put in place in 1996, but the activist firm is questioning conflicts of interest for board members with this pay structure. | 2 | negative |
Execution is key, thus a much greater percentage of an investment made in a food company is dependent on the management team and its ability to execute familiar tactics to grow revenue and profit.. | 0 | neutral |
These models are the first in a series to be made compatible with a dock designed to simplify the process of storing, transferring and. | 0 | neutral |
Since mid-2000, Schering-Plough's gross margins have collapsed an absolute 18%, from 81% to about 63% in 2004 (Exhibit 4). | 2 | negative |
Brokerage offices estimated at 4Q04's disclosed level. | 0 | neutral |
Management noted the long-term visibility in China remains very favorable and the company should continue to benefit with most segments participating in the growth.. | 1 | positive |
We do not expect that RL will give FY10 EPS guidance range in-line given the uncertainty in the environment. | 2 | negative |
Volume and mix contributed 11%, acquisitions contributed 2%, and FX added 5%. | 0 | neutral |
Improved sales performance at new stores also contributed to the total sales increase. | 1 | positive |
AT&T plans to support its new wireless customers via its existing operator assistance, information retrieval, billing, and customer service systems. | 0 | neutral |
Clear Channel management is known in the radio industry and Wall Street for making its investors money. | 1 | positive |
Savings from cost restructuring could materialize quicker than the company is guiding for, and we could therefore see faster than expected EPS growth in 2008.. | 1 | positive |
Technical & Industrial (4% of sales) The smallest subsegment of the Bemis portfolio is technical and industrial PSM. | 0 | neutral |
The $83m actual exploration charge remains subject to the timing and result of the two wells. | 0 | neutral |
With only $858 million of debt at the end of 3Q:98, EBITDA coverage of interest expense was approximately 40x, which we expect ot decline to 23x in 1999 due to increased interest expense. | 0 | neutral |
With no new bad news, we expect THC shares to trade sideways in the near term. | 0 | neutral |
We foresee significant opportunity on the West coast in particular, given the high population density and relatively limited competition.. | 1 | positive |
The Coca-Cola Company Estimated bottler shipment trends in selected foreign markets. | 0 | neutral |
Allergan's case (a jury trial) rests on showing how its Lumigan drug is not a prostaglandin like Pharmacia's Xalatan but a prostamide. | 0 | neutral |
We believe that relative to other segments of the P&C insurance market, most specialty insurers and reinsurers continue to focus on pricing adequacy and restrictive policy terms. | 0 | neutral |
We estimate that a $1per-Mwh change in power prices, or the coal spark spread, will impact 2005 EPS and EBITDA by $0.05 and $25 million, respectively.. | 0 | neutral |
The main drivers of this revenue segment are local access lines and other vertical services. | 0 | neutral |
Ashland would have approximately 60.4 million shares outstanding after the completion of its share buy-back program.. | 0 | neutral |
Both the target P/E and EV/EBITDA target multiples are significantly below CAH's historic valuation.. | 0 | neutral |
Wendy's reported strong May sales, potentially reassuring investors who have grown jittery watching sales slowdowns being reported in the casual dining segment of the restaurant industry. | 1 | positive |
The Actonel brand's share trend has continued its sequential decline, from 35.5% in July, 35.1% in August, 34.7% in September, and 34.3% in October. | 2 | negative |
This follows Carrefour's decision to exit the Japanese market in 2005. | 0 | neutral |
However, at current prices as the company faces currency headwind and tighter consumer spending we continue to recommend a Hold. | 2 | negative |
PepsiCo is increasing its marketing investment behind its better-for-you "Smart Spot" products in 2005 and has already announced two marketing agreements. | 0 | neutral |
We still strongly recommend that investors avoid purchases of EP. | 2 | negative |
Given a typical airline's cost structure, if all other factors are held constant, we estimate that airline operating margins would decline by roughly 3.5-4.0% for each $10-per-barrel increase in real (inflation-adjusted) fuel prices. | 2 | negative |
It is unclear whether these factors will become clearer in the next 6 months, year or more but we nevertheless have concerns and thus believe investors at a minimum need to assign a somewhat lower multiple to ConAgra's earnings stream as a result.. | 2 | negative |
We will not adjust our estimate to reflect this relatively insignificant change. | 0 | neutral |
Valuation & Investment Risks Our $30 price target is based on a sum of the parts approach that values the wireline business at an EV/access line of $2,300, Cingular Wireless at 7x 2006 EBITDA, Directory at 7.4x 2006 EBITDA, and Other at 6.5x 2006 EBITDA. | 0 | neutral |
Our revenue estimate for Brokerage Services is $400 million for the second quarter, and $1.9 billion for fiscal 2002. | 0 | neutral |
Specifically, we continue to forecast that, on a GAAP basis, Schwab can earn $0.08 per share in 4Q01 and $0.25 per share for full-year 2001. | 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.