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We think the two most critical businesses to Time Warner from a stock perspective are cable (due to its size within the company) and AOL (due to the low value investors ascribe to it). | 0 | neutral |
Following the normal seasonal patterns for the first quarter, we are estimating sales should fall to $1.845 billion, operating expenses tick up to 12.4% of sales and gross margins decline slightly to 17.6%. | 2 | negative |
The aircraft are produced with composite fuselage technology. | 0 | neutral |
We believe the stock is fairly valued and reiterate our Peer Perform rating. | 1 | positive |
We initiated coverage of IMS Health on August 24 with an Outperform rating and $35 price target. | 1 | positive |
Excluding the acquisition and the company's Medicare spending, Aetna's SG&A ratio would have improved an additional 90 basis points versus the prior quarter, and 100 basis points for the year. | 1 | positive |
� The eventual resolution of ongoing Department of Justice investigations into the industry may force changes in industry practice that result in greater competition thus increasing pricing pressure and limiting the scope for anticipated savings in operating expenses. | 2 | negative |
After reviewing our model, we have elected to lower our margin improvement assumptions for 2004 which lowers our 04 EPS estimate from $2.90 down to $2.80. | 2 | negative |
Unit expenses, however, declined by 6.2% to $48.7 million, resulting in St. | 1 | positive |
The primary risk to our price target is the semiconductor capital equipment cycle. | 2 | negative |
The majority of Phelps' beneficial domestic copper production is used by the company to produce continuous-cast copper rod; the corporation is the world's largest producer. | 0 | neutral |
However, lower employee benefits, financing costs and improved performance from FE's fossil generation fleet helped to partially offset the costs of the nuclear outages. | 1 | positive |
owned properties increased 8.6% (vs HLT at 10.2% and guidance of 7%-9%). | 0 | neutral |
We suspect that program may take time to be recognized in the marketplace but will eventually be rewarded by investors paying for increased leverage to rising gold prices. | 1 | positive |
We believe that this compensation system aligns incentives with shareholders' interests.. | 1 | positive |
Pharmaceuticals - Profits remained under pressure due to higher raw material (pulp) prices. | 2 | negative |
STOCK RATING EQUAL-WEIGHT Price (October 5, 2004) $39.37 Price Target NA 52-Week Range $39.27-19.25 Stock ratings are relative to the analyst's industry (or industry team's) coverage universe. | 0 | neutral |
Still, with Boston likely to enter the drug-eluting stent market in 1Q04, St. | 0 | neutral |
Geographically, revenues in the Europe/CIS/West Africa region surged 18.5% sequentially, to lead all geographic regions. | 1 | positive |
Accordingly we are not alarmed by this decline and do not believe that it indicates any change in the tone of business. | 0 | neutral |
Beyond our cautious view on the asset management sector, we also think that the self-directed retail business could be impaired for an extended period. | 2 | negative |
INVESTMENT THESIS Our positive view on HET is based on 1) the benefits of the Caesars acquisition and 2) attractive valuation, 3) generally decent operating results across most of its portfolio, and 4) a relative under-appreciation of 1 thru 3. CZR acquisition is compelling, in our view. | 1 | positive |
Pension expenses dropped from $454 million to $349 million. | 1 | positive |
Despite attempts by management to follow a more conservative operating strategy, the NMCI contract continues to fall short of expectations. | 2 | negative |
Maintain Buy 2 Rating and $34 12-month price target. | 1 | positive |
At 21X P/E on our CY05 estimate, we believe that the shares offer an attractive entry point to be well ahead of a major Windows release in late CY06, which can serve as a strong, positive catalyst for the stock. | 1 | positive |
3Q sales were down 7% YOY to $1.527B from $1.649B, reflecting declines in Kodak Professional and Other Imaging and flat trends in Health Imaging. | 2 | negative |
We believe management's guidance appears reasonable, as we do not anticipate an increase in resin pricing to such a magnitude as in 2004-2005 (barring a cataclysmic event or supply disruption) and the Company continues to benefit from cost savings initiatives and plant consolidation efforts. | 1 | positive |
One, chaperone molecules are competitive inhibitors that bind to the active site of the molecule. | 0 | neutral |
However, this was partly offset by strong linked-quarter growth in non-interest bearing deposits from both commercial and consumer deposits. | 1 | positive |
Achievement of price target may not be met if economy continues to deteriorate. | 2 | negative |
EBITA, before corporate expense and digital media, grew 13% to $1.27 billion, representing a margin of 19%, ahead of our $1.25 billion forecast. | 1 | positive |
Coca-Cola: Look for 1Q Earnings to Continue Streak of Upside to Consensus. | 1 | positive |
At this time, INTU expects FY05 revenue growth of 11%-12% revenue growth, up considerably from initial FY05 guidance of high single-digits revenue growth. | 1 | positive |
� Following quickly on its announcement late yesterday afternoon of a modification to its agreement with Aber, Tiffany announced this morning that it has sold its 8mm shares (13.9% stake) of Aber Diamond Corp. stock in an overnight transaction. | 0 | neutral |
Price Target: (12 months) for (ET) Method: Our $26 ET target price is derived from discount cash flow (DCF) valuation utilizing a 5% longterm earnings growth rate and 12% discount rate. | 0 | neutral |
MXIM has roughly $1.2b in cash and equivalents and we believe a buy back in excess of $750m will require the potential use of debt. | 0 | neutral |
Currently, Dominion's stock price of $38 3/4 implies an offer price for CNG is $59, which is in line with our 12-month price target for CNG, which is based on a multiple of fundamental earnings rather than break-up value. | 0 | neutral |
While the environment seems bleak currently, we believe it's unreasonable to expect this to be the long-term trend. | 2 | negative |
Latin America revenues increased 8%to $723 million while operating margin expanded 140 bps to 22.4% versus the prior quarter. | 1 | positive |
Hence there is downside risk to the stock should the market deem this premium is unwarranted.. | 2 | negative |
Hewlett-Packard's stock has nose-dived from over $130 in mid-July to yesterday's close of around $91, and currently trades at a market earnings multiple and well below its historical average on a relative price-to-sales basis. | 2 | negative |
Net income of $216.3 million, included $1.8 million of net realized gains as well as $10.2 million of favorable other adjustments. | 0 | neutral |
After trading at about $200, plus or minus about 10%, through most of the 1990s (see Fig. | 0 | neutral |
In January, SGO announced that a powder formulation of mometasone, Asmanex Twisthaler, was being launched in the UK for control and management of mild, moderate or severe persistent asthma. | 0 | neutral |
Q3 and full year guidance both include a shift in volume mix toward NGLs. | 0 | neutral |
Approximately 7.0 million shares were issued in 3Q05.. | 0 | neutral |
In turn, we believe it is reasonable to expect some moderation in comps ahead. | 2 | negative |
Although BUD domestic beer business appears to show some signs of stabilization, we would advise investors not to buy the stock at the current price. | 2 | negative |
Over time, we expect more merchants to accept Amex cards as more cardholders carry them precisely because of marketing campaigns such as that on which MBNA is embarking. | 1 | positive |
A roughly 85bps y/y improvement in transportation gross profit margins helped stimulate y/y gross profit growth. | 1 | positive |
About 50% of non-exempt employees are trained, and Praxair expects to reach 100% by year-end 2006. | 0 | neutral |
We are also revising our FY05 estimate to $2.00 billion in revenue from $1.87 billion and our EPS estimate goes to $1.55 from $1.47. | 0 | neutral |
SG&A spending of $99M was below our $103M estimate, and remained constant as a percentage of revenue (23%). | 1 | positive |
BRCM claimed infringement of another set of 5 patents relating to communications and multimedia processing. | 2 | negative |
After repurchasing 3.1mm shares in 1Q07, we have modeled an additional 3mm of share buyback for the second quarter. | 0 | neutral |
(essentially that the TKT product is nearly the same as what is described in the Amgen patent, while not identical), in light of the fact that Amgen added a limitation to the patent ("Figure 6" which describes the amino acid sequence of the product) for patentability purposes. | 0 | neutral |
Viread's July and August sales figure from IMS was $87.9 million, in line with our estimate of $200.0 million for 3Q04 (versus the consensus of $199.2 million). | 0 | neutral |
Inventories returned to the mid-60-day area, which is closer to historical levels in the low 60s. | 0 | neutral |
Our earnings model is based in large part on our standalone models for BFI and Allied in 1999 and 2000. | 0 | neutral |
Unfortunately, Cooper did not appreciate the increased demand for its new HP products, which pressured its manufacturing capabilities, or the time required to educate its employees with respect to the new equipment and processes. | 2 | negative |
While we are warming up to BAC now that a dividend cut and capital raise is behind them, we still see integration risk related to CFC and MER acquisitions, and the environment remains challenging. | 2 | negative |
Also, employment levels were reduced from 26,231 as of April 2001 to 9,222 as of June 30, 2002. | 0 | neutral |
In 2001, Marlboro represented 76.2% of PMUSA's total shipments while Newport may have represented 84.7% of Lorillard's shipments. | 0 | neutral |
Management attributed the improving large deal business to the recovering IT spending environment and emphasized the small dependence VRTS has on deals greater than $1 million. | 1 | positive |
On 8/22, the FDA approved Nplate (romiplostim) for chronic immune thrombocytopenic purpura (ITP) in adults. | 1 | positive |
Risks With the majority of XRX's revenue tied to business spending, we believe XRX's shares are particularly sensitive to interest rate changes, GDP growth, and macroeconomic factors. | 2 | negative |
First quarter gross adds were slightly higher than we were expecting, but the bulk of the net adds surprise came from improved churn, a very positive development. | 1 | positive |
We believe deserves to trade at a 2-3 multiple discount to the thrifts owing to a higher proportion of non-cash earnings from the mortgage business and the low profitability of its balance sheet, which is likely to offset strong long-term asset growth. | 2 | negative |
Our $50 price target is based on only an 18x multiple on Circuit City's core business.. | 0 | neutral |
The High Growth Yogurt Category Yogurt as a category is expected to reach roughly $8 billion in 2010 at a high CAGR of 6.2% vs. the 2-3% long term sales growth target of any typical food company. | 1 | positive |
We project sales of $2.7 billion this year to grow to $3.5 billion in 2007, driving earning per share of $2.30 this year, $2.77 in 2006, and $3.31 in 2007. | 1 | positive |
Thus, we are initiating coverage with a "2" rating and a one-year price target of $85 (40x our calendar 2000 EPS estimate of $2.13).. | 0 | neutral |
Expansions of these facilities, plus additional imports, are expected to allow Goodyear to produce 1O-l 2 million incremental units for the North American market in 2000 vs. 1999. | 0 | neutral |
There appears to be limited focus on the issue of bone pain and hormone flairs among urologists and oncologists treating these patients. | 0 | neutral |
Again, Wyeth suggested that '05 EPS could approach or exceed the high-end of EPS guidance of $2.80-$2.90. | 1 | positive |
SG&A as a percentage of sales increased by 110 basis points, reflecting the lack of sales leverage on labor costs. | 2 | negative |
Risks Risks inherent in an investment in ADP stock include soft sales in ES, the difficulty of growing profits off a large base, economic cyclicality, high exposure to interest rate fluctuations, exposure to service areas entered in recent years, and acquisition and integration risk... | 2 | negative |
But the additional margin and exclusivity it could provide may make some foray worthwhile. | 1 | positive |
Folders allow organizing and viewing of each item by artist, album and track number. | 0 | neutral |
Stock Interpretation: Minimal Stock Reaction We expect a muted reaction to VFC's 1Q earnings upside given the somewhat weaker than expected 2004 outlook. | 2 | negative |
Kohl's reported 4Q07 EPS of $1.31 � in line with our estimate and $0.01 ahead of Street consensus (revised guidance set at "low end" of $1.30-$1.34). | 0 | neutral |
Net fuel costs were $538 per metric ton, better than our expectation of $598 per metric ton. | 1 | positive |
This quarter was positively impacted by a gain of $26 million from an accelerated amortization of payments previously received in connection with a product supply agreement, where the other party elected not to extend the agreement. | 1 | positive |
Specifically, 4Q's total land-related charges of $757 mil. | 0 | neutral |
Exhibit 18: Citizens Communications Revenue Growth 2002-2007. | 0 | neutral |
We note that our current model reflects our forecast for approximately 15% growth for this business in 2000 and less than 10% growth in 2001.. | 1 | positive |
Nevertheless, Texaco continues to review all options, including combinations. | 0 | neutral |
The incremental $31 billion of revenue is expected to come from all segments but disproportionately from software and peripherals (including printers), services, storage and international markets. | 1 | positive |
3. Ability to integrate ADE, Therma-Wave, On-Wafer and SensArray As with any acquisition, KLAC runs the risk of dropping the ball on integration and operational profitability with the potential for a four-way integration in '07. | 2 | negative |
As we have articulated in the past, we believe a larger portion of these orders were from IBM, where Novellus recently won the copper barrier/seed business for 300mm. | 0 | neutral |
From a top line perspective, we estimate that Automotive revenue increases 16.5% to $19.9 billion and Controls revenue increases 9.0% to $7.1 billion. | 1 | positive |
Operating profit (of $50 million) was up 11% year over year and margins improved 50 basis points. | 1 | positive |
The issue in the UK continues to be the weak CSD category and that remains the go forward issue for Coke/CCE in the UK. | 2 | negative |
In addition, management restructured the terms of the credit facility, lowering the interest rate by 150 bps (from LIBOR + 350 bps to LIBOR + 200 bps). | 1 | positive |
However, the number of shares does change moving from 107.8 million diluted shares to 116.8 million. | 0 | neutral |
Driving the increase was higher coal sales and higher sales of reclaimed mine properties.. | 1 | positive |
Sears' vendors have also made significant progress. | 1 | positive |
With the expected introduction of new Vitros Fusion system (described below) in 2003, the company hopes to be able to grow share. | 1 | positive |
Sales to top ten customers saw good momentum, with 8 customers up sequentially, one flat, and one down during the quarter. | 1 | positive |
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.