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Fitzpatrick also highlighted that private loan (i.e., nongovernment guaranteed) originations should range between $15-$20 billion per year, which should support SLM's student loan spreads since those loans tend to carry higher margins.
1
positive
TSO's refining margins averaged $6.54/b, down 49% and 21%, from the prior periods, including $10.18/b in California, $2.03/b in the Pacific North West, $9.44/b in the Mid-Con, and a loss of $1.49/b in the Mid-Pacific, down 44%, 85%, 29% and a gain of $4.02/b from a year ago, respectively.
2
negative
How has the emergence of Linux changed your assessment of your principal enterprise systems supplier?.
0
neutral
In the following subsections, we analyze each component of the following income statement and its relevance to the bottom line..
0
neutral
Don't Count Fixed Income Out, And Neuberger Won't Be So Bad.
0
neutral
These factors strongly support our solid outlook for Baker Hughes over the next several years.
1
positive
CTL currently trades at an estimated 1999 P/E of 23x versus the 22x average for the peer group.
0
neutral
We maintain out BUY rating and $65 target, as our outlook for operating cash flow per share is relatively unchanged.
1
positive
We believe Adobe's best practices and discipline are likely to accelerate Macromedia's margin improvement, resulting in this acquisition contributing additional $0.03-$0.05 to Adobe's EPS in F06.
1
positive
In addition, strategic buyers often will pay a higher price for a particular parcel of timber than can be justified by either current or future cash flows if the acquisition provides synergistic value..
0
neutral
Japan posted the strongest results, primarily driven by strong market acceptance of the Spartan family.
1
positive
As We Had Anticipated, FDX's expectations for an economic recovery were too aggressive In the near-term, lending credence to our previously expressed concerns that the company's guidance was based upon too rosy a set of economic assumptions, FDX today announced that it had reigned in its expectations for the pace of th...
2
negative
All financial figures in this report are prior to restatement.
0
neutral
Our survey suggests that Coach's incorporation of new product categories has been well received.
1
positive
CVS overlaps with Eckerd in 68 of the 70 markets (defined by Metropolitan Statistical Areas) in which Eckerd operates and is the number 1 or number 2 player in 51 of these markets.
0
neutral
Similarly, we have raised our expectations for 2010, as well.
1
positive
The elephant in the room remained largely silent.
0
neutral
K2: The sidetrack of well 562 #2 well resumed during 1Q and is expected to be completed in 2Q, with first production expected in 3Q.
0
neutral
We think the stock lacks a catalyst, but is nearing trough levels.
2
negative
One of Palm's key competitive advantages is that it owns the operating system, which it licenses to others (e.g., Handspring, Sony, Motorola, Nokia, and others), which means it can do well if other companies identify different niches.
1
positive
Third, ADP's incremental $150-200 million of R&D investments in FY/04 should persist in subsequent years as an ongoing cost of doing business.
0
neutral
FDC expects to end 2005 with 430 million cards accounts.
0
neutral
However, since the company is, in our view, now a low-teens EPS grower, rather than a 15% EPS grower, we are taking our 2000 EPS estimate to $3.75 from $3.80..
0
neutral
As highlighted in our October 16 note from the ASN meeting, NESP appears to be on tract for an early 2001 approval.
1
positive
On today's earnings conference call, management said the current First Call FQ2:06 EPS estimate of $0.60 is at the high end of their comfort range.
0
neutral
Total residential construction put in place has decreased (27%) year to date in dollar terms compared to the same period a year ago.
2
negative
A strong market debut for Ditropan XL (overactive bladder), expected launches of Viadur (prostate cancer) in Q2 and Concerta (attention deficit disorder) in Q3, and steady growth of Doxil (various cancers) drive 35-50% sales growth prospects for the ALZA Pharmaceuticals line in 2000-01.
1
positive
We estimate Fannie Mae has a fair amount of excess capital.
0
neutral
ASPs continue to rise and we expect an increasing number of "mega deals" in a given quarter.
0
neutral
Cash costs also include realization costs, including treatment and refining charges and concentrate transportation.
0
neutral
Business customers are necessarily prone to higher usage (increasing ARPU) and lower turnover (producing relatively flat churn).
0
neutral
In our view current consensus estimates for Gilead do not adequately reflect the potential of Truvada.
0
neutral
Canada's comps were 10% with total sales increasing by 14%.
1
positive
Total members increased 6% y/y to 1,949K, while confirmations increased from 213K to 227K..
1
positive
Reasons for the "miss after the miss" appear to be gross margin related and may reflect higher than obsolescence expenses.
2
negative
Our pro forma EPS forecast of $0.23 would be an improvement over the $0.18 generated in the year-ago quarter.
1
positive
Jude have already reported Q4 results, we know that these ICD makers saw 30% and 25% growth, respectively, to $396 million and $106 million.
0
neutral
Banks still appear to be holding onto more MBS than they normally do (about $325 billion currently vs. the $225 billion average from 1997 to 2000).
0
neutral
? With gross margins at 45% and continuing to expand, improving opex and a topline story that gets better everyday, TLAB remains our favorite telecom infrastructure name.
1
positive
Temple-Inland's management has made several key strategy decisions over the past few years, with the paper group being a primary focus.
0
neutral
While an interim look at the data will take place sooner, due to the small size of the population, management does not expect the trial to end early.
0
neutral
Last week's widespread computer failures on a $3.8 bil contract with the U.K.'s Department of Work and Pensions were the latest of EDS' U.K. problems.
2
negative
All told, we think that this action can add several hundred basis points to the division's margin by early 2004.
1
positive
Coal Prices Expected to Rationalize by 2010; SO's Fuel Strategy Minimizes Impact SO is one of the largest, most sophisticated procurers of coal in the U.S. burning between 75-80 mm tons of coal annually from a multitude of suppliers and therefore has a good read on the future direction of coal prices.
1
positive
MON will report its 4th qtr on Oct 8, and likely provide guidance for FYAug09 at that point. While Monsanto & DuPont are fierce seed competitors, this is not a zero sum game, and both companies are benefitting from the strong trends in agriculture.
1
positive
After subtracting cost of funds, this results in net income of $542 million from Golden State in 2003.
0
neutral
For the year, the company projects radio revenues to increase in the low to mid-single digit range, indicating a consistent rebound in the second half of 2003.
1
positive
It has a very similar profile to Pfizer's Norvasc, except it may have a more favorable side-effect profile.
1
positive
We remain comfortable with our estimate of $9.75B in revenue, an increase of 6% y/y, and EPS of $0.34 ($0.30 GAAP), which is inline with management's guidance and the Street consensus estimate.
1
positive
Management believes that they will have this completed by the end of the second quarter.
0
neutral
Isdell left open all possibilities as Coke analyzes its options.
0
neutral
MK-0974, a CGRP antagonist for migraines, is on track for a 2009 filing but slow onset of action and moderate efficacy make us cautious on the ultimate potential for the drug.
2
negative
Conclusion: A stellar quarter leaves us impressed once again with the company's ability to drive value on behalf of its clients while creating value for its shareholders.
1
positive
JP's recognized leadership in universal life (UL) and variable universal life (VUL) would be particularly attractive to a bank, in our opinion.
1
positive
We estimate that roughly two-thirds of this gain will come from the paperboard cycle via both moderate volume gains and sharp price increases.
1
positive
Yield growth at 9.6% y-o-y also outpaced our estimate of 6.5% growth bolstered by (1) increases in weight per shipment, (2) fuel surcharges, and (3) currency.
1
positive
Quarter marked by fee weakness and credit deterioration.
2
negative
All of GP's pulp and paper grades--containerboard, uncoated free sheet, white paper, and tissue--are benefiting from higher product prices and unit volumes.
1
positive
Lower expenses helped limit the NOI hit in the quarter.
2
negative
As such, the larger risk is not a short-term shock, but one that persists for a longer period of time (beyond 30 days, which we think is unlikely).
2
negative
Gillette Fusion Trial data compelling, repeat still a little light but on track In conjunction with IRI, we analyzed trial and repeat data for Fusion, Gillette's first major systems initiative in over 7 years.
0
neutral
Institutional and Food & Beverage both increased 2-4%.
0
neutral
Instead, as has been the case over the past couple years, the greater mix of higher revenue and higher margin esoteric testing will be the key to margin expansion for the company.
1
positive
HPC wants to complete the sale of resins and Food Gums, receive strong valuation for FiberVisions, aggressively improve core business operations, reduce working capital and debt, and achieve price increases in several businesses.
1
positive
With this at the high end of the range, SouthTrust's loan loss provision was $3.5 mil lower than charge-offs adding $0.01 to 4Q00 EPS..
0
neutral
A Market Leader - In consumer banking Bar&America will be dominant in many key growth markets across the Country, while its corporate banking operation will be the leader in nearly all main product lines.
1
positive
Our 12-month target price of $46 represents a 15.0x target multiple on our 2005 EPS estimate of $3.08 and reflects our favorable outlook on the department stores and our expectations for continued operating margin improvement going forward.
1
positive
Jude Medical Quarterly Income Statement Comparisons 2001-2008E.
0
neutral
Sharer has been groomed for this transition, and we believe he will provide good continuity in the role of CEO.
1
positive
Other players have been focused on spending now but economics of lending model doesn't support that initiative.
0
neutral
Thermo's product breadth and unique integration capabilities have enabled it to thrive in an environment in which customers are tightening budgets, seeking fewer suppliers, outsourcing services, and demanding more tightly integrated systems that offer smoother workflow and increased productivity.
1
positive
Price Target: (12 months) for (MEDI) Method: Our 12-month target price of $30 is supported by discounted cash flow methodology.
0
neutral
Viewpoint. Marsh & McLennan (MMC) reported 1Q operating EPS of $0.52 (excluding $0.05 per share of noteworthy items such as restructuring, regulatory and accelerated depreciation).
0
neutral
CEO Bill Kerr states the price paid for the Emmis stations has not changed their TV strategy and they continue to look for duopoly and clustering opportunities for their existing stations.
0
neutral
(Other competitors are listed in Chart 24.) A significant difference between the small engine business at PWC and the large engine business of the commercial operation is that in the small engine business, an airframe manufacturer can only justify certifying one engine per model.
0
neutral
Medtronic is the leader in CRDM with sales of $4.9B in FY2007..
1
positive
This will also drive deceleration or even declines for the home improvement industry.
2
negative
At year end the NPA ratio peaked at 1.48% while the reserve to loan ratio of 1.67% was higher than today's of 1.59%.
0
neutral
Fisher Lab Equipment manufactures over 2,000 products including constant temperature equipment, general-purpose lab equipment and reusable glassware.
0
neutral
We simply could not see how taking Diet Coke and reformulating with new sweeteners (Ace-K, aspartame blend vs. Diet Coke's Aspartame) would do very much of anything besides cannibalize existing share.
2
negative
Clinically-diagnosed presented on a 100% pro rata share of multiple claims..
0
neutral
In 2005, we estimate sales of approximately $ 5.48 billion.
0
neutral
Medicaid: The Medicaid MLR of 84.2% was 130 basis points better than our 85.5% estimate.
1
positive
While this represents an 8% premium to both our previous target multiple assumption and the stock's long-term median multiple of 4x, we think the combination of above factors, combined with our estimate for an expansion in ROE makes such a premium warranted.
1
positive
At the analyst meeting, management stated that it is moving an $89 million vascular surgery business from the Endovascular to the Cardiovascular group.
0
neutral
Outside the U.S., development spending is expected to continue in Angola (Block 0, Sanha condensate, and Benguela/Belize); Nigeria (Agbami); and Kazakhstan (Tengiz)..
0
neutral
While the transaction is cheaper on a price-to-sales metric vs DHR's acquisition of Sybron Dental Specialties (2.5x vs 3.1x priceto-sales), the TEK acquisition is more expensive when considering price-to-EBIT, 27.5x vs. 15.4x price-to-EBIT.
0
neutral
Risks: The following risks could impede the achievement of our 12-month $15 price target for CNP: 1) Regulatory risk - rulings counter to assumptions and guidance could negatively impact our valuations going forward; 2) Natural Gas Prices - an increase in natural gas prices over the winter could adversely effect CNP's ...
2
negative
n Despite our outlook for another poor Wave Season, we think a shortterm trading opportunity (on the upside) may exist for the group in th anticipation of Carnival's September 19 earnings call, based on our expectation that Carnival will be relatively optimistic in its outlook..
1
positive
The one perceived blemish on Akamai's quarter was it only added 29 net new customers, down almost 50% Q/Q.
2
negative
While challenges to interchange have generally taken the form of litigation in the US, internationally they have generally come from regulatory bodies.
0
neutral
Dover Resources Dover Resources reported sales of $304 million and profits of $49 million versus our estimates of $241 million and $35 million.
0
neutral
Discounting the considerable value of ADC's venture portfolio, the shares are trading at around 40 times our fiscal 2001 EPS estimates..
0
neutral
Current an d future valuations are based on a share price o f US$1 6.35 on 09/23 /2003.
0
neutral
Our $4.94 EPS number is slightly below recent consensus of $4.95, but justified by continued raw material cost pressure and recent soft end market demand slowing base revenue growth.
2
negative
Wyeth expects for Libel to submit for regulatory approval in early 2005.
0
neutral
Lincoln's new multi-manager product ChoicePlus racked up $100 million in sales.
0
neutral
Unlike the prior year, we did not see a normal slowdown in turns activities at the end of the December quarter - turns were strong at the end of CY4Q07.
1
positive
In 2005, KMG received approval to move to 20-acre spacing in the Wattenberg and the company plans to begin a 20-acre pilot in the Greater Natural Buttes field this year.
0
neutral
Seasonality mostly worked in HPQ's favor, including good Intel server growth, topped off by another boost from currency and share buy-backs.
1
positive