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This reflects revenue of $43-44 billion and 1-3% comparable store sales.
0
neutral
In addition, the litigation settlement is still outstanding.
2
negative
Our model does not reflect potential costs of $380MM related to the company's underfunded pension plan.
2
negative
The European, Canadian, Asia Pacific, Latin American and Africa/Export divisions are part of the International division, which we believe will grow 5% in 2004 and 7% in 2004.
1
positive
We believe that RBOCs are extremely well positioned to capture a significant share of long distance business.
1
positive
Investigations wiped away a valuation that took more than a year to build.
2
negative
Sandoz' Omnitrope (recombinant human growth hormone; rHGH) is a follow-on biologic product based on Pfizer's Genotropin.
0
neutral
On RDC's Q403 earnings call, management stated they expected to move three Gorilla class rigs out of the GOM over the next 12-18 months with the Middle East, Trinidad, and the North Sea mentioned as possible destinations.
0
neutral
Express continued to lead the performance of the apparel division, with an impressive 19% comp increase in January, above expectations, against a 9% comp gain a year ago..
1
positive
Retail ad volume decreased 12.3% in November and represented 30% of total ROP ad volume.
2
negative
Assuming the market appreciates 8% over the next four quarters, we derive a target P/E of 11.8x.
0
neutral
Operating EPS was $0.91, which beat both our estimate and consensus by a penny.
1
positive
Timely, Objective Insight Into Nextel Communications.
0
neutral
On the expectation that these trends continue into FY08, we are raising our FY08 EPS estimate to $3.68 from $3.60.
1
positive
Although it is affected by both pricing and credit quality, this provides some indication of the direction of pricing.
0
neutral
We estimate that the triple stack provides the farmer with ~22.5 bushels per acre of improved yield and $23 in convenience and herbicide/pesticide cost savings.
1
positive
2005 Outlook: In personal auto, "We anticipate that rate increases combined with premium trend will at lest keep pace with loss cost growth...
0
neutral
This approach has allowed the company to cost-effectively integrate desirable product features in the past, such as intelligent caching, the WAFL architecture, multi-protocol support, and Snapshots technology, providing competitive advantage in the marketplace..
1
positive
This situation has been cleared but its impact is reflected in this week' s results.
0
neutral
This money would flow to the parent company in the form of a 6% 30-year loan on the order of $400 million (net of the underwriting costs).
0
neutral
We believe that the company will be optimistic and talk about its future growth opportunities.
1
positive
-Will include roughly $5M of stock option expense in future quarters.
0
neutral
Our appraised value model uses a short explicit modelling period, followed by a semi-explicit period driven by IC growth, asset turn, pre-tax margin and tax assumptions, followed by a fade period to 2039..
0
neutral
In our view, reversal of the valuation allowance is an accounting and not an economic issue.
0
neutral
Reported EPS of $0.76 includes a $0.02 per share impact from discontinued operations and an $0.11 per share benefit from the sale of its Brazilian card operations.
0
neutral
1Q08 EBITDA margin declined roughly 200bp to 14.5% due to significantly higher input costs (up $460mn from the prior year!), as well as investments in marketing and product quality.
2
negative
the risk profile of the Company, we believe that Abbott is not likely to make any additional major acquisitions near term.
0
neutral
The company has included results from its MEDAL clinical program (Multinational Etoricoxib and Diclofenac Arthritis Long-Term).
0
neutral
OIBDA results at AOL were much better than we had expected, especially on the cost side.
1
positive
Overall, Apple executed quite well in an adverse environment, with channel inventory levels near four weeks and company owned inventory of only one day.
1
positive
Pharmaceutical sales were weaker than expected at $328MM, down 2%, partly because of a weak quarter from clarithromycin.
2
negative
The principal risk continues to lie in execution on the 787.
2
negative
Other businesses include materials and controls, as well as educational and productivity solutions.
0
neutral
The debt premiums were $105 million in 2004, which was included in SG&A, and was offset by a $36 million reduction in interest expense.
1
positive
1Q04 operating revenues were $4.42 billion, up 10.9% y-y and up 5.7% sequentially, driven by rolling twelve month commercial premium yield of 8.5%, by our calculation.
1
positive
That would be contingent on negotiating a contract with the Fedex Pilots Association that would be ratified by the pilots.
0
neutral
A reduction in gross margins or share loss could see a revaluating of NVIDIA closer to the lower end of the historical range at 15 times 2007 earnings or $45, or lower if estimates see a downward reduction..
2
negative
Goodyear believes that a restructuring is more akin to the union's desire for the company to tap the capital markets to term out the bank debt due in 2005, thereby removing a significant financial hurdle and does not imply a "haircut" for lenders.
0
neutral
Our current price target assumes that KMI will earn $3.30 per share in 2003 and should trade with a P/E multiple of 19.0x.
0
neutral
Analysis of Planned Myogen Acquisition: A Growing Franchise in Pulmonary Disease Earlier today, Gilead announced that it plans to acquire Myogen for $52.50 per share, or $2.5 billion in cash.
0
neutral
This would pull down an additional $750 million in cash flow from operations.
2
negative
Conversely, the historic promotion of the flagship brand by retailers to attract customer traffic has eroded the brand power in the take-home channel.
2
negative
This is the lowest price/sales ratio in well over a decade.
1
positive
Schoonover may be a top candidate given his existing responsibilities, prior experience, and recent promotion.
0
neutral
Risks: We believe the principal risk to Leggett & Platt achieving our sales and earnings forecasts, and hence our 12-month price target, include weaker-than-anticipated consumer spending trends and unforeseen spikes in input and production costs.
2
negative
However, given the significant volatility, it is difficult to make FX bets out 12 months.
2
negative
Management expressed comfort with its ability to grow FY 1999 sales in excess of 10% (before any new acquisitions) and to deliver EPS of $1.55-1.60, both consistent with our estimates (10.5% sales growth and EPS of $1.60).
1
positive
Non-regulated energy initiatives seen adding to earnings power.
1
positive
Travelocity has exclusive alliances with Yahoo! (YHOO, $10.46, Neutral, target $13), Netscape, America On-line (AOL, $12.89, Restricted), AOL.com, Excite, Priceline.com (PCLN, $2.28, Not Rated), CompuServe @ Home, iWon, and Digitalcity.
0
neutral
Our price target, which is based on a weighted average of traditional multiples and intrinsic valuations, suggests 7% upside potential, compared with a 14% implied upside for our coverage universe.
1
positive
The company ended the third quarter with $1.5 billion in cash and $4.8 billion in debt.
0
neutral
For the full year, earnings from continuing operations increased 28% to $394.9 million ($2.00 per share) from $308.8 million ($1.58 per share) in 2003.
1
positive
STJ reported EPS of $0.68, up 28% and $0.02 above our estimate and $0.03 above consensus estimates.
1
positive
With WFMI shares trading at a premium valuation of 35x our calendar 2008 EPS estimates, a potential slowdown in the consumer looming, and near-term expectations running too high, we believe WFMI valuation could come under pressure over the next year.
2
negative
Investment Thesis: We expect the stock to trade down to $15, (1.2x fiscal 2Q07 book value), as pressure on consumer credit quality builds from expected rising unemployment & higher bankruptcies and the follow-on effects of the mortgage credit crisis..
2
negative
Genzyme is conducting a phase IV study (LOTS) of Myozyme in late-onset patients, with data expected 1Q08.
0
neutral
On Tuesday we hosted meetings with UPS management including Senior Manager of Freight Forwarding Dan Brutto.
0
neutral
Also, the formerly sluggish individual and group life and health business is showing improved signs of growth with 29% growth in specialty benefits sales as group dental and vision sales soared.
1
positive
from full size truck and SUVs) is limiting visibility in Ryder's Supply Chain Solutions segment (SCS, 34% of revenue, 14% of EBIT).
2
negative
End Market Exposures Make ADI's OEM Business More Volatile Topic:Markets Source:Earnings Call.
2
negative
The economy was cited as the culprit and Gateway indicated that it isn't planning on things getting much better in 1H01.
2
negative
Union has five major operating segments: the consumer bank, Market Weight capital management, the commercial bank, the capital markets Industry Ranking: segment and the treasury segment.
0
neutral
Other products include copper cross connects, fiber distribution frames, and various optical components including pump and tunable lasers as well as fiber Bragg gratings.
0
neutral
Consolidated MCR 30 bps below our outlook at 83.2% on lower commercial MCR at 82.9%, we were at 83.8%.
2
negative
For F2006 overall, dilution was $0.19-$0.23 per share, which included $0.10 of onetime items.
0
neutral
Meredith's TV pacings are up mid-tohigh-single-digits in January, up mid-single-digits in February, and up low-double-digits in March.
1
positive
Historically, the company generally has realized gains on the sale of its planes of roughly 15% above the residual value on its books, indicating that it has valued its fleet conservatively.
1
positive
To date, Home Growns have accounted for 80% of the total, with lateral hires making up the remainder 20%.
0
neutral
We saw the In re Bilski case (described below) as important to address since any changes to the validity of the STEPS patents, which protect Thalomid until 2018-2020 from competition in the US beyond the 2013 Orphan Drug exclusivity, would hinder Celgene growth.
2
negative
We believe that current expectations may include a mix of both.
0
neutral
As there are unresolved issues with these projects, we have not included them in our current earnings forecast..
0
neutral
What we must still wait for is the significant acceleration of volume growth in 2H00E to generate volume growth of 56% in FY00E.
0
neutral
Using common EV/EBITDA and PE valuation approaches and multiples that we believe are appropriate given the expected growth rates in this base-case scenario, we arrive at potential per-share valuations in the $262-400 range.
0
neutral
Policies in force continues to show modest growth.
1
positive
Applying a 25% discount to EK's long-term cash flow multiple of 7.4 we derive a target price of $24.
0
neutral
Since then PLD successfully completed several steps towards that goal and we believe the risks regarding its liquidity position have now been sufficiently addressed to warrant an upgrade of the shares..
1
positive
The Optimum GAT trait allows for higher glyphosate application rates and a larger application time frame than other products, and also fits in with DuPont's strategy to expand its sulfonylurea herbicide portfolio.
1
positive
Over the latest five-year period, the relative P/E range has been similar.
0
neutral
Statement of Risk Cisco records the majority of its revenue from enterprise customers.
0
neutral
The yearover-year increase in revenue was largely due to the acquisition of 3-D Geophysical, Inc. in April 1998 and strong data library sales throughout the year.
1
positive
Operating profit increased by 20% to $535 million, up from $368 million.
1
positive
Duragesic sales declined 19% on a reported basis during the fourth quarter, including a domestic revenue decrease of 17% and international decrease of 19% as reported.
2
negative
Figure 5 outlines the rising estimated cost of developing an ASIC at various generations of manufacturing processes.
0
neutral
We have adjusted our nominal 12-month price target to $15 from $18 to reflect the limited near-term upside.
0
neutral
The financial information excludes the impact of the proposed merger and the integration of the company's business.
0
neutral
Highlights: Amgen licensed rights to a Phase III product for the treatment of hormonally-responsive prostate cancer and a similar Phase I/II product for the treatment of endometriosis.
0
neutral
The remainder represents tremendous execution by the company, and the associated increase in market share.
1
positive
Having pioneered the code division multiple access (CDMA) mobile wireless standard, QUALCOMM is the leading supplier of CDMA technology, including integrated circuits for handsets and networks and intellectual property used by manufacturers of CDMA handsets.
1
positive
If Johnson & Johnson's (JNJ--$60.78, rated Underweight) acquisition of Guidant is completed, a combined J&J-Guidant is likely to be a more formidable competitor in the cardiac rhythm management business than Guidant alone.
2
negative
Also, weakness in the equity and corporate bond markets exposes Cincinnati to heightened investment loss potential, although we view this risk as substantially mitigated by Cincinnati's strong capital position..
2
negative
The FDA delayed its review of Xigris' (formerly Zovant) BLA.
2
negative
As the table demonstrates, UnitedHealth's guidance boosts in 2007 have not been as robust as in year's past, though we expect the pattern of earnings beats and guidance boosts to continue for the remainder of the year.
1
positive
It has never claimed "false reserves" in which the gold content was overstated, for example.
0
neutral
We believe that Micron will continue to gain share in Image Sensor market, at least till Samsung comes out with competitive products.
1
positive
Net-net: given a tough environment, Northern's results seemed to do quite well and compare especially well versus peer.
1
positive
In midMarch 2002, a public advocate filed a consumer petition in the United States, requesting that the drug be pulled off the market.
2
negative
Our 6-12 month target price of $55 is based on a P/E multiple at a 25% premium to the overall market, or about 21x absolute, applied to earnings projected forward 18 months (a blend of FY'04 and FY'05 estimates).
0
neutral
Alimta, Humulin And Cialis Sales Estimates Raised.
1
positive
Both now have been resolved and the company is expanding its build-out program, which has lagged behind other MSOs.
0
neutral
We estimate that adjusted net income will surge from $1.40 in 1997 to $3.75�4.00 in 2002, a 22�23% compound average growth rate.
1
positive