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Coors (RKY, $55, not rated) has also attempted to maintain a premium image and is not prone to discounting, in our view.. | 0 | neutral |
New unit growth would largely be franchised (about 80%) and be driven by Taco Bell and Pizza Hut delivery openings, partially offset by Pizza Hut dine in closures. | 0 | neutral |
At current levels, HOT trades at 11.3x our 2008 and 9.4x our 2009 EBITDA estimates versus its long-term historical average of 11.2x.. | 0 | neutral |
JPM 10-K: Lots to Digest. Summary and Investment Conclusion. | 0 | neutral |
Transocean also recorded $165 million gain from the public offering of TODCO. The significant amount of free cash flow being generated by Transocean has allowed the company to improve is balance sheet. | 1 | positive |
If we assume the pretax margins on AMP's brokerage and asset management segments can narrow the gap to its respective peers by 75%, 2008 EPS would increase by roughly $0.78. | 1 | positive |
Patients were randomized to continue receiving EPO at the same dose and frequency or switch to NESP at an equivalent dose and reduced frequency (once per week or once every other week). | 0 | neutral |
We are slightly raising our FY2000 EPS estimate to $1.69 from $1.68.. | 1 | positive |
Paul makes the company into the commercial lines market leader in 22 states, a top two writer in 35 states, and a top three writer in 43 states. | 0 | neutral |
EBIT Breakdown (pre-overhead, as % of Total) US 34% North America 35% Latin America 39% Europe 15% Pacific 10% Total 100%. | 0 | neutral |
However, longer term, we believe the strong company fundamentals will allow for strong stock performance. | 1 | positive |
� We are reducing our rating on AT&T Wireless to Hold (2H) from Buy (1H) and. | 2 | negative |
CSX also reported $1M in other operating income, above our estimate of flat income and $9M reported last year. | 1 | positive |
In our earnings estimates, we actually assume 4 bpts of de-leverage of operating expense. | 0 | neutral |
On the negative side for Carrier, there remains the threat of local competitors, but this has not yet appeared to be an issue. | 2 | negative |
In 1996, merchandise per capita was $13.50 and in 1999 it reached $13.92. | 0 | neutral |
Therefore, on a theoretical basis, the company should sell at a 1.30 to 1.40 relative multiple. | 0 | neutral |
E&P production growth at 1% was a little ahead of our forecast. | 1 | positive |
The current system requires too much work to assemble and would bog down the production line at higher production levels. | 2 | negative |
Our field research indicates that moves by captive PBMs (both health plan and retail) to gain market share and the pursuit of niche plays by small to middle-market PBMs have led to a perception that the PBM marketplace is becoming increasingly crowded. | 2 | negative |
Industries (15% and 15%) Revenue growth was attributed end-market strength (transportation and construction), market share gains (including garbage trucks and vehicle lifts), and pricing. | 1 | positive |
average RRC of $2.84/Mcfe) remain well above the peer group average of $1.60/Mcfe. | 1 | positive |
The full-year loss ratio now looks headed for around 6.30%, or 0.30-0.40% above our earlier expectation. | 2 | negative |
The company's dividend yield of 4.4% represents the highest among its peers, representing a 50% premium to the super-regional average. | 1 | positive |
Source: Morgan Stanley Research E = Morgan Stanley Research Estimates A = Actual Note: Excludes one-time items Stock compensation expense is not included in the full income statement, only in the designated EPS line. | 0 | neutral |
Combined with SRE's utility operations (which we estimate to be worth approximately $4 billion, or $20 per share), we view the shares of SRE as attractively priced at prices below $26 per share, which is our price objective.. | 1 | positive |
Similar to the U.S., Asda has put a big focus on better delineating good, better and best in the overall assortment and is putting a bigger emphasis on providing unique product. | 1 | positive |
We reiterate our 2H rating and $70 target on Microsoft shares. | 0 | neutral |
GeoCities did not see significant pageview growth from the previous quarter. | 2 | negative |
Vioxx also can be prescribed for pain, a claim G.D. | 0 | neutral |
Top line growth was driven by the core Water and Defense segments, with organic revenues up 11% and 7%, respectively. | 1 | positive |
Provided Intel can drive its gross margin to the midpoint of its targeted range in 2005, then considerable earnings upsides are possible. | 1 | positive |
AT&T has indicated it has taken about $1.8 billion in contracts from distressed carriers with an average contract life of three years, implying incremental annual revenues of only around $600 million. | 1 | positive |
Our 12-month price target is the mid-$60s, reflecting a 16-17x multiple on our calendar 2001 EPS estimate of $3.75. | 0 | neutral |
ASPs continue to decline: ASPs declined 25% to 30% last year and may likely be similar this year. | 2 | negative |
Due to a significant amount of booked new business (Delphi does not provide a specific "net new business" backlog number), Delphi's guidance would suggest growth of non-GM revenue at a compound annual rate in excess of 13% from FY2001 through FY2004. | 1 | positive |
In response, Tellabs hopes to integrate packet-based technology (acquired through NetCore) into the Martis product platform. | 0 | neutral |
The improvement reflects better product mix combined with lower fixed costs. | 1 | positive |
However, General Mills free cash flow has been strong over the past three years and still outperforms its peers in terms of free cash flow efficiency. | 1 | positive |
Normalized EPS is calculated using Weighted Average Basic Shares Outstanding. | 0 | neutral |
The final facility for agency review is in San German, Puerto Rico. Once this is completed, and assuming a clean review, the warning letter should be lifted and Cordis will again be free to submit new products and win FDA approvals. | 1 | positive |
NWSa is trading at an 11% discount to the group's EV/'09 EBITDA multiple. | 0 | neutral |
DirecTV and its peer EchoStar are highly dependent on a robust DSL offering from the TelCos at a time when DSL is once again losing share to cable, and where DSL is beginning to show signs of severe technological disadvantage. | 2 | negative |
Declines in drug coated stent sales were a drag on medical devices. | 2 | negative |
Apparel businesses posted a dramatic increase in operating income of $119.3 million in Q4 versus $26.8 million last year. | 1 | positive |
In stronger times during the mid-1990s, coverage reached as high as 15x in 1997. | 1 | positive |
The acquisition of Barham follows five similar acquisition made by PSEG Technologies in 1999. | 0 | neutral |
VOI income recognized via percentage of completion accounting. | 0 | neutral |
For F3Q08, we expect some residual effect overseas, as Quattro approval in Japan will likely be an early 2008 event (knocks about $30 million off sales). | 0 | neutral |
The improvement was due to comparing against the ICC Cricket World Cup losses incurred in F3Q07 ($55m), FIM EBIT growth of $24m y/y to $27m, and higher NDS profits (up 21% to. | 1 | positive |
This represents an important acceleration for Comcast Cable during the year. | 1 | positive |
Mgmt continues to see strong demand and improving conditions across key end markets. | 1 | positive |
Price Target: (twelve months) for (RTN) Method: Our price target of $46 assumes an 11.5 times 2003E EBITDAP multiple Risks: Defense budget growth does not meet our forecasts; RAC takes longer to recover than expected; E&C project completion costs continue to grow Disclosures continue on next page.. | 2 | negative |
Authenticators (hardware) made up 48% of RSA's revenue during CQ1'06, while software and services made up 22% and nearly 30% of revenue, respectively.. | 0 | neutral |
Raw material costs (copper, gold) impacted margins by $40mm (~120 bps) and are likely to continue to pressure margins. | 2 | negative |
If Schwab supports 15 bps yields on its money funds, a 50 bps reduction in interest rates by the Federal Reserve would have a $0.02-$0.03 impact on annual EPS. | 0 | neutral |
Our target applies a 17.0x P/E multiple to our 2006 EPS estimate of $3.51. | 0 | neutral |
consolidate the Virginia Class at Newport News or Electric Boat), we do not expect any simple solutions. | 2 | negative |
We believe Boeing may have reasonably tempered expectations for its launch division by reigning in commercial expectations and raising its expected costs. | 2 | negative |
On Pepsi Bottling Group's conference call, CFO Al Drewes noted that 2008 COGS per case are now expected to come in at the high-end of its previously guided 5-6% range, due to rising oil and corn costs. | 2 | negative |
At store level the rationalization of inventory should improve the shopping experience by reducing clutter, enhancing the in-stock position and freeing employee time to focus on selling skills. | 1 | positive |
On an operating basis, EPS were $0.35 (versus $0.28 in Q2:00), which was in-line with our $0.35 per share quarterly estimate.. | 0 | neutral |
Reiterating our Enbrel 2003 sales projection of $1.3 B-potential upside, we believe.. | 0 | neutral |
that it is "pulling forward" some of the restructuring initiatives incorporated within its three year restructuring plan.. | 0 | neutral |
Based on these disclosures, we estimate that Citi's "core managed" margin in the U.S. (i.e., including the contribution from the securitized card loans, but excluding the estimated contribution from Citi's trading book) declined less than 5 basis points in Q3 06 versus an average Q-Q decline of nearly 30 basis points o... | 2 | negative |
In Exhibit 6 below we show our assumptions of how Schwab can generate about $700m in excess capital over the next 12 months and how utilizing this excess capital for repurchases can add $0.03 EPS (annualized).. | 0 | neutral |
Purchase accounting items of $1.3 billion related to the amortization of inventory, identifiable intangible assets and property, plant and equipment are included in depreciation and amortization in the Statement of Condensed Consolidated Cash Flows for the nine months ended September 30, 2008. | 0 | neutral |
Motorola has a fairly light near-term debt maturity profile. | 1 | positive |
Airport automation is a means to expand the "bandwidth" of the infrastructure, allowing airports to handle a larger load. | 1 | positive |
We estimate that Lexmark manufactured inkjet volumes in the U.S. rose by about 100% in 1999 from 1998 levels. | 1 | positive |
remain on the sidelines even though ACAS shares trade at 0.1x stated book value for three reasons: share (including ECAS) of carry-over income that ACAS will likely pay out in 2009.. | 0 | neutral |
This represents roughly a 3.1% yield and equates to roughly $450 million. | 0 | neutral |
The gross margin increased 51 basis points, on the higher mix of self-manufactured products, and administrative expense margin also improved 17 basis points (see Exhibit 2), a product of stronger cost control. | 1 | positive |
The FET increases by Case 08e approximately $0.61 per pack entering 2008 (fully passed onto EPS of $4.40 consumers), and product liability concerns surprisingly reemerge.. | 2 | negative |
Some thoughts on our new sum of the parts: � Upward revision to coal valuation � now valued at $4-5/sh vs. $3-3.50. | 1 | positive |
This brings us to our total revenue estimate of $1.5 billion, with an operating margin of. | 0 | neutral |
The stocks trading at the biggest discounts to their 10-year means are Washington Mutual, trading at a 10% discount, U.S. Bancorp, trading at a 6% discount, and Comerica, also trading at a 6% discount. | 0 | neutral |
However, the technology businesses account for only 19% of our 1999E pro forma segment profit estimate (due to a profit decline in 1998, acquisitions in other areas and a purer definition of "Technology").. | 0 | neutral |
Q1 NA Production Schedules Largely In-line with Expectations GM and Ford announced Q1 North American production schedules that were modestly shy of JPM expectations -- but the YOY cuts were not as deep as some may have feared. | 0 | neutral |
Risks: The risks that may impede achievement of our NT$16 target price are: (1) The 2008 global semiconductor up-cycle is not as strong as expected; being an upstream company, ASE tends to be more cyclical than other tech plays. | 2 | negative |
(continued) capex spending and injudicious borrowing of debt, carving out a larger piece of the overall firm value to creditors. | 1 | positive |
We expect National's Operating margins to reach 30.0% by F3Q09.. | 0 | neutral |
In addition, CNO also gets the baseline benefit of $1.00-$1.42 for a total of $6.61-$7.74 per share. | 1 | positive |
� Q2 revenue, margin, and EPS guidance much weaker than consensus due to softness in networking, consumer, and storage segments � Inventories grew by $20 million, or roughly 10%, reflecting softer Q1 demand � Consumer revenues have fallen 54% YoY as iPod related shipments decline meaningfully � Desk... | 2 | negative |
Maintaining BUY rating and $29 target price, based on a 13.4x EV/EBITDA target multiple on our 2005 EBITDA estimate of $258.3 million. | 1 | positive |
The Virtex family since its introduction has already generated revenues (mostly prototype) in excess of $100 million. | 1 | positive |
Recent weekly new prescription data shows Vioxx market share stabilizing at around 15.0% over the past month, compared with 18.5% in early 2002. | 1 | positive |
We think AS/400 software is roughly 7� 9% of total IBM software. | 0 | neutral |
The 70%-owned WesternGeco seismic business is expected to generate pretax losses of an estimated $20 million, compared to our prior estimate of a $5 million pretax gain, generating a negative EPS swing of $0.03 per share. | 2 | negative |
We also expect to hear a lot about IBM's middleware strategy that we view as a very attractive business for IBM. | 1 | positive |
By our calculations, under a cap-and-trade system with an initial CO2 cost of $10/ton and a 100% allowance grant, AYE's operating income would increase by approximately $325 million, or $1.15 per share. | 1 | positive |
A substantial incremental revenue opportunity also exists in maintenance treatment, for which Revlimid is ideally suited. | 1 | positive |
EBay's forward P/E multiple remains reasonably well correlated to its year-over-year revenue growth rate. | 1 | positive |
Second, plans were announced for a second gate at Disneyland Paris (Euro Disney). | 0 | neutral |
We suggest investors remain focused on the upcoming restructuring announcement, as our sum-of-the parts analysis continues to value the asset base of TOY significantly higher than the current stock price. | 1 | positive |
In reviewing the company's asset-based returns such as operating cash flow return on assets and return on invested capital (ROIC), Sara Lee made tremendous progress over the last five years, even when compared with companies with much higher valuations and supposed growth prospects greater than its own. | 1 | positive |
The high effective tax rate (about 43%) was negatively impacted by an additional $45 million in income tax due to the company's plans to repatriate approximately $500 million of accumulated foreign earnings in 2005. | 2 | negative |
We believe that current evident sources of ilquidity plus announced asset sales provide AES with more-than-adequate funds to operate in 2002. | 1 | positive |
As such, we see the potential for multiple expansion from its current levels of around 16.3x 2008E EPS and 7.6x EBITDA, and further upside to FY08 guidance, to drive the stock closer to our $54 target price. | 1 | positive |
4Q EPS from continuing operations was $0.47 and diluted EPS was $0.55, in line with our estimate and consensus for $0.54. | 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.