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Our 5-year DCF analysis, which incorporates an assumption of annual after-tax cash flow growth of 10% and utilizing MHP's WACC of 7.1% , also supports a target price in this range. | 0 | neutral |
the opportunity exists for ONE to reduce the level of expenses relating to First Chicago but also to benefit from lingering spending related to Project One, the massive re-engineering program, considering the recent announcement of intentions to outsource much of its technology to IBM and AT&T. | 1 | positive |
These relate to agreements to purchase power and use other assets which were sold to joint ventures in 1997/8.. | 0 | neutral |
Using Thursday's closing price of $24.17, CA trades at ~16x our new, higher FTM non-GAAP EPS estimate, in our view suggesting neutral execution sentiment. | 0 | neutral |
Our recent report entitled "The Perfect Cycle" (November 12, 1999) details our global views in R&M. | 0 | neutral |
Capitalized software was under $1 million in the quarter compared with $4.8 million in the year-ago quarter. | 0 | neutral |
Botox is generally used for wrinkles from the nose up (forehead, eyes, brow) and Juvederm from the nose down (mouth and lips). | 0 | neutral |
The topselling funds for the fourth quarter included Federated Government Ultrashort Fund, Federated Ultrashort Bond Fund, Federated Capital Appreciation Fund (a core equity fund), Federated Municipal Ultrashort Fund, and Federated High Yield Trust. | 0 | neutral |
Distribution Markup - Many large record companies run their own distribution operations, so the market-up between the price from the label to the distributor can be eliminated. | 0 | neutral |
The ultimate catalyst to these shares will come through either additional, accretive acquisitions or through an improved same-store sales outlook. | 1 | positive |
To this end, a shift toward complex deals, such as those now targeted in Municipal Finance that produce high premiums for relatively modest par value insured, is helping relieve pressure on operating leverage ratios. | 1 | positive |
We estimate that backup software (NetWorker) accounted for 66% of product revenue, or $88.8 million, in calendar 2002. | 0 | neutral |
In fact, June was a very strong month, which is why we are entering the third quarter in a very strong fashion. | 1 | positive |
In the rest of the world, we estimate stronger 8% Q/Q growth will be reported, buoyed by continental Europe, Asia, and Latin America. | 1 | positive |
Inventory turns based on L6M Cost of Goods Sold, annualized.. | 0 | neutral |
Consumer revenue decline of 21.8% to $2.9B was in line. | 2 | negative |
The gold standard therapy, timolol, is off patent and generics exist for both the twicedaily and once-daily formulations. | 0 | neutral |
Canaccord Adams Research Disclosures as of 2 April 2007. | 0 | neutral |
The first has the company succeeding in drug-eluting stents, delivering three more years of mid-teens earnings growth with ample time to consider post-DES acquisitions. | 1 | positive |
Since these items total $0.11, we believe that the net guidance increase of $0.04 to $0.09 is still conservative and increase our 2005 and 2006 EPS estimates by $0.30 to $2.00 and $2.10. | 1 | positive |
While costs were driven higher by the expansion of the LD, DSL and enterprise segments, the profitability shortfall demonstrates the extent to which the company is lowering pricing to achieve customer retention. | 2 | negative |
Generally speaking, in the card industry, operating expenses are typically split 25%/75% between marketing and other operating expenses (e.g., compensation, technology, and collection). | 0 | neutral |
By comparison, these charges accounted for 4.4% of revenues ($18.2 million) in the December quarter and 5.0% of revenues ($21.6 million) a year ago. | 0 | neutral |
Actonel volumes increased by +33% driven by the once a week dosage form and maintains more than an 80% share. | 1 | positive |
Company attributes the lower tax rate to tax loss carry forward related to the sale of venture capital investments. | 0 | neutral |
We would expect the 2006 outlook to be influenced by additional acquisitions, however. | 0 | neutral |
Table 1: Currency Benefit Will Likely Lessen Throughout F04. | 2 | negative |
We had assumed that Parks would be sold for 8.5x EBITDA or $946 million pre-tax. | 0 | neutral |
As context, we note that we have always believed that Dell's direct sales model provides the company with a 400 - 550 bp operating margin advantage over major competitors such as HP, Acer Gateway and Lenovo. | 1 | positive |
Gross margins improved 250 bps from the year ago quarter and were 160 bps better than expected. | 1 | positive |
Return on assets declined 26 basis points in the third quarter and we anticipate that pretax return on assets will decline 100 basis points this year to 16.1%. | 2 | negative |
Industry contacts lead us to believe that Novellus's HDP-CVD business is facing increased pressure from Applied and that it is losing market share. | 2 | negative |
We expect MRO's Gulf of Mexico production growth to come from its 30% interest in the BHP Billiton-operated Neptune development in the Atwater Valley region on the Outer Continental Shelf. | 0 | neutral |
We note however, that Kohl's and Wal-Mart are becoming much more fashion oriented in apparel and the overlap. | 0 | neutral |
Taking the 4.5% annual dividend into consideration, achievement of this price target would imply a 27.5% 12-month return to investors. | 1 | positive |
The average price of corn in 2000 of $1.88 was the low since 1986, with particular weakness in the 2H. | 0 | neutral |
In that scenario, where LEH would issue roughly 22 million shares and $1.5 billion in debt, we calculate the deal to be $0.08 (or 1.5%) dilutive to our 2004 EPS estimate. | 2 | negative |
In our opinion, MXIM would benefit from going private by being better able to stem attrition from all ranks, locking employees up and relieving the underwater option dilemma. | 1 | positive |
We believe volume discounts may have also constrained results.. | 2 | negative |
Our more "normalized" FY04 estimate of $3.45 (50% above FDX's best year ever in FY00) assumes strong top-line growth and optimistic operating margin assumptions for each of FDX's operating units (Express, Ground and Freight). | 1 | positive |
It announced actions to cut costs (outsource Thailand A&T to STATs in 90 days, transitioning US A&T to current partners in mid-08) and repurchase shares which are helpful.. | 1 | positive |
Excluding the estimated $0.33 accretion related to synthetic fuel, MAR is trading at 16.3 times, well below its historical average of 19 times. | 0 | neutral |
Diluted shares outstanding were 70.9 million relative to our expectation of 69.7 million. | 0 | neutral |
Systems were all converted to the PNC platform in one weekend, subsequently 300 workers were hired and four new branches were opened. | 0 | neutral |
� Merged entity is the clear global leader in next generation wired networks. | 1 | positive |
� Excessive hiring of internal staff, hurting margins and restraining leverage.. | 2 | negative |
Xerox-branded color laser volume share decreased 100 bps sequentially and now stands at 0.1%. | 2 | negative |
We peg the U.S. market at approximately 2,000 patients annually. | 0 | neutral |
The company's results were 8% ahead of our estimate. | 1 | positive |
Our abbreviated analysis suggests that EPS impact would be relatively minor. | 0 | neutral |
Thus we are maintaining our $1.58 EPS estimate and making no changes to our forecast for next year. | 0 | neutral |
China provides the greatest opportunities for PMI, given its size and increasing appetite for western products. | 0 | neutral |
Tools & Hardware sales fell 5-10% before acquisitions (mostly Intool) --- worse in Power Tools; minor erosion in Hand Tools (sluggish industrial demand) --- with similar sluggishness across geographical regions. | 2 | negative |
In all fairness, this represents the value the market should currently be awarding to each of FO's subsidiaries, and not what they are intrinsically worth. | 0 | neutral |
As a result, we believe any improvements in near-term stock price performance could be tempered when other personal writers report quarterly results in 2-3 weeks. | 0 | neutral |
In the quarter, restoration of the Volumetric Production Payments (VPP) production caused the net shortfall to be 31,000 boepd, versus the prior estimate of 25,000 to 30,000 boepd, bringing production to roughly 55% of peak 2Q05 levels. | 0 | neutral |
Overall international comps fell 1% in the quarter. | 2 | negative |
Assuming AYE is using realistic assumptions to value the cashflows results from these contracts, their after-tax value approximates $547 mil. | 0 | neutral |
The commissions' results were not surprising given higher year-over-year balances from the AG Edwards acquisition and the lower quarter-over-quarter market index values. | 1 | positive |
2) Cessna upside, orders/backlog, why is margin forecast light with higher revs? The upside here should come mostly from used jet sales ($200 mm this year V $150 mm last year), which come with low margin, and higher sales from CitationShares. | 1 | positive |
FLNA absorbed approximately $50 million of input costs during 2004, due in part to its Max It! Productivity program. | 0 | neutral |
I mean what--do you have any thoughts on that? Mitch Caplan: So to be clear, the answer is I think we're trading at about 13 times, and you know we've traded as low as 8 or 9. We've traded as high as 16. | 0 | neutral |
The company's own retail business continued to deteriorate, posting a -9% comp and 1,260 bps of margin deterioration resulting from promotional activities, high inventories, and warm weather. | 2 | negative |
we, and others, have discussed all of these matters over the past nine months.. | 0 | neutral |
The board's independent outside counsel and an independent forensic accounting firm. | 0 | neutral |
Reflecting the results of the first such auction, ComEd in 2007 will enjoy a rate increase from $78 to $90/MWh on an estimated 66 million MWh of full-service electricity sales (i.e., the bundled supply of basic generation and delivery service). | 1 | positive |
-/+ Reinvestment in sales resources for improved revenue growth - Signs of slowing PC demand. | 2 | negative |
We had anticipated strong financial processing gains would offset weakness in securities processing. | 0 | neutral |
For the year, HOT raised worldwide RevPAR guidance 200-300 bps, and lifted the bottom end of the N.A. | 1 | positive |
New contract activity was very strong during the first quarter.. | 1 | positive |
The rest of the pipeline consists primarily of combinedcycle units located in Texas, the Southeast and Arizona. | 0 | neutral |
* Largely driven by lower interest expense and lack of early debt retirement charges. | 1 | positive |
Our 1999 (FY'00) EPS estimate is $1.14 versus $0.90 for the pro forma combined company in 1998. | 0 | neutral |
Moody's places SAFECO's ratings on watch for possible downgrade. | 2 | negative |
(c) 1996 backlog includes $475 milllon from the Pyropower acquisition. | 0 | neutral |
Information and Media was a bit below expectations with revenues in the B2B group (including BusinessWeek and the company's other professional magazine properties) down 4.7% and TV down 1.2%.. | 2 | negative |
We are lowering our earnings estimates on the firm to below the current consensus for both 1998 and 1999. | 2 | negative |
Our final $31 price target represents 6.5% potential upside to the current price over the next 12 months given the terms of the acquisition by Capital One and Ken Posner's price target for COF of $92. | 1 | positive |
The commercial pricing and cost trend outlook were both lowered by 50 bps in the third quarter, as a result of the mix shift to individual products, with cost trend primarily experiencing moderation on the inpatient front.. | 2 | negative |
The shares are appropriately valued at current levels, selling at the upper end of historical ranges on most valuation measures.. | 0 | neutral |
The analysis suggests that Novartis destroys (or makes) 0.45% of shareholder value for every $5 it overpays (underpays) for Chiron. | 2 | negative |
We are introducing a 2004 GAAP EPS estimate of $0.10 and a revenue estimate of $1.21 billion, representing 10.6% year-over-year growth. | 1 | positive |
In general, we suspect it is less of a core function for many oil companies' staff. | 0 | neutral |
The shareholder deficit (i.e. negative equity) would fall from $66bn to $36bn. | 1 | positive |
While the immediate financial impact of these activities is not immaterial, particularly MAM's impact on tangible leverage, the key risks appear to be more related to integration, implementation and asset retention. | 2 | negative |
Hydrogen plants are typically larger and cost $75-100 million. | 0 | neutral |
Thus a $1/MMBtu change in natural gas changes PPG's pretax costs by $60-$70 million, or $0.24-$0.28. | 0 | neutral |
One of Rockwell's greatest strengths, domain knowledge, is also one of its most sustainable competitive advantages, for no other automation supplier operates its customers' discrete and hybrid manufacturing operations as well as Rockwell Automation, in our view. | 1 | positive |
The company's net debt grew by $313 million in the second quarter. | 2 | negative |
(Generic simvastatin is already available in this market). | 0 | neutral |
Nearterm, some speculation suggests that EDS could be looking at an e-commerce application software and services provider specializing in the global insurance and related financial services industries. | 0 | neutral |
Doing some quick math shows an implied price of $42.. | 0 | neutral |
Net income for the quarter was $84.0 million, resulting in year-over-year growth of approximately 35%. | 1 | positive |
1Q04: Strong Sales Quarter Paychex reported better-than-expected 1Q04 performance with EPS of $0.21, as compared with our and consensus expectations of $0.20, on higher-than-expected revenue growth. | 1 | positive |
While we have very little information to allow us to estimate when Dell might clear up its accounting problems, we think that there is some chance that this might happen in the next few months, perhaps even soon enough to allow the company to file its fiscal 2007 10K on schedule in April. | 0 | neutral |
Assuming 50% equity and a 10.8% utility ROE which is lower than the company's overall rate of return, we estimate potential full year incremental earnings contribution of around $0.44 per share.. | 1 | positive |
Core implant growth of 21.5% was further supplemented by 60% growth in INFUSE sales (an estimated $80 million contributor). | 1 | positive |
Normalized gross profit margin in the first quarter was 21.6%, 40 basis points below our estimate and down 390 basis points sequentially. | 2 | negative |
At this point, we are increasing our earnings estimates to account for (1) more aggressive share repurchase activity and (2) higher than expected AUM levels for the end of F3Q07 (ending June 30, 2007). | 1 | positive |
Recently the stock has traded at roughly 8% below the average office sector multiple, or roughly 9% below its long-run average valuation. | 0 | neutral |
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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.