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We believe that Elan should achieve a 25% compounded growth rate during the next thee years, primarily related to the growth of existing products and new introductions.
1
positive
Hence, we continue to rate the company's shares HOLD.
2
negative
We believe these macro factors contributed to overall mail volume growth during Pitney's first quarter.
1
positive
Wins Pratt & Whitney Contract, Continues Recent Strong Bookings.
1
positive
We believe the reduced labor levels at the D/C dramatically reduce the long-tailed benefits and pension costs.
1
positive
We believe patient, long-term investors have a solid entry point at current levels to participate in one of the premier operational retailers that has identifiable growth initiatives within its N.A.
0
neutral
With pro forma leverage of over 4.0 times (x), Tribune's metrics are strained for a 'BBB-' company with Tribune's business risk profile as its core business lines, newspapers and broadcasting, each face significant secular challenges.
2
negative
APA shares are trading at 6% off their 52-week high and 62% above their lows, compared with 20% and 34% for the peers and 26% and 13% for the S&P 500.
0
neutral
Residential (9% of sales, 19% International): Residential retail sales continued to weaken substantially with no recovery in sight until at least 2010.
2
negative
For this reason, our Avaya FY 4Q revenue estimate is below consensus.
2
negative
Given the growing gap in the company's pharmaceuticals pipeline as well as potential pressure on the drug eluting stent franchise, we think strategic activity is a must.
2
negative
In April 2003, total assets in Argentina were further reduced by another $90 million, as a result of the company's decision to sell its 20% stake in an Argentine pension company for $150 million.
2
negative
Increasing our 2005 capital expenditure estimate to $4.5B from $4.0B.
0
neutral
This is proving to be a particularly difficult environment in which to engineer a retail turnaround.
2
negative
They will have to make a significant investment, $100 million, in CapEx for new products, such as the transition from 10 SEER to 13 SEER, however, with inventories decreasing meeting the FCF target should not be a problem.
1
positive
Specifics on the program in costs and benefits should be announced with fourth quarter results.
0
neutral
With EPS guidance of $1.68-$1.72 for F2008, the floor on the stock should move up to the $28-$29 level reflecting a PE of 16x-17x.
1
positive
All of these trends serve the same paradigm shift - moving production closer to the customer, and more on an as-needed basis.
0
neutral
That guidance has come in shy of consensus despite a lower than expected tax rate speaks of weaker than expected underlying earnings power.
2
negative
We attribute PCAR's outperformance vs. the market yesterday primarily to the company's better-than-expected gross margin performance in 3Q:05.
1
positive
This has been accomplished through consolidating production facilities, installing more efficient production equipment, and convincing consumers to purchase more premium-priced products in developed countries.
1
positive
If the company is unable to launch the ACHIEVE (paclitaxel-coated) stent in 2003, we believe the likelihood of a negative earnings comparison (with 2002) is likely, and the outlook for 2004 rendered highly uncertain.
2
negative
LT Debt/Total Capitalization Book Value/Share 19% $70.85.
0
neutral
Our $34 price target is 12x our normalized EPS estimate of $2.80..
0
neutral
Overall annual performance will determine if and how the $7 million accrual will be used.
0
neutral
Average loan growth was double-digit for the second consecutive quarter at 12.1% LQA.
0
neutral
In October 2002, Heidelberg launched a faster version of the DigiMaster 9110, the DigiMaster 9150I, capable of 150 ppm.
0
neutral
TWX trades at the low end of the range suggested by our sum of the parts valuation.
0
neutral
During 1998, the company created an operating model that is sensitive to revenue growth, from which the company is apparently beginning to benefit.
1
positive
During the quarter, the company cited growth in the mid teens for its revision knee business (related to Scorpio) as well as for its X3 HXLP bearing surfaces for knees.
1
positive
Credit Quality Improving As Previously Indicated: Credit trends were consistent with reported monthly credit statistics.
1
positive
NOTE: FCF is defined as EBITDA, less net interest expense, less cash taxes, less capital expenditure (excluding DTV).
0
neutral
Merchandising Systems (16% and 18%) Driving profits in CR's vending machine segment was the strength at NRI, CR's European coin validator business that is benefiting from strong demand for its Euro conversion kits.
1
positive
Services revenue includes computer set-up and repair services (i.e., Geek Squad), as well as home theatre installation, appliance delivery, and other items.
0
neutral
Total assets increased $9.7 billion during the quarter, with loans up $11.2 billion.
1
positive
The details around the end-markets for Q3 and the outlook for Q4 are listed below.
0
neutral
Pricing trends are also in decline, but this isn't new Exhibits 6 and 7 demonstrate that revenues as a percentage of assets in both investment management and the processing businesses are gradually declining.
2
negative
...Built Around Shorter Product Cycles And Incremental Product Offerings In Its Core Mailing Lines...
0
neutral
For fiscal 2010 (calendar 2009), we expect revenues of $57.44 billion and operating margins of 5.9%, which equates to EPS of $1.34.
0
neutral
Product gross margins hit 47.3% (down slightly Q/Q from 48.7%).
2
negative
However, the decline in Clarinex (90%-plus gross margin product) in the face of a robust spring allergy season brings this strategy into question, as the company is projected to spend a disproportionate 45.7% (the industry average is 31%-33%) of sales on SG&A.
2
negative
Coca-Cola (KO) | Valuation Looking Increasingly Attractive; Raising 2006 EPS and Target Price.
1
positive
With estimated upside of 41% for INF and 45% for CBS, we are increasing our ratings for both stocks to Strong Buy from Accumulate..
1
positive
INVESTMENT OPINION At 14.5x earnings, General Mills represents a very compelling investment opportunity.
1
positive
Our twelve month price target accounts for the cash cost of stock options.
0
neutral
We estimate that Disney generates 3035% of its home video revenue from catalog titles and about two thirds of the library revenue is from classic.
0
neutral
This is a lean production initiative, heavily influenced by the famous Toyota Production System, which was developed with input by the foremost guru on lean production in the U.S., James Womack (also co-author of the excellent book on lean production, Lean Thinking).
0
neutral
GILD is dominating the HIV market with Truvada and Atripla, and we believe this will continue in 2H08.
1
positive
As of December 31, 2005, the company's estimated proved reserves were 7.5 trillion cubic feet of natural gas.
0
neutral
Sales were negatively affected by the shift in Easter from March last year to April this year, which resulted in front-end same-store sales declining approximately 8% in March.
2
negative
The cost outlook which should call for improvement - will be better outlined at the analyst meeting in January.
1
positive
We base this on the belief that Qwest will increase FCF from $0.24/share in `04 to $0.63/share in '06 via debt reduction and margin expansion.
1
positive
In three years, the Electro/Telecom business could have $5 billion in sales -- at a 7x multiple, it would equate to 3M's total valuation today..
0
neutral
We disagree strongly with the sale of the money management operation, but every other divestiture, and there have been quite a number, made sense.
2
negative
In rejecting the offer, Columbia Energy stated that it would explore strategic alternatives including merger, reorganization or asset sales.
0
neutral
And while our bullishness on the company is linked to this turnaround story, we also believe that downside protection to the stock is provided by a relatively high 4.5% dividend yield and takeout potential.
1
positive
Mongoose's growth was due largely to its emphasis on mass merchant distribution while Igloo benefited from new products.
1
positive
For FY2008, management expects SG&A as a percent of sales in a range of 36.0%-36.5%.
0
neutral
Since Katrina made landfall last Monday, HD and LOW have outperformed the Retail index by 350+ bpts, based partially on the view of increased reconstruction spending.
1
positive
The decline in short-term interest rates by the Federal Reserve affected UST's interest income greater than its interest expense because UST had a larger balance of floating rate investments as compared to floating rate debt..
0
neutral
As a result, net interest income of $758 million was flat with the 1Q05 level.
0
neutral
Already what appears to be a long run cycle appears to have turned, as shown in the chart below.
0
neutral
Based on our channel checks, our sense is that the prospect of unconstrained CYPHER supply could hamper BSX's ability to gain share.
2
negative
The Layer 2 market has seen high single digit sequential price declines per port over the last couple of years as technology has matured and the products have become more commoditized.
2
negative
This division continues to be a bright spot for the company as its sales of anesthesia products continue to do well.
1
positive
It is important to note that this is a regularly scheduled meeting of the FDA's advisory committee.
0
neutral
Management blamed part of this to early retirement initiatives taken early in the year.
2
negative
During 1H02, total bond write-downs equaled $525M; level almost 3x that incurred during 1H01.
0
neutral
Our rating is Underperform on shares of Family Dollar (FDO).
2
negative
The EDS deal is accretive to EPS and growth rates..
1
positive
The next target will be Ponza, a Keathley Canyon sub-salt prospect with gross unrisked resource potential ranging from 360 to 1,200 MMBOE.
0
neutral
GAAP-based EPS was $0.30, including a $9 million asset impairment charge related to the company's exit from beam-line ion implant.
0
neutral
Additionally, we have lowered our forecast for 2004 and believe consensus estimates may likely be lowered as well.
2
negative
This limits productivity losses (i.e., power outages) and reduces capital costs.
1
positive
litigation regarding new patents for the product, which could provide protection from generic competition until 2017.
1
positive
Rating and Valuation Analysis TRB is trading at a firm value of 8.3x CY06E EBITDA, above peer averages, after the recent run, for a company that has historically traded at a slight premium.
0
neutral
We are tweaking our estimates to reflect 3Q results and outlook.
0
neutral
Pricing trends continue to be robust, with the company guiding for 12-14% commercial premium yield for 2002, consistent with prior guidance.
0
neutral
Bandolino has been successful with several replenishment dress styles (such as dress mules or an everyday pump), again taking advantage of the recent trend toward dress-up.
1
positive
We expect TXU to elaborate on its U.S. wholesale energy strategy and address investor concerns at meetings in 1H01.
0
neutral
Going back to 1975, on average during the recoveries, GWW's correlation to IP is 97%.
0
neutral
Potomac will be Transco's first expansion in this part of its market area in several years and will provide customers access to additional gas supplies via East Tennessee, and storage services both on East Tennessee and Pine Needle.
0
neutral
Revenue for the Medical Products Manufacturing segment increased 47% to $667 million, driven by strong sales of infection prevention products and surgical instruments, and the addition of VIASYS Healthcare, which the company acquired last June.
1
positive
Though Microsoft's current valuation is in the low-to-mid range of its historical average on a P/E basis, it is at the mid- to high-end on a P/E/G basis..
0
neutral
Unfortunately, given the still lackluster pace of overall license sales, it's clear that none of these initiatives is large enough to offset the weakness in the core DBMS business, which has been under pressure from excess user capacity, declining prices and competition.
2
negative
The company is laying off an additional 400 employees or approximately 12% of the workforce.
0
neutral
PMC-Sierra also holds key market share positions within these markets, affording the company an opportunity as the markets turn.
1
positive
In June, CVH sharply cut its 2008 EPS expectations.
2
negative
Latin American machine sales declined more than 25% in August, as they have since April.
2
negative
However, demand for Tivoli remains weak and strong revenue growth from this product line is not expected until 2H01..
2
negative
As the transaction was structured, ADT was the legal surviving entity, and Tyco retained the Bermuda domicile.
0
neutral
We believe that investor expectations will be reset lower after today's earnings call and analyst meeting.
2
negative
While Intel had not officially given a date for launch of the Montecito, we were expecting it in Q3 2005.
0
neutral
Earnings in the first quarter of 1998 showed some of the impact of restructuring-related cost reductions: SG&A and R&D expenses were significantly reduced and losses from digital product lines also declined.
1
positive
GLP-1 is a naturally occuring hormone that helps the body control blood sugar levels in the normal range after eating, gastric emptying, and food intake.
0
neutral
Cash flow totaled $2.6 billion in the third quarter.
0
neutral
Risks: Weaker-than-expected light vehicle sales and production in North America; higher gas prices; labor disruptions at Delphi or GM or other parts suppliers; pension and OPEB accounting-related changes, could all have a material effect on GM's valuation and present risks to our $14 target price.
2
negative
DirecTV and BskyB offer considerable upside to intrinsic value.
1
positive
For stores up north, this seems highly cost ineffective.
2
negative
As such, we don't believe F2Q07 key metrics will be strong either.
2
negative