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Sales slightly light on flat CPG and lower FX contribution (4% vs. DBE 6%).
2
negative
Accordingly, we see potential upside to management's initial guidance as we go through 2008.
1
positive
Why Is AXP A BUY? 1) We believe the spinout of American Express Financial Advisors, soon to be known as Ameriprise, should remove a significant drag from AXP's results, allowing the company to report a return on equity that should be north of 30% and EPS growth that is expected to remain in the high teens.
1
positive
We have made a correction to UNP's quarterly EPS, for consensus table on Page 1. Incorrect quarterly numbers were published in our previous version.
0
neutral
Updating BSX models after Q2 results -- maintaining Sector Perform rating as execution challenges persist in 2H..
2
negative
AIG is benefiting from a "flight to quality." (4) Product spreads in Asia have increased.
1
positive
The competition for aftermarket revenues has escalated even further as product differentiation has diminished.
2
negative
While not a guarantee that this legislation could be passed in an election year, it certainly has better odds than was originally perceived.
1
positive
Full details about the system and timing should be announced at the E3 trade show in May, but the initial signs suggest that Microsoft will have a strong chance to unseat Sony as the gaming system leader when the next cycle comes along.
1
positive
We base our Q1:05 expectation on several independent, but non-affiliated, sources.
0
neutral
Numbers: BLL Q3 EPS was $0.85, excluding restructuring charges, versus the $0.83 consensus.
0
neutral
Investors should not be distracted by the pending slowdown in "growth": we believe it's the returns that are the primary determinant of valuation, rather than growth.
0
neutral
In addition, WB distributes prerecorded videocassettes and videodiscs.
0
neutral
As shown, by far the most significant component of handset costs is the COGS, representing on average around 75% of the total cost of a device..
0
neutral
Our 6- to 12-month price target for CAT of $90 per share is based on our 2007 EPS estimate of $6.60 and assumes the stock trades at about a 10% discount to the S&P 500 multiple, which is closer to the upper end of its historical range of 70% discount to 15% premium to the S&P 500.
0
neutral
EOG has accumulated 60,000 net acres in the Atoka Formation in the Texas Panhandle where it has drilled 17 horizontal wells to date.
0
neutral
Guidance for 2006 revenue of $1.4 billion and EPS of $0.40-$0.45 is consistent with current consensus of $1.385 billion in revenue and EPS of $0.45 (our 2006 estimates of $1.392 billion and $0.46 are in line with consensus), but past management behavior suggests that this guidance has a high probability of being revised downward by changes in circumstances during the year.
2
negative
lower gross margins) and the S,G&A leverage disappears without a positive same-store sales figure.
2
negative
63.5% 70.0% Percent of Primary Users Male Female.
0
neutral
The only business unit that underperformed in the quarter was the company's Cardiac Surgery business.
2
negative
4Q08: $2M revenue reduction, $0.02 EPS reduction.
2
negative
Quarter Update - may see upside of +30M to our $1,180M September revenue estimate.
1
positive
Kerr-McGee's strong position in the Gulf allows it identify prospects in familiar areas, where the company believes it can achieve a balanced exploration program.
1
positive
We are lowering our 4Q and full year 2003 estimates for IP just as we have for the rest of the paper companies.
2
negative
As a result, many may be reducing expectations for Nvidia.
2
negative
For F2001, we estimate another decrease in the first quarter because of tough comparisons against Millennium pricing last year, followed by.
2
negative
strengthening of several Asian economies (i.e., Japan, Korea, Thailand and China) could reduce the pace of imports to the European market during 2000.
1
positive
Gross margin is standing at about 50% and operating margin is just under 30%.
0
neutral
Our new estimate reflects market appreciation in the quarter and guidance offered in LNC's third quarter 10Q on the expected effects of changes in equity indices.
0
neutral
o We believe that the growth of multichannel homes outside the U.S. should continue at a brisk pace over the next several years, as emerging economies continue to evolve and the middle class grows.
1
positive
Radio expense growth is currently in the low-to-mid single digit range, and is not expected to markedly increase near term.
0
neutral
We estimate AmSouth can repurchase an additional 19 million shares over the next 12 months based on our estimates of its excess capital and internal capital generation..
1
positive
We project a 2007 launch for ZoMaxx (1H in Europe and 2H in US), generating $120M in initial sales, and $260M in 2008 sales driven by a full year of US sales.
0
neutral
Looking at actual trailing P/E is problematic given large catastrophe losses and reserve charges from last year.
2
negative
We expect Cisco to show Q/Q revenue above our estimate of $5.43 billion, possibly as high as the low to mid-teens.
1
positive
� An ongoing acquisition program should replenish its product pipeline and accelerate revenue growth.
1
positive
The company expects the WLAN attach rate in mobile PCs to increase from just over 30% today to over 90% by 2004.
1
positive
Transactions/merchant increased 1%, which could indicate a slight shift towards bigger merchants.
1
positive
Enters Wireless Handset Market with Mobilink Telecom Acquisition - April 19, 2002.
0
neutral
By division, we expect pre-tax segment profit to be up about 10% at Target, which was the only divion to achieve positive same-store sales.
1
positive
Harrah's continues to benefit from its broad diversification.
1
positive
The biggest single barrier to entry into the U.S. power grid is new equipment and labor.
0
neutral
Outlook for Mortgage Production Volume and Margins.
0
neutral
The Times is expected to show circulation gains on the Audit Bureau of Circulations FAS-FAX report for the six-month period ending September 30, 2004.
1
positive
We rate the shares of Louisiana Pacific (LPX) Buy/Medium Risk (1M) with a target price of $21.
1
positive
ReNu sales were suspended in those geographies in order to investigate a rare incidence of eye infection, linked to the Fusarium keratitis among certain contact lens wearers.
2
negative
We note that GPS cycles the most challenging revenue comparison of the year in April (when the company reported a 20% comp in 2003).
2
negative
Method of establishing internal expectations for excellence based on direct comparison to "best." In some cases, the best is not a direct competitor in the industry.
1
positive
Biogen initially acquired the rights to develop and commercialize BG-12 from Fumapharm AG, a privately held Swiss company, in September 2003.
0
neutral
Note the company is targeting reported EPS in the range of $0.36 to $0.39.
0
neutral
We are raising our 2001/2002 winter season forecast to $590M from.
1
positive
Total Copper Sales: 598m lbs vs. our est. of 619m lbs, and vs. prior year of 607m lbs..
0
neutral
The breakdown of revenues by geography was: 54% ($31.0 million) from the Americas, 37% ($21.2 million) from Europe and 9% ($5.2 million) from the Asia/Pacific region, primarily Japan.
0
neutral
Combining integrated VCSEL capability at PicoLight with JDSU's in-house integration and low cost in-house and outsourced production should yield margin improvement.
1
positive
Continued progress in divesting the remaining utility properties should provide investors with additional confidence as proceeds from these sales are expected to be used to reduce Citizens' substantial debt load.
1
positive
Weill served as the firm's chairman from 1965 to 1984, a period in which the company completed more than 15 acquisitions to become the country's second-largest securities brokerage firm.
0
neutral
Motion grew core sales by 2%, and while those at Product ID were down 5%, sales would have grown at a high single digit pace if it weren't for the low margin USPS business, an otherwise stronger than expected result.
1
positive
To complete these three projects DUK expects to spend $400MM in capital expenditures by 2008.
0
neutral
*** Qwest subsequently renegotiated its purchase obligations with Calpoint and another vendor (ICG) in September, paying $174M to reduce cash costs through 2006, including $118M in 2004.
0
neutral
Most recently, we view halting of vicriviroc development in treatment-na�ve patients as a moderate setback.
0
neutral
Fiserv has built on its initial target market, i.e., banking.
0
neutral
Merrill Lynch: The Effects of a Conservative Capital Structure on ROE.
0
neutral
Underwriting Track Record And Product Diversity Should Carry WLP Through The Economic Slowdown.
0
neutral
d. By implication, other categories performing below the corporate average were appliances, nursery, fashion electrical, fashion plumbing, paint, millwork, and windows.
0
neutral
Further, HET's JV to operate a slots parlor at Chester Downs and the potential for a slots parlor in Pittsburgh could offset some of this near term impact.
0
neutral
HI intends to finance the $300 million transaction with 70% stock and 30% cash.
0
neutral
TECO Energy is a Florida-based utility holding company with regulated electric/gas operations in Florida, as well as unregulated operations in several locations in the US and Latin America.
0
neutral
Summary: We are initiating coverage of PRU, which recently completed an IPO of 110M shares at $27.50 each, with a Buy rating and a 12-mo price target of $37.
1
positive
At $50 per share, the upside potential is between 24% and 33%, with limited downside risk, according to our calculations.
1
positive
This equates to a 29x multiple on our CY06 EPS estimate of $0.98 including options..
0
neutral
We maintain our Market Perform rating, given limited upside to shares.
0
neutral
Sales for the Meditech peripheral vascular business and the Meadox vascular graft line were sluggish, rising by 7% as these units continue to adjust to new management structures and personnel..
2
negative
United HealthCare Insurance Company United HealthCare Insurance Company of Illinois United HealthCare Insurance Company of Ohio United HealthCare Insurance Company of New York --Insurer Financial Strength (IFS) 'AA-'.
0
neutral
Other categories performed on par with the chain average.
0
neutral
Overall, trends are shifting toward earlier treatment recommendations rather than waiting until an advanced stage of infection.
0
neutral
Furthermore, we expect a strong close to the year during the all important holiday selling season.
1
positive
YTD, AZA is down 30%, while the specialty pharma group is down 24%, large-cap pharma down 22%, and the S&P 500 down 15%.
2
negative
As we have stated previously, we believe Zander is lucky enough to have the wind at his back as he attempts to re-tool Motorola.
1
positive
On the information management side of the equation, Guidant did beat Medtronic to the punch with FDA approval for a wireless home link between its Latitude system and recently approved Renewal 3RF ICD.
1
positive
Apartment Investment and Management Company (AIV-$34.98) - Underperform.
2
negative
Aggregate liability associated with Lincoln UK selling practices declined 42% to $164.3M, further reducing their likelihood of becoming an earnings issue.
1
positive
Its 12.5% EPS growth relative to ITW's 15% decline is clear case in point. DHR's strong margin performance in the face of tough revenues give us relatively high confidence in our $2.40 estimate for 2001.
1
positive
Unum has a very clean balance sheet with only 20% debt-to-total capital and strong cash flow from operations we forecast over $1.5 billion in 2008 much of which has been allocated to share buybacks; the company has repurchased 8% of shares outstanding this year.
1
positive
In addition to the rate issue, there is a double refueling at the San Onofre nuclear plant in 1999, which should put pressure on the utility.
2
negative
PC servers to grow at 11% CAGR b/t '02-'07 (up 16% in '03, 10% in '04 & '05) SharePoint Portal Server 2003 requires Windows Server 2003 October 21 launch of Office 2003 MSFT database market share up from 18% in '01 to 23% in '03 (ORCL down) Linux gaining share, though more at expense of Unix than MSFT.
1
positive
Unless otherwise noted, all prices are intraday as of March 3, 2005.
0
neutral
Overall, however, selection and in-stocks improved somewhat since last year.
1
positive
About $3.7 billion were non-accretable marks on the impaired portfolio.
0
neutral
Intel increased its Q-1 08 operating income 23% to $2.06 billion, and expanded its margin 240 basis points to 21.3%.
1
positive
Integrators we have recently spoken with remain positive regarding the current business environment, with most resellers commenting that their pipelines are in good shape and most mentioning a few very large deals in their pipelines as well.
1
positive
ADC is still seeing strong results in Latin America and Europe.
1
positive
The chart below summarizes the changes in pricing for stores..
0
neutral
HOT decreased its RevPAR guidance range worldwide to a 2% to 4% increase from 6% to 8% and cut its North American owned hotel guidance range, revising it to -1% to 1% from 2% to 3%.
2
negative
Amortization Capital spending Free cash flow D & A (ILEC+CLEC).
0
neutral
The Bank of New York Asset Solutions Division (BNYAS), the commercial mortgage servicing division of BK, is a Fitch-rated commercial mortgage-backed securities (CMBS) servicer.
0
neutral
An sBLA for CAIV-T in children as young as twelve months has also been submitted.
0
neutral
We project peak sales of $2.0 bn (with EU profits recorded in equity income) and anticipate 2H:06 approval.
1
positive
We understand that the $500-million funded portion of Tenet's recently renegotiated $800-million revolver is presently undrawn, and that approximately $215 million of letters of credit are currently outstanding.
0
neutral
Book value adjusted for convertible securities rose 6% to $19.56 as of March 31, 2005, compared to $18.48 a year ago.
0
neutral
Our 2003 worldwide revenue forecasts for Vioxx and Arcoxia are $2.55 billion and $77 million, respectively.
0
neutral