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UST's 2006 smokeless volume stabilization has coincided with deterioration of realized pricing (-3.5%).
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Asset Optimization Continues; COP an Industry Leader.
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Investors seem to be pricing in both a smooth transition period and a positive long-term view of the new larger company..
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Domestic same-store sales varied by month: November rose 1%-3%; December fell 4%-6%, and January rose 7%-9%.
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ASO: 2Q05 Results Ahead of Expectations; Quick Take.
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Every $100 million penalty equates to about $0.50 of lost value per HON share..
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The other reason we believe the PC functionality will be key to the digital set-top in the future is driver connectivity.
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We were surprised that its banking assets fell during the month.
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Nortel also indicated that carrier revenues were strong in the U.S. with a 28% growth in the quarter.
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BIIB reported Q1 2004 adjusted EPS of $0.40 per share, above our forecast of.
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EBITDA margin decreased to 18% from 50% during the period.
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Meanwhile, lighting sales started to rebound and show improvement.
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Revenues fell 5% in the quarter to $1.4 billion, spot on with our forecast,.
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Based on current valuations, we believe that LSI is undervalued and attractive, and we reiterate our Strong Buy rating and 12month stock-price target of $100..
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Also, our SFA 5-year DCF model, which assumes a 4.5% equity premium, 37% tax rate, 9.4% WACC, 1.1 beta, and 5% terminal growth rate, produces an intrinsic value of roughly $35 per share.
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He presently serves on the board of directors of Redback Networks, Inc. (Nasdaq: RBAK; Buy-Speculative; $4.96), a communication products company.
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Company Profile: May Department Stores Co., with fiscal 2004 (ended January 2004) sales of $13.3 billion, is the second largest department store company in the United States, operating 444 department stores and over 680 bridal/wedding stores in 46 states.
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Lower tax rate and share count offset by lower contribution from Financial Services..
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Another possible contributor is Hypersolve, a bromine-based solvent used for precision and electronic cleaning which is more environmentally friendly than ozone depleting solvents currently in use.
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To cope with cost pressures from raw and packaging materials, P&G is rolling out increases on diapers and dish detergents, categories in which Kimberly and Colgate are Procter's main competitors.
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Certain financial initiatives focused on shareholder value which new CFO, Don Blair (ex-Pepsi-Cola Bottling SVP, Finance), is developing could be accretive.
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Pollitt has carefully reviewed the company's store valuation models and believes they are stringent.
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While crude oil markets are generally more correlated to global economic conditions, natural gas volatility is often influenced by weather conditions, of which we do not forecast.
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However, results in the company's exploration and production unit were 18% below our forecast partly due to lower-than-expected natural gas production in Europe and natural gas realizations in the U.S. European gas volumes are largely driven by weather conditions, which were warmer than normal in the quarter.
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Thus, while naming individuals as plaintiffs, the lawsuit appears intended to draw in managed care companies as plaintiffs.
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While Wella's fragrance business has brought size and brand name benefits to P&G's Prestige Beauty business, the company is still trimming the hair colorant and Wella portfolios and learning the professional side of the business.
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This holds the (still theoretical) promise of improved efficacy or possibly even disease modification.
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Good strategic position across local, long distance, wireless and data/Internet.
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While marketing expenses are expected to increase slightly in 4Q03, salary and benefit costs and collection expenses could see further reductions..
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GM believes that potentially $3-$5 billion could be tapped in this regard, which together with a lower trajectory in capital spending, could help offset cash flow pressures that may come from weaker earnings..
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We view AmSouth as a high quality holding in the bank group and believe the company will continue to experience robust revenue growth and higher profitability.
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A telling statistic, in our view, is that although the super-affluent represent only 3% of U.S. households, this segment of the population makes up 46% of financial services industry profits, according to McKinsey Research..
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After baking in minority interest and equity from affiliates, we're left with a net loss from continuing operations of around $23 million, or $0.15 per share.
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Garyville is currently on time and budget with the majority of costs locked in going forward.
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Demand & Growing Cash Redeployment Potential Are Pluses.
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Asia is a critical offset to the lack of US majors demand and sluggish demand from Europe.
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We believe this trend is likely to accelerate as we go forward, and think it is likely that QCOM will not only dominate the CDMA world but begin to penetrate the GSM world as well.
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All this, combined with a 1.65x book multiple vs. the group's 1.8x, leaves the stock attractively priced in our view and we maintain our Buy 2 rating..
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One of the highlights was continued strong loan growth led by 14% commercial loan growth, a 5% decline in residential mortgage loans, and 8% consumer loan growth (adjusted for $750 million of indirect auto loans that were moved to held for sale during the quarter).
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Overall, the change in the CEO means less of a revolution than an evolution.
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Furthermore, the acquisitions raised the proportion of Masco's total sales that go to the remodeling and home improvement market.
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We maintain our relatively cautious stance toward Starwood.
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QTD Trends In-Line at Wendy's, Strong Once Again at Tim's.
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Risks that may impede achievement of our price target include, but are not limited to: a lack of traction in the company's turnaround plan; significant loss of market share from intense competition; a potential top or bottom-line miss due to the highly dependent nature of RSH's sales and profits on the wireless segment; significant margin deterioration in the consumer electronics industry; the failure of management to correctly anticipate demographic and geographic trends; an unexpected consumer response to the company's new store format; and a lack of product innovation in the consumer electronics industry.
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The Internet protocol standard increases Cisco's ability to market to service providers with its data networking products.
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The regulatory agencies both in the U.S. and the E.U.
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Although we don't have data from all the companies in our universe, we anticipate this figure to be in-line with the group average..
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I consider myself particularly well versed in Microsoft "conspiracy theories," which I will of course keep to myself.
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Commercial Lines Insurance: Commercial lines came in at a loss of $136 million in 3Q01, compared with gains of $317 million in the year-earlier period and $286 million in 2Q01.
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HAS will report results on Monday, October 21, before the market opening.
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TOBI sales were $34 million, $6 million higher than our estimates and up 70% over the same period last year.
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Currency impacted sales by approximately 3.4%, destocking impacted growth by approximately 0.9%, while Propulsid penalized growth by close to 6%.
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Financial Details Oracle's large-deal contribution (deals of more than $500,000) was 35% in the period, versus 40% last quarter and 32% in third quarter 2004.
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(See Figure 3.) While the company' s margins have come under some slight pressure as a result of their expansion strategy, we believe this strategy could be less expensive than growth via high-premium, dilutive acquisitions.
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The Oilseed segment posted an operating profit loss of $15 million versus our expectation for a $96 million profit.
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Consequently, the key risks for Temple-Inland are weak demand, as evidenced by general economic conditions, or increases in supply, in the form of capacity additions.
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The Seattle MSA full-service hotels' RevPAR was down comparable to that of the overall market for the past two years, however, prior to that period, the market notably underperformed with a decline of 1.8% in 1999 and only slight growth in 2000.
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As noted at CAGNY 2006, we estimate that a 1% increase in soup category sales is equal to about $50 million.
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We estimate that HotJobs can add $100 million in profitable revenue to Yahoo!'s pro forma 2002 revenue base and increase leverage to recovery.
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Competitor tones about M&A backlog over the past few days have been loud and clear about the heightened activity and strength in the market.
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Such concerns have not been exactly alleviated of late because of two developments: the loss of the wholesale (corporate) billing business of Sprint PCS to rival supplier Amdocs, and a settlement with AT&T with another competitor, CSG International, on billing for Media&e.
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This concluded the company's search, which began after Mr.
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All results exclude mutual fund related charges and discontinued operations..
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We are assuming coverage of Newscorp from our Australian media counterparts due to Newscorp's reincorporation to the U.S. and the subsequent inclusion of its shares in the S&P500 in the U.S. and gradual removal from the Australian and international S&P indices.
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3M stated that excluding CUNO altogether, operating income grew 18.4% year-over-year, and margins were over 20%..
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On September 6, 2005, Barr and Teva announced a partnership to launch a generic version of Sanofi-Aventis' Allegra 30 mg, 60 mg, and 180 mg tablets "at risk." We assume a 50:50 profit split with Teva on $350 million of Allegra sales in fiscal 2006.
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Pension income, the Company's tax rate and shares outstanding were all roughly in line with expectations..
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This has resulted in greater demand for the company's highly integrated cellular chipsets over the semi-custom parts bought by larger customers.
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Both battery and controls segments improved sales and operating margin in FQ3.
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The strong number reported in January for the manufacturing sector is a positive for the Midwest economy as well as those commercial banks that conduct business in this market.
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LeaRonal's technologies are used to make lead frames, the packages onto which semiconductor chips are mounted and which allow them to be connected to circuit boards.
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Announced on September 17, 2007, Forest entered into a 50-50 partnership to co-develop linaclotide with Microbia, Inc. The two companies are to share in the development and commercialization expenses for the U.S. and split profits equally.
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CFO search ongoing On November 24, DUK's chief financial officer, Robert Brace, announced that he was leaving the company.
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As a result, we would prefer to wait on the sidelines until more progress is seen.
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Our 12-month price target of $48 per share represents 16% upside from current levels.
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While AT&T is not giving 2001 guidance owning to the moving parts related to its restructuring we are reducing our 2001 EPS to $0.52 from $0.67 attributable to flat (vs. 1%) business service revenue growth and lower EBIT margins (15.0% vs 17.6% previously) and a higher tax rate (50% vs. 38% previously).
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As Motorola attempts to execute its turnaround, these trends will likely represent headwinds that place Motorola at risk of ceding further U.S. share..
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In 2002, AIG's sales of this line were $275 million..
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We reiterate our published view that beef prices will be up 3-5% in 2005..
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We note that PeopleSoft traditionally sees a 19% pickup in license revenue from Q3 to Q4(averaged from 1999-2002).
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Exhibits 9 and 10 look at DTE's valuation on a sum-of-the-parts basis.
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Third, Electronics Materials demand is very depressed due to the inventory correction that has spread throughout its end markets.
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International tobacco volume increased 2.4%, below 3-4% targeted growth and attributable to weakness in Western Europe.
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Progressive has built what we think is a sustainable franchise based on low costs, which enable more competitive pricing, efficiency, and claims service through the independent agent distribution channel.
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The charge was allocated between continuing and discontinued operations based on the source of the liability (the increased liability related to Harbison-Walker was charged against discontinued ops), yielding an after-tax charge of $268 million to continuing operations and an after-tax charge of $140 million to discontinued operations.
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This is a mature business in which Chase seeks to sell more products to each customer.
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Using a terminal growth rate of 15X, we arrive at our $68 price target..
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However, total non-finance expenses actually increased 0.5% in 3Q03 despite a 1.6% Y/Y revenue decline and a 10% Y/Y decline in staffing.
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In Texas, 15.1% of the state's population, roughly 2.9 million people, were living below the poverty level.
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This is because Aetna's management has steadfastly refuted any suggestions that intensifying premium competition or rising medical costs will negatively impact the company's near term outlook or long-term 15% EPS growth target.
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The NDA was filed on June 30, 2004 and a decision from the FDA is expected by its April 30, 2005 PDUFA date.
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Thus, even cranking in 4.5-5% fewer shares, EPS of $1.70, flat Y/Y, seems about all one can realistically count on for F04.
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As a reminder, during the company's FQ4'07 earnings call, the company noted that it plans to add +500 new employees in the July 08 quarter.
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We will look at the data points over the next several months and, if delinquency rates fall below the current rate, we would consider this a major victory.
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Chargeoffs excluding Fidelity were 3.30% in 1997.
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State Street--Analysis of assets under custody and assets under management 1Q97-1Q99.
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By way of comparison, JBL also indicated they saw a good outsourcing pipeline building that should drive growth in 2007.
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At present, Sempra Energy is developing three LNG facilities: 1) Energia Costa Azul (ECA), 2) Cameron, and 3) Port Arthur.
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Note: "Measured" data includes only unadjusted FDM channel data from Nielsen..
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Both businesses alone have leading positions in several eyecare categories, but the true operating leverage, in our view, comes when combining the two companies with BOL's existing pharmaceuticals operations.
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