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In 2005, our Lilly/ICOS joint venture model assumes the Cialis joint venture will approach $600 million (up 28%, with $260 million in the U.S. and $310 million internationally).
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Over the last year, UNM has taken several reserve increases lowers UNM's balance sheet risk, carried out many security offerings strengthening its capital position, and exited a number of noncore businesses to maintain focus on essential product lines that provide it with high ROEs.
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Avonex patients completed 12 months of the trial.
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Lowe's pricing strategy ("Up the Continuum") is to offer quality merchandise across the price gamut, from low opening price points on basic products up to premium products from top name brand vendors with the latest "bells and whistles." Lowe's offers Everyday Low Prices (EDLP) on a broad assortment of its goods and has varying price promotions on the balance of products within the merchandise assortment.
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Given the strong performance in Q4:98 and the terrific momentum in Baxter's Blood Therapies and Renal businesses in particular, we have increased our top-line growth assumption by 1% point to 10%.
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We maintain our BUY rating and our price target of $21, which is based on 27x our new CY05 EPS estimate of $0.77.
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This compares with the integrated group average of 13.9 times and 4.6%, respectively.
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The company also has several high-frequency offerings, including transimpedance amplifiers, laser drivers, and limiting amplifiers used for optical modules.
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With respect to the new plant, initial production is expected to become available in 2004.
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Consensus estimates show that Symbol is expected to grow in the 7% to 8% range for the next two years, which is lower than Motorola's expected growth rate.
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The company is an established leader in distributed power architecture, which involves the board mounting of low profile, high-density DC-DC modules.
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We lowered our forecasts on primary metal from $0.73 per pound in 2H02 to $0.67, and for 2003E from $0.85 per pound to $0.75 per pound.
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By Fall this year, 300 Kohl's stores will carry a new, higher price point jewelry assortment.
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Expanding Branch-Based Origination: GE Money now has 4,300 branches (up 39% y-o-y), and 1,300 agents (up 15% y-o-y).
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Operating margin was down to 12.3% from 12.7% a year ago due to higher SG&A expenses.
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We believe a sub 1% comp is simply not enough for Zone to realize significant leverage from its model.
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For the third quarter we are currently forecasting: shipments of 3.200 million tons, slightly higher than the second quarter.
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While we have confidence in Monster's management team, there is risk to our estimates and the growth profile of Monster in the near-term if management is unable to execute on its restructuring plans and/or if the international expansion is hampered by the impact of related staff reductions and cost cutting..
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The USPS has estimated that the requirement to put F06 savings into an escrow account will drive a need for a 5% increase in Postal rates versus where they otherwise would need to be.
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SRE's NTM P/E has averaged just 42% of the S&P since 1998 (partly as a result of the stock market bubble) and 60% of the S&P 500 since 1993.
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MER/NYSE Rating: Sector Perform Sector Weighting: Market Weight.
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Eckerd Drug Stores Posts A Healthy 10% Gain In Comparable-Store Sales Growth, Offsetting Weaker Sales In The Stores.
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We also are lowering modestly our assumption regarding Pacific Gas and Electric Company's authorized ROE from the CPUC for 2009 through 2011.
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We note that the information in this table is not perfect, since ad spend is calculated using ad impressions (how many times the ad page is viewed) multiplied by average prices from Yahoo!'s standard rate card.
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Efforts to institute more efficient sales systems, with the aid of the TelWeb, should help boost margins next year..
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However, we also believe that finding every case of PML is very important and these anecdotes suggest that perhaps some cases may be being missed.
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We believe the fundamentals of the EMS sector are quite solid, however, driven by the outsourcing and divestiture trends.
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In addition to reaffirming the high end of 2007's production range estimate, we are also increasingly confident in our 2008E production growth rate of 9%.
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Valuation: Price to Earnings: IBM is trading at 14.4x our estimated CY07 EPS of $6.74 (net of cash and debt), at a slight discount to our Universe at 17.8x.
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2001 and 2002 numbers have been reclassified to present the Private Label knitwear and the Jantzen swimwear business as discontinued operations.
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Waste Management reported total revenue growth of 0.8% to $2.81 billion, closely in line with our expectations.
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Based upon our revised 2009 estimate, shares of PPL sell at 20.5x, representing a 54% premium to the group average P/E ratio of 13.3x.
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Segment income increased 11% from year ago levels despite a 100 basis point decline in operating margin (-180bps ex.
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Exceptional 1Q04 Time Warner reported strong 1Q04 results, beating our estimates across the board including 27% EBITDA growth vs. our 10% est. As important, subscription businesses trended favorably with AOL showing 21% EBITDA growth and better-than-expected trends in advertising, broadband and AOL Europe.
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However, we believe that this outcome significantly increases the chances that the FDA will approve Aldurazyme in 2003.
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The division did see stronger sales in developing markets, Russia and Turkey.
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It opened its own headquarters and established its own management separate from the rest of General Motors.
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With shortterm interest rates near-zero and Treasury yields particularly tight, the margin between fund yields and operating expense ratios (OERs) has meaningfully narrowed in Schwab's money market funds.
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Masco has dominant leadership positions in product categories where brands really matter..
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Our primary concerns relate to the overall economic picture and replacing the high-end U.S. footwear business that will be missing at Foot Locker.
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They also find it hard to invest in the work required to develop and negotiate bundled offers.
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Note that our revenue estimate does not include the anticipated $35-$40 million favorable currency impact for FQ3.
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Variable and Universal Life Pretax earnings of $55 million accounted for 20% of divisional results and were flat with prior year results, reflecting the offsetting combination of increased pension benefits and improved separate account performance.
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Saxagliptin's lympho and cytopenias are not considered issues.
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If its cost of funds rises it charges a higher rate to maintain the spread.
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This legacy business Europe provides the company with a well Asia established earnings 1998E EPS platform--we expect its North American projects to account for 48% of 1998 earnings.
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The company is guiding to a further 5% sequential decline in revenues, disappointing those who were expecting the company to guide revenues up, signaling a bottom in the semiconductor cycle.
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The change takes the shift in marketing focus in favor of the enhanced basic into account as well as a 19k increase in net adds on the strength of the triple play bundle.
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Looking at the company's incentive compensation structure, there is clearly a bias towards sales and EPS growth, with little regard for ROIC or operating margin expansion.
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Our earnings estimate for the quarter is $0.15 per share.
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Estimates above are based on pro forma EPS (adjusted EPS from operations) as provided by CIGNA's management.
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In addition, 70% of Threadneedle's AUM are institutional funds managed on behalf of its former owner, the Zurich Insurance Group on which we estimate it earns only a modest management fee.
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YTD through the first nine months of 2004, NP's pretax income was $69mm vs. $41mm (+68%), or $0.09/share vs. $0.05/share.
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Restated EPS reflect the ATH pooling-of-interest transaction..
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Inventories continue to be high due to the effects of the restructuring which involve the closing of plants and distribution centers as distribution is streamlined both in N.A.
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Domestically, Clorox's organic growth has been 3-4%..
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This quarter's revenues reflect an increase of 3.4% sequentially and an increase of 26.0% year-overyear.
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Category growth will continue to be an important dynamic for future performance of statins, Zetia and Vytorin.
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Valuation multiples across the EMS industry continue to test new lows in our view amid revaluation of long-term growth potential and lower returns on capital.
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The coupon for the Class A certificates is 6.60 percent and one-month Libor plus 0.60 percent for the Class B certificates.
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At first glance, some investors may find a 1.3% sequential increase in revenues disappointing, given the highly constructive equity market activity that characterized the second quarter.
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We believe many of the shares are approaching fair value on a short-term basis (6-18 months)..
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The reason for the difference is that software development costs have been heavy, but the ability to reflect that in the price has been insufficient.
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Humana reported 4Q03 EPS of $0.41, a penny better than our projection with EBITDA $1 million better than anticipated (worth a negligible amount to the bottom line).
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COMPANY UPDATE Micron's February quarter was a disappointment as both DRAM (ASPs down 12% QoQ) and NAND Flash (down 50% since the January 1st) led to a $100 million top-line miss vs. our $1.3 billion estimate.
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There is an ongoing shift away from the PC to a wide array of computing devices.
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The Photon is a part of some key ICD trials, which may help to drive initial sales of these devices in the US.
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Positive volume growth played a part, but clearly not all of the favorable currency movement flowed through.
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Management has increased its estimate of these expenses in 1999 to a range of $20-$25 million from $10 million.
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As a result, there is much less individual product competition than is evident in microprocessors or memory IC-s.
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As of 04/12/08 (indexed from 03/28/08, the Friday before the data was released), the Vytorin NRx share was 8.6% (-1.7 pp since 03/28/08) and the NRxs were down 68% (vs. down 62% for the five leading cholesterol reducers).
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If SMB represents the next DR growth opportunity, we think SDS's lowcost shared service model is well positioned, especially in industries where the dollar value of downtime is low, and the low-cost shared model may be most appropriate as basically a low-cost "insurance" policy.
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While management has determined to speak to GAAP EPS, before discontinued items, we may be required to reframe the quarterly estimates.
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Higher-thanexpected EBITDA and greater-than-expected cash returned from Cingular drove FCF after dividends (including cash from Cingular) well above our estimate to $2.3 billion, prompting the company to significantly increase full-year 2005 guidance to above $4.0 billion..
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Operating EPS $0.36 (1β”œΒ»β”¬β”β”¬β•œ Above Street) On Manufacturing Efficiencies, Cost Controls β”œΒ»β”¬β”β”¬β•œ Sales from SLR's base business were $2.5B (+29%), up 5% from Q4 but about $150MM below our forecast primarily due to material shortages but also from certain PC/server programs going end-of-life.
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Any earnings over the retention band will be shared 50/50 between customers and shareholders.
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A large majority of the 215,000 net undeveloped acres is related to the acreage on the Nesson Anticline.
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We think ad revs will be at the low end of guidance.
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We expect an FDA panel review in December and approval in 1Q 2002, in time to take advantage of expanded capacity coming on line.
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OXY sees Libya as a potentially significant arena, entailing three possible approaches: (1) (2) (3) Develop previously owned fields/acreage Other major projects besides original fields Bid on further exploratory blocks.
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β”œΒ»β”¬β”β”¬β•œ We are encouraged that Limited stores improved its operating losses in 2001 (to around $22 million, from a loss of $76 million in the prior year) and we expect this division will breakeven in 2002.
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The plaintiffs filed an appeal to the Eleventh Circuit U.S. Court of Appeals on August 18, 2005, which is currently pending.
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In this business where we (and our counterparts) jokingly suggest two consecutive data points generates the perception of a long-term trend, we believe that 17 consecutive data points pretty much defines the trend.
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PSA is a fully integrated, self-administered and self-managed REIT that acquires, develops, owns and operates self-storage facilities.
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We continue to see room for the multiple to expand as the new products roll out and revenues accelerate.
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Company Description: Starbucks Corporation primarily sells fresh, rich-brewed coffees, Italian-style espresso beverages, a variety of pastries and confections, coffee-related accessories and equipment, and a line of premium teas, through its company-operated retail stores, specialty operations, and online store..
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We believe the opportunity to gain incremental business over the next few quarters with strategic product initiatives and strong execution will enable the company to separate itself temporarily from the anemic market and economic trends that appear to be manifesting today.
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Step 1 2 3 Wyeth and CFC will file in the MDL a Joint Motion to Approve a Procedure for Plaintiffs to Stay Proceedings in Diet Drug Cases Pending the Implementation of Settlement Process.
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However, this business was deemed to be too small to represent critical mass for the group and it needed to be expanded to ensure a long-term future within the company.
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Our copper price estimates for 1999 and 2000 are $0.71 and $0.85 per pound, respectively, reflecting our forecast of improving industry fundamentals.
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With strong sales already reported, we would not be surprised to see Walgreens deliver an upside surprise this quarter.
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These groups are Consumer Services, Equipment, Mid-Market Financing, Specialized Financing and Specialty Insurance.
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Amgen plans to evaluate the usefulness of AMG531 in chemotherapy-induced thrombocytopenia.
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Yahoo!'s Q499 results of $0.21 EPS on revenue of $76 million beat our expectation and the Street concensus of $0.16 EPS on revenue of $64 million.
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Overshadowing American Capital's portfolio performance was the announced suspended dividend.
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During the quarter, Boost added 100K to its unlimited plans, which is being trialed in four markets on its CDMA platform.
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The company has reiterated that the material weakness only relates to the loan loss reserve and does not extend to any other areas of the business.
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PD cited lower ore grades at the Candelaria mine in Chile, ore "hardness" at Chino in New Mexico and unusual January rainfall and ore characteristics in Morenci in Arizona, PD's largest mine.
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The bank expects to get to 3.0% by 4Q05 and to 3.5% longerterm.
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Refining & marketing earnings volatility is partially offset by the company's diversified business mix, which includes petrochemicals, coke, logistics and lubricants operations.
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