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It costs about $1,700 to ship a container from Mexico, versus $4,300 from China.
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Return to Positive Operating Leverage in 2004 - We believe the base is set for better operating leverage in 2004.
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SGP has traded up almost 15% over the past two days.
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New product launches include the Flavas doll and Fisher-Price's electronic learning tool Touch Pad, which are expected to go head-to-head against popular competitors such as Bratz and LeapPad.
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Initially, the Air Force envisioned buying 1,763 CTOL aircraft to replace the F-16 and A-10 and complement the F/A-22.
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Harrah's Laughlin is located on 44.9 acres in Laughlin, Nevada, in a natural cove on the Colorado River.
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interest (from calling high yield issues) will benefit earnings by $0.53 a share.
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We recently met with the newly appointed CEO of FRX.
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A final order is expected by January 2006 with new rates expected to go into effect in '06.
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Our Orencia sales model supports over USD2.3bn sales in 2011.
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Comparable sales, that is sales in warehouses open for at least a year, increased 9%, reflecting new marketing and merchandising efforts, including the rollout of various ancillary businesses to certain existing locations..
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SoCal in 4Q03 to 1Q05 to normalize outsized impact from work stoppage..
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We cited material risk to March quarter projections based on Oracle's lower-than-expected February quarter results, geopolitical risks and distractions, and potential slowing independent of Iraq.
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Any impact on Genzyme General from this payment will be reflected in Q3 2001.
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We believe that Lincoln will report a 2005 operating ROE of approximately 13.5%.
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As a point of comparison, Wal-Mart's domestic sales (Wal-Mart division and Sam's Club) were $208 billion in 2003, about ten times the size of the entire dollar store sector, or.
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Also released in Europe for most disabling symptoms of advanced Parkinson's disease.
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We could feasibly see a Fuji branded photo printer in the U.S. down the road, intended to compete with HP, Lexmark, Epson, and others.
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This resignation represents a major loss for Viacom which may overhang the stock near-term.
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Low long-term interest rates stimulate the housing and mortgage market.
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Management expects stronger earnings vs. 1Q for Cellulose Fibers, Packaging, and Wood Products.
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Forward '07 flat power prices in PJM have increased over 24% (to ~$52/MWh from ~$42/MWh) and over the same time ComEd forwards have increased 18% (to ~$41/MWh from ~$35/MWh).
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Operating margins also declined slightly to 51.6% from 52.2% during the previous quarter.
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Financial risk is declining as CMCSK generates ever greater free cash flow.
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Management cited a broad range of factors behind the strong sales, including increasing demand from the retail/home center channel, recovering industrial demand, continuing favorable currency translations and growing service revenues in security solutions.
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Based on the latest innovation, and focus on improving the product mix, we would expect European trends to improve.
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Nearly the entire decline is attributable to lower heavy-duty truck sales in North America, ant the increasingly weak truck market.
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We expect earnings growth to remain challenged in 2009, as commercial and CRE credit deteriorates further in the bank's Midwest environment.
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We continue to believe that Tyco bonds are an attractive relative versus other similarly rated credits like Caterpillar, Deere, Dover, Honeywell and United Technologies.
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It also derives revenues from the sale of other financial products like credit cards.
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Different assumptions regarding demand growth, community choice aggregation (CCA) rates, a core/non-core market, and a phase-in date for the resource adequacy requirement were taken into account.
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Early November comp-store sales are below plan as they are at most other broadline retailers.
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While the net result would be headcount reduction, it would also involve lowering the cost per employee by moving work to low-cost regions.
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While difficult to compare across companies, it appears that Bristol's spending levels are already lower than most of the other companies in our universe.
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These newer businesses tend to offer good growth opportunities, while the more mature copier business provides a substantial annuity stream for supplies and service revenues..
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Japan, which has historically represented 70% of the Asian business, and the outlook there remains cautious.
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We are maintaining our Buy rating on Integrys Energy.
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ET. The conference call number is 866-322-1570 and the passcode is 5013072..
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We reserve judgement on ConocoPhillips, ahead of the end-September auction of LUKoil (Hold), and the uncertainties of both pricing, and objectives of any ConocoPhillips bid.
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We believe a rightsizing of the capital base would support higher than historical-average valuation levels given SAFC's un-levered prospects are similar to the broader industry..
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Our latest cut at a possible aerostructures sale still suggests a possible price target of $850-900MM or 4.2-5.0X potential EBITDA, based on belownormal 2000 volume.
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That said, we think CEG has been forthright in the earnings timing issues although the company saying and the market hearing can be different issues.
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Fundamental drivers for the quarter, the margin and mortgage volume, were very strong.
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BellSouth was arguably the most aggressive ILEC in pushing the industry to adopt DSL standards.
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Risks include the state of the housing environment and competition..
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We expect the company to report fiscal 1Q05 EPS of $0.56, versus the current Thomson Financial consensus estimate of $0.55.
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We believe the deal could have been done at or slightly above this average multiple and still be reasonably priced as Schwab acquires a business that is: (1) fully mature and fills a key void in the current platform, (2) should be an easy integration with U.S. Trust, and (3) provides a reasonable level of synergies (technology and private banking to STT clients).
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Excluding the impact of the Ohmeda acquisition yields growth of 5.6%.
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Ameriserv, its former distributor, was thankfully sold to a stable McLane, a subsidiary of Wal-Mart, while the company has worked diligently and successfully with Taco Bell franchisees to improve their financial situations.
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The savings usually represent a 60% to 75% reduction in operating costs and a 25% to 40% reduction in energy costs, with the usual payback in five to seven years.
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They have already announced that they will idle roughly 2 million tons of high-cost CAPP coal for 2007, which we view positively.
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As previously mentioned, Aetna's risk membership declined by 341,000 members sequentially.
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Consider the likelihood of a competing bid emerging for JP, in the wake of the significant premium LNC is paying, to be minimal.
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Most of Cardinal's key challenges, in our opinion, are behind it, with SEC settlement discussions under way, PD transition substantially complete, and the Pyxis turnaround in process.
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PRODUCTION - Singles and doubles program is scoring runs After lowering production targets earlier in 2002, EOG finished the year on a good note in terms of its volume growth with North American natural gas production rising 3% sequentially and 5% versus the year-ago period.
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Susan Arnold believes that other companies that view men's skincare as a beauty initiative rather than a shaving initiative will have more limited success.
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Our price target yields a 16.8% upside potential from current levels.
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BRES' operating profit declined 43% from last year to approximately $21.4 million s (or a 3.5% operating margin).
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We think that credit unions are a growing force in the financial arena.
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DJ did not issue any new guidance in its October ad report and the latest guidance from management calls for Q4 EPS between $0.15-0.20.
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We believe that orders will come in the range of $480-490 million or down 7-10% sequentially.
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We are maintaining our pre-exceptional F2006 EPS estimate of $3.07.
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The key driver in the near term will be winter weather in North America and the debate about winter weather has been intense, as our E&P Team highlighted in a report (please see A.G.
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Sector: Industrial, Market Weight February 7, 2008 Earnings Reported - First Look.
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TRICARE premium revenue for the quarter was $824.4 million, compared to $740.6 million in Q2 2007.
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Our view is that the nearly pure play in HBAs (Emulex) will likely post higher growth, so the valuation disparity likely will correct over the next six to 12 months..
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We believe industry film volumes will be down in the high single digit range in the fourth quarter due to a drop off in travel and leisure activities.
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We think the lower unit shipments may have been impacted by the weakness in Japan.
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We expect a rebound in TECO Transport EPS to $0.10 per share in 2005 given a return to normal river conditions and terminal conditions, which hampered 2004 results, as well as improved volumes and pricing given the improved global and domestic economy.
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*We do not believe the operating margin expansion will far outpace the expected increase in the gross margin especially considering the much-needed level of investment spending required to stabilize the sales growth here.
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As expected, investments in customer centricity, the service business and store relocations drove the SG&A rate higher.
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Risk management constructed around three pillars (product, business, and region).
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Power-One has been a shareholder and exclusive licensee of di/dt.
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Some 60% of the company's loan portfolio is variable rate.
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Operating margins increased by 200 basis points sequentially to 22.7%, or 25% ex the impact of stock based compensation expense.
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EPS benefited from a $0.09 gain on the A380 settlement, ~$0.04 from legal settlements, and $0.05 from a lower than expected tax rate.
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Expansion of cleaning product lines via line extensions, acquisitions, new channels of distribution and international markets is a key company objective.
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Delivering products and services to the customer how, when and where they want them -whether it be via the Internet, telephone, wireless, or at a branch - is simply part of the cost of doing business in today' competitive s market.
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We are now seeing new drugs being paired with Truvada.
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Unlocking Capital Tied Up In Inefficient Businesses.
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In FY 2006, earnings are projected to increase 19% to $5.40 per share and jump another 16% to $6.25 share in 2007.
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The primary reason is that government and public attention on the obesity epidemic in the U.S. will likely result in a gradual decline in "over-consumption." From 1960 to 2000, the quantity of food and beverages consumed grew twice as fast as the population, leading to a dramatic increase in the incidence of obesity.
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Due to lower revenues and margin assumptions, we reduced our 2002 EPS estimate to $1.10 from $1.25.
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In 1993 the predecessor Cyprus Amax Minerals paid $331 million to acquire 51% of the El Abra mine from the Chilean government, and in 1999 PD paid another premium for Cyprus Amax.
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WesternGeco revenue grew 13.5% sequentially and 20.9% from a year ago to $378.1 million.
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We note that the O/E/O optical switch is a strategic network element.
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These plusses should begin to outshine the negatives, which could cause us to become more constructive on the stock.
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Higher price points and the potential conversion of various international markets should further add to the opportunity..
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Upside to our estimate was primarily driven by higher than anticipated topline growth (due to price/mix and currency) and lower share count.
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We think NVLS market share gains position them well to capitalize on the projects which we expect to take shipments in 4Q.
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We note that investors are unlikely to pay significantly higher multiples on Dana given the company's weak track record, exposure to Ford light trucks which face a challenging sales outlook, and modest visibility on 2007 heavy duty production owing to changes in U.S. regulatory emissions standards.
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However, given the poor prognosis of these patients and limited therapeutic options, our consultants has commented that very few patients get treated each year.
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GM contributed $0.3bn to its pension plans in the quarter..
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Hospira appears to have gained higher market share than we expected, currently at around 38% versus our estimate of 31%.
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Publication of Results to Facilitate Off-Label Use Based on our discussions with representatives from MedImmune, we believe that the results of the study will be published soon in a major peerreviewed medical journal and that the article could appear as quickly as November 2002.
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This time, it is Canadian oil sands, a pending deal process on which little new detail is likely.
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Using Morgan Stanley forecasts for a 2003 exchange rate of $1.40 Canadian per US dollar vs. $1.57 in 2002, we estimate that foreign currency could add as much as $0.09/share to 2003 EPS..
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GE Aircraft Engines (GEAE) is the world's leading-manufacturer of jet engines for commercial and military aircraft.
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As such, we are lowering our FY08 EPS forecast to $2.27 (down from $2.42), reduce our target price to $44 (from $53) and change our rating to Neutral (from Outperform)..
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Consumer solutions include SecurID authentication for consumers, FraudAction software, Adaptive Authentication, Transaction Monitoring and SecureSuite software..
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