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We believe these contracts minimize merchant risks for SPC since they provide more stable revenue and earnings streams compared to merchant contracts that rely on energy payments that suffer when plant dispatch is low.
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Corp/other earnings were $23 million, above our estimate of $10 million and above the $18 million in 1Q03.
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Approximately two-thirds of participants will receive Myozyme.
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Also, HD continued its aggressive store reset campaign, averaging 14 resets per store throughout the quarter.
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We would expect the operating improvement to continue into 2007 and 2008, rising to an average operating margin.
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Gross margins as a percentage of sales declined 170 basis points year over year, to 53.5% from 55.2%.
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As the rest of the Coke system is forced to upgrade its execution capabilities, the easy market share pickings for PBG in Mexico are limited.
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As always, Al Schuman is focused on hitting the numbers.
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Holiday 2002 Running Out of Time; Still Expected to be Disappointing.
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We continue to rate AmSouth Sector Underperformer, with 2005 and 2006 estimates of $2.02 and $1.99.
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As a result, the company has had some notable charge-offs in recent periods, including a large charge of Enron exposure in the year-ago period and a $4.1 million charge-off of a lease to United Airlines (UAL/$1.16) in the current period.
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Fiserv's management believes that this acquisition provides an important part of its strategy in the insurance area, with the highly fragmented nature of the distribution channels in the insurance industry.
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Exhibit 2: Sum of the Parts-Spin-out of Local Exchange Assets.
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In a small OA study, increased urinary CTXII was shown to correlate with increased BME as detected by MRI in as soon as 3 months..
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Over the last few quarters both Cardinal Health and McKesson have reported declining, and most recently negative, operating margins (see table below).
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Q308 Revenue JPM $723 Actual $735 Discussion Revenue in the quarter was ahead of expectations and driven by a continued strength in CTSH's Application management (8% q/q, 53% of revenue), BPO (14% q/q, ~5% of revenue), and ITO (12% q/q, ~5% of revenue) services.
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We estimate slightly less, or 68% of `02E, comes from the more stable POLR and delivery businesses.
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Revenue increased 7% Y/Y to $244.3 million, in-line with consensus and our estimate.
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The changes to 2006 quarterly estimates reflect two previously announced reporting changes affecting the Pepsi International business, including: 1) The company's alignment of Pepsi International reporting periods.
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While Positive: While our EPS $3.40-$3.60 likely at $3.70 ,abovestock initially, we believe surface, we see ROH's initial guidance of depressed the the range includes roughly $0.08 per share in one-time restructuring costs and excludes the benefits of its stock buy back program, which is around a positive $0.10 per share depending on timing.
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ITW is trading at 14.5x with weaker fundamentals, highlighting the upside potential to fair value at Dover, in our view.
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It appears that CVS is counting upon this FTC risk issue and urging shareholders to approve its offer based on the facts that regulatory approval has already been obtained and the companies would be able to close the merger during the first quarter of 2007.
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Still, management believes that efficiency will improve as deposit spreads expand as rates continue to rise and as the build-out of the New Jersey branch franchise progresses.
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This is especially true, given that worldwide automotive.
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The company lowered the outlook for its Semiconductor segment in Q3, now actually expecting a sequential decline in revenues for this segment.
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The functional organization allows affiliate banks to transfer its volatile mortgage activities to the centralized mortgage company, thus smoothing out the affiliates' earnings results.
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Baxter's Bioscience business remains a margin expansion story driven by higher sales volumes helped by improving manufacturing yields and positive plasma protein pricing.
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All premium households require some form of a converter to decrypt the signal scrambling used to provide conditional access.
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Risks: Our $25 target price for TSO faces regional risk: TSO is very levered to West Coast refining margins and other niche areas which are more difficult to track.
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We are reiterating our Buy rating on the stock with a $90 price target.
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Reformulation of Pepsi One to be launched in early 2005.
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The quarter was highlighted by margin expansion at Davison and Construction Products, strong catalyst results, and positive news on asbestos.
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There is also the possibility that the regulatory process drags completion into 2008, which could further lengthen the time before shareholders would receive their funds.
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WAT's HPLC segment saw double-digit growth chiefly driven by revitalized Pharma endmarkets across geographies, growth that was driven by instruments, consumables and services fairly evenly.
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Our target also equates 15.1x our midcycle EPS estimate of $2.58 and 10x our peak-cycle EPS estimate of $3.91.
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Again, there remains some risk of slight earnings dilution for fiscal 2008.
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Not surprisingly, it single-handedly has been responsible for the turnaround in MDT's vascular business.
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Levaquin is currently marketed for seven indications and has been filed for community acquired pneumonia involving penicillin-resistant Streptococcus pneuminiae, which is the most common respiratory pathogen.
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A reasonable potential for both a cyclical recovery and secular growth exists.
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Over the last four decades, there has been little disruption to the steady growth in available-seat-miles/kilometers.
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ENDEAVOR III is a randomized trial evaluating the safety and efficacy of the Endeavor drug-eluting stent versus Johnson & Johnson's Cypher.
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A delay in IP video or rollouts of broadband capacity expansions would delay some of the growth we model.
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If there was a negative in the number, margins for natural gas declined from $0.063/MMBtu to $0.046/MMBtu.
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We expect Equity Residential's FAD payout ratio to be 112% in 2004 and 99% in 2005.
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Our 12-month price target of $82 assumes no breakup and a P/E discount at the low end of MO's 10year range.
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In 2003 and 2004, Carnival's expected capacity gains are 17%, partly reflecting some of the ship delivery delays implemented in 2002.
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We maintain 2005E cash EPS of $2.24 and our 2006E cash EPS estimate of $2.72, representing a more normalized run rate for the company.
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This was a tad lower (about 1%) than expectations due to currency and the recall..
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Cisco common stock worth approximately $157 million was exchanged for all outstanding shares and options of Clarity not already owned by Cisco. Cisco expected to take a one-time charge against after-tax earnings of between $0.06 to $0.09 per share for purchased in-process research and development expenses.
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Revenue grew 3.2% year-over-year in the Americas region, which represented 56.3% of revenue versus 59.0% in the year ago quarter..
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In developed countries, portable power is used in applications such as standbypower and peak load shaving.
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A highly promotional environment held Japan sales back.
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The two principals are supported by a team of four analysts (Stanford University engineers) based in Menlo Park, CA.
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The conference call is available via Webcast at www.mercuryinteractive.com.
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We believe Dow Corning's 63% ownership stake in Hemlock is worth roughly $9bn.
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Burgstaler highlighted new product innovations in the Healthcare, Consumer and Office and ElectroCommunications businesses.
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Exhibit 7. HST Earnings Model Continued ($ in millions, except per share data).
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Premium is too High in Front of a Transition Year.
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Valuation & Recommendation Sun has fallen 16% from our December 1st update and is now valued at 1.4 times sales.
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As such, U.S. rental fleet utilization fell 20 basis points YoY in the third quarter to 73.0%, after falling 250 basis points YoY in the second quarter of 2007 to 70.6%.
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enhance UnitedHealth's ability to leverage future SG&A efficiencies to contribute to margin expansion, hence additional earnings power.
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At current prices the shares are in the mid-to-upper level of his range.
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With the steep and sustained increase in oil prices, it now looks as though Kimberly-Clark will lose expected tax benefits in 2006 and 2007 from a synthetic fuel partnership.
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In addition, as outlined in Exhibit 5, Keebler's retail sales growth and market share in the cookie category has declined modestly during last year, despite the launch of Sesame Street cookies..
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Indeed, we expect residential access lines to fall by about 4.9% y/y, versus 4Q01's 4.7% rate.
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A slide in the company's third quarter deck indicates that 3 times the construction loans in Florida as it does in the Midwest. It has 4 times as many in California.
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We expect that revenues at the broadcasting segment will increase 3�4%, and operating income will grow 2�3%.
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The decline in the first quarter 2005 margin reflects pressure from the integration of Putnam's defined contribution business.
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Ameriton, ASN's taxable REIT subsidiary (TRS), contributed $0.035 per share to ASN's total FFO in the fourth quarter, $0.23 per share in 2006, and $0.25 per share in 2005.
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The Company will continue discussions with the FDA.
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The '872 patent includes claims directed to magnesium salts of the S-isomer in optical purity of at least 94% enantiomeric excess, as well as higher percentages (e.g., at least 98.4%).
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The lack of transparency in financial returns probably works against Eastman in the short term.
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We derive the number by taking the 2006 sales of $2.8 billion (see Exhibit 2) and removing (1) $500 million in anemia of cancer revenue, (2) $300 million in revenue from hemoglobin initiation of <10 g/dL (20% of $1.4 billion of CIA sales), and (3) $200 million from cutting duration of therapy (15% of the $1.4 billion in CIA sales).
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With the latest releases, ORCL has also improved the process management and audit.
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Operating Profits of $1.20 billion climbed 11.0% from $1.09 billion a year ago.
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We are adjusting our FY06 quarterly estimates to reflect CL's guidance regarding the quarterly breakdown of the option expense, which we expect to reduce FY06 estimate by $0.09.
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Darusentan's safety is so far so good -- only sporadic liver enzyme elevation is seen despite the liver toxicity seen in the drugs in the same class (none of the other drugs in this class are currently used for treatment of systemic hypertension, as their toxicity profile is unsuitable).
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One may have minor reservations about whether the new 50/50 Motiva joint venture will be able to deliver the targeted cost savings much better than the prior ownership arrangement.
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Worst Case Our worst case scenario differs from our base case in 3 ways: 1. We reduce our operating cash flow forecasts by 10% in 2002 and 2003; 2. We assume that CPN is only able to execute on 90% of the $886 mil.
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We expect cost pressures to continue going forward.
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In total, pretax income was $1,078 million -- a 5.4% increase over the year-ago quarter and $32 million above our expectation.
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On October 13, HCA announced a $2.5 billion share repurchase.
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Operating margin performance for the division was pressured by higher paper prices, which are stickier in the contract channel.
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Phase II results showed that high doses of Zovant reduced mortality by nearly 40%, in a small, U.S.-based, tightly-controlled clinical trial.
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FDX is likely to receive approximately one quarter of this sum, however, it is unclear at this point exactly what form the relief will be in and therefore, none of this benefit is in our earnings estimates..
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The negative volume growth reflects primarily competitive pricing pressures and changes in the product portfolio to reduce lower-margin business..
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Branding efforts, even when they resonate with consumers, take time.
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A fourth indication, treatment of cervical dysplasia (a precursor to cervical cancer -- $500 million-plus market potential) is in Phase II.
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During the quarter, daily products available for sale averaged 962 MBPD versus 943 MBPD in Q3 2007.
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Total Liabilities & Equity 16,604 24,013 Source: Company reports and Stanford Group estimates..
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3 tonnes of compressed gas/cylinder, transported via truck with 240 cylinders/ truck 22 tonnes of liquefied gas per tanker, transported via road or rail NOTE: May also be transported in gaseous form.
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From a valuation perspective, WPI is trading at 22x our 2006 EPS estimate of $1.56, which represents a 15% premium to the generic drug group.
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Why Corporate PC Sales Matter For Microsoft Sales of corporate PCs are important to Microsoft not only because they help drive overall volume for Windows OEM units, but also because Windows Professional SKUs carry a meaningful price premium over both the Home Basic and Home Premium editions of Windows Vista.
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In the International division (25.8% of 1Q05 revenues), sales declined 2.1% to $954.3MM vs. $974.8MM last year and our estimate for a 6.0% increase.
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Also, the checkout terminals featured a new POS system (touch screen, on screen ads, web based portal), greater counter space, and a more customer friendly layout which management claims will reduce checkout time by ~17%..
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Currently, SRE has two settlements outstanding: 1) SDG&E proposed revenue increase of $138 million with a 2008 test year, SoCal Gas revenue increase of $59 million; and 2) Annual fixed dollar revenue increases to counteract attrition: at SDG&E the proposed increase is ~$43 million per year from 2009 to 2012; at SoCal Gas the proposed increase is ~$52 million per year from 2009 to 2012 (this may be extended one year).
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That should make it easier to manufacture the parts in Austin (aluminum) and Dresden (copper; Tbird only).
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+4% - Potential Andrx new product flow to begin in H2:2008 - New generics drive 80%+ of generic sales growth - Collaborations could add to pipeline +4% - Generic and Specialty should both contribute to growth.
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Educational products are expected to decline by around $110 million or 60% sequentially in Q4.
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Leading server competitors are Sun, HP, CPQ and Dell.
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