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What is your stance on moving model year to September/October time frame as suggested by Genmar? With the "significant improvements" at the U.S. Marine division, can we think of breakeven in that group as a 2003 event versus a 2004 event?.
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Over the three year period we assume this free cash flow and 1998 sale proceeds of almost $4 billion will be used this way: 56% to repay outstanding debt, 31% to repurchase shares, 9% toward investments, and the balance going to working capital needs (the comparable figures, assuming the spin-off of Blockbuster, are 62%, 22%, and 15%, respectively).
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This is consistent with the company's message two weeks ago when Cardinal reported its June quarter results and lowered its EPS growth expectation for fiscal 2004 to "mid teens or better" from around 20%.
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Biomet also offers MIS knee instruments (Microplasty) that allow minimally invasive techniques with its Maxim, Ascent, and Vanguard implants..
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Nov launch on TMobile Germany; Dev launch on Rogers; others expected 1H/CY09.
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All told, we have lowered our net revenue estimate for 4Q02 to $7,027 million from $7,458 million.
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We are hearing that National Beef will be the ultimate victor rather than Smithfield.
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UPS experienced some traffic diversions in June and July, most of which we believe it will win back by year-end Positive.
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We reiterate our Buy rating and our $67 target price based on about 11x enterprise value-to-estimated 2003 EBITDAP.
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Since 1995, remittance volume to developing countries has grown 9% annually.
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Tyrihans The Ttyrihans South and North fields were discovered in 1982 and 1983, respectively, and lie approximately 20 miles to the southeast of the Asgard field.
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While the genericization of brand products impacts overall antidepressant sales, it does create an opportunity for the remaining brand products, which are able to pick up incremental share from the fallen brand products that are not longer promoted..
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Pinedale production rose, but the big surprise was Rockies Legacy and Midcontinent.
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Quarterly revenue increased 9.1% year-over-year to $797.3 million vs. $731 million a year ago.
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We also assumed that JPM pulls back on risk and forecast the VAR declining 10-15% y/y in 2006.
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The company is leveraging its DSP expertise to boost analog sales by increasing the analog product attach rate to DSPs from 20% last year to 40% in 2000.
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Again, its not clear whether U.S. and European teen and young adult behaviors track that of the their Japanese counterparts.
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We expect the momentum realized in the fourth quarter to be sustainable.
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On a pro forma basis, the revenue contribution from advertising and e-commerce was approximately 18% of total revenues in 1998, and grew to an estimated 22% of revenues this past quarter.
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Management emphasized the expected lag in the decline of mortgage-related expenses versus revenues.
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Nevertheless, private label has been selling better than branded products and we expect the brand to strengthen as the company continues to fine tune the offerings.
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We are cutting our 4Q03 estimate by $0.04 to $0.55, which is 2% or a penny better than the $0.54 reported a year ago, due to a charge relating to early debt retirement and lower capitalized credits that management outlined on the call (worth a penny each), and slightly higher fuel assumptions (we are going to $31/bbl in 4Q03 and $27.50/bbl for 2004).
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As we noted in our previous notes (please see 4/4/03: "Money Funds This Defensive Product Could Be In For a Rough Time"; and 11/13/02 "Money Market Business Under Pressure") we believe that Schwab is at risk if the Federal Reserve further cuts interest rates.
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However, the cost pressures experienced in Q4 will likely continue during 2008, as the impact of reduced utilization rates is replaced by the adverse impact of significantly higher raw materials costs (primarily iron ore and metallurgical coal).
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Given that the passenger cargo contract for the USPS is to be rebid and signed in September, it would seem likely that some shift in USPS network volumes between the ground, passenger belly-space and the FedEx network would occur at about that time.
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This reflects most importantly the removal of the risk that the company will do a highly dilutive deal to enter California, as well as the reduced risk from a more diversified earnings stream and the above-average growth of many western markets.
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The distribution centers operate as profit centers and the profits earned are rebated back to each store based on its purchases from the distribution centers..
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Harry Potter and the Prisoner of Azkaban could generate $350 million in U.S. ticket sales.
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Maintaining our Equal-weight-V Rating We are maintaining our Equal-weight-V rating on DUK shares at this time.
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Almost all of the increment in EPS was attributable to a much more aggressive pace of store refranchising than we had expected.
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Cash provided by operations was down 53% from prior year, but was down only 15% after adjusting for a single payment made to a vendor in early 2001.
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AT&T's Consumer Business declined 17.8% YOY, but rose about 1% sequentially to $3,822 million, versus our estimate of $3,717 million (-20.1% YOY and -1.8% sequentially).
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The new business model will utilize telephone and Internet direct response distribution platforms.
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Consistent with 2Q04 guidance, liquidation levels remained low and mortgage to debt spreads remain tight.
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Until it can react to its competitors actions quickly, sales will remain lackluster, despite heavy investment in price and service.
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In our opinion, this deal helps to address this problem for AOL.
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Rebetron has data exclusivity until June 2001 in U.S. Partner Enzon said 2/20/01 that Schering-Plough won a method-of-use patent for treatment of hepatitis C with Peg-Intron and ribavirin..
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The shares are trading 13% above their three-year average forward P/E (12.5x).
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This should result in April comps in the +LDD for LTD. Management is currently comfortable with the Street's EPS estimate of $0.23 for 1Q00.
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In 4Q 1994, the company took a restructuring charge of approximately $50 million after tax to consolidate many of these businesses into the core Grainger branch-based business..
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Also yesterday, Stryker announced that the FDA has granted the company a Humanitarian Device Exemption for sales of OP-1 in the U.S. This exemption allows Stryker to market the product for use in up to 4,000 surgical cases annually in the U.S. These surgeries include long bone nonunions in which an autograft has failed or is not feasible.
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Maxx sells brand-name family apparel, accessories, giftware, domestics, women's shoes, and fine jewelry at prices typically 20% to 60% below regular department and specialty store prices.
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The reason for this lies in CCE's historical investment in production plants and distribution equipment, which resulted in a higher fixed-cost structure relative to PBG and PAS..
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We believe any future collapses are likely the result of management retirements, geographic convergence or bank affiliate underperformance.
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Comopany attributed the lowered guidance to competitive environment in the market.
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The presentations were segmented into 1) Sam's Club, 2) Wal-Mart's domestic operations, and 3) International.
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* Normaliz ed figures exclude the effect of amortization of deferred stock compensation, intangibles and IPR&D..
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Our EPS estimates now reflect Forest gaining full control of Celexa at the end of June 2000.
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It offers systems for inspection, metrology, and data analysis.
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We note that many of the large public companies have plenty of cash, so all is not lost.
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As far as we can tell, the company has yet to make any progress in this direction.
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We believe "trusted agent status" will be critical to success in online financial services.
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Price Target: (12 months) for (CTAS) Method: Discounted Cash Flow based price target (using CSFB's Value Equation Framework).
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Excluding TriPath, which generated revenues of $27 million (flat sequentially), Diagnostics sales were up 8.6%.
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Earthlink (ELNK; Not Rated) has also expressed an interest in consummating a deal with AOL for the purpose of consolidating the dial-up internet market.
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n Infergen sales of $6 million were flat sequentially, up $2 million compared to one year ago and were in line with our estimate of $6 million.
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As we had indicated earlier, we believe that customers are curbing spending ahead of LU/ALA merger and that the Lucent salesforce may potentially be distracted ahead of the merger.
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HIGHLIGHTS MHP reported operating EPS of $0.24 in 1Q06, excluding a previously announced $0.04 one-time restoration option charge.
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We do not expect the discount to be eliminated immediately upon an announcement of the new bank financing later this month, but; a large share of the discount should disappear at that time..
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The company is likely to target acquisitions in international small package business and freight forwarding.
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Valuation Range: $22 to $24 Our valuation range is $22-24 per share, based on our 10-year DCF analysis, which forecasts organic midsingle-digit top-line growth, expanding operating margin, a 1011% discount rate, and a 3% terminal growth rate.
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Exhibit 7 Correlation of OXY's share price performance to the 6 month forward commodity price.
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The studies the company has run have not enrolled patients old enough to be reflective of the Medicare population, and these older patients are not the target patient group for ADR.
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While the AIM-HIGH and HPS-2 studies are well known among investors, we think many investors may have overlooked the ARBITER-6-HALTS study, which is a head-to-head study comparing Abbott's Niaspan to Merck/Schering-Plough's Zetia.
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line with the group, given our constructive opinion on the company's fundamentals 6-12 months out.
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We learned that Gilead plans to enroll 200 patients, comparing three once-daily doses for GS 9137, 20 mg, 50 mg and 125 mg, each boosted with Ritonavir 100 mg, versus placebo in a Phase II clinical trial.
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As a result of the lowered loss expectations and improved credit profile of the portfolio, the allowance for credit losses is expected to decrease from 8% of on-balance.
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North American margins declined to 9.8% from 11.2% last year.
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In our opinion, Compass' attractive franchise, coupled with the company's solid historical performance, warrants a premium valuation relative to peers.
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At $4.41 earnings per share for 2002, Bear Stearns will be reporting a 13% ROE.
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The company completed a $2 billion accelerated share repurchase today and has $2.17 billion remaining on its current repurchase authorization.
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The company has already announced several asset and business disposals this year, some of which have already closed and others that should close by year end.
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Range held an investor day and gave a site tour of its new Houston, PA gas processing, and we have highlighted several key incremental data points.
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Cash paid for these acquisitions totaled roughly $170 million.
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We recognize that earnings have not grown in the past two years and that this is the issue with the stock.
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end-of-period (millions) Change from prior period Avg.
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But there are others as well, including stepper lens for deep UV lithography, scientific plasticware for genomics research, and ceramic substrates for automotive catalytic converters..
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We expect JBL to continue to benefit from vendor consolidation and the ramp of new customers and programs throughout F'02 (see below).
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following reasons: (1) continued marketing synergies between UOP on-site and online, (2) growing popularity of rEsource - the company's online textbook platform and FlexNet - the hybrid on-site and online delivery medium, and (3) a favorable revenue mix-shift toward higher margin online programs We still view APOL's onsite and online operations as the platinum standards in the for-profit postsecondary education space.
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The creation, distribution, and playback of high quality digital video is as much a high performance computing task as it is a communications task.
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reinsurance protection in excess of a $4.5 billion per event industry retention..
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In addition, we have raised our 2003 EPS estimate to $7.10 from $7.05 per share, and initiated a preliminary 2004 estimate of $7.95 per share.
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2) Segment Profitability: This was HP's "Show Me" quarter and the company fulfilled its pledge by reporting profitability across all segments.
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End-usersof NOVL' products are offered educationthrough the company' 1,300Authorized Education Centers.
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Public Storage reported 4Q04 FFO per share of $0.82 versus $0.68 in the comparable quarter a year ago, ahead of our estimate of $0.79, and well above the Street's consensus estimate of $0.76.
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To review, we believe that bonus accruals at Franklin are not driven purely by relative performance (which -- as we have seen at companies such as Janus -- can put a big pinch on margins during lean times), but also by the absolute performance of the company and the markets in general..
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Miller was initially bought for the purposes of stabilizing the company's currency footprint but has evolved into an effective tool to harass Anheuser-Busch and exacerbate the decline in BUD's market cap and valuation.
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If confirmed, we believe a deepwater newbuild by Transocean supported by a long-term commitment could be a catalyst for RIG's shares as the company has historically only ordered deepwater newbuilds supported by favorable long-term contracts.
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The company recently decided to cut the quarterly dividend from $0.20/share per quarter to $0.01 per share..
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Other Companies Recommended in This Report (all prices in this report as of market close on 07 May 2007) Canadian National Railway (CNI/$51.08/Neutral), Norfolk Southern (NSC/$53.36/Neutral).
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Eighty percent of their revenues then in the year 2000 came from computer related products, for which they were the preeminent chipmaker.
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With crude currently hovering in the low $50s range (and having traded as high as $58 per barrel in March), the chance that MAR's tax credits will be reduced is more significant than we might have thought.
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Strong Brand Portfolio Coca-Cola's brand portfolio is one of the most prestigious portfolios in the world with the most recognizable brand franchises, Coca-Cola.
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Bell Atlantic will be the managing partner and 55% owner of the largest cellular company in the United States, covering 90% of the population and 49 of the top 50 U.S. wireless markets.
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slight discount even though our forecast includes sales growth, earnings growth, R&D growth, and R&D-to-sales investment levels in line with the peer group average because we are uncomfortable with the lack of revenue growth visibility of Mylan's brand franchise due to limited patent protection and generic sales growth sustainability (as a result of reported sales trends outpacing volume trends, corporate governance concerns of a large CEO contract, and a consultant that has a familial relationship with senior management and is eligible for stock options and bonuses).
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The shares, we believe, merit a premium to peers based on the positive EPS momentum expected over the next 12-18 months..
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Bank of New York management is among the most disciplined in the banking industry at exiting unprofitable credit relationships, a practice that is very difficult to manage effectively.
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Working to capture higher margin business and to achieve better mix, American Standard increased sales of high efficiency units by 2 points to 20% of sales.
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Cornerstone's revenues are now 11% of Broadcast division revenue, up from 75 in FY05.
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As we've said all week, the issue is that of capital composition (i.e. the predominance rule), not capital amounts.
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