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Refining and marketing (R&M) remains Ashland's main business line. | 0 | neutral |
Digital-- The pace of Comcast's digital rollout remains extremely impressive, as indicated by management over the past several weeks. | 1 | positive |
In the past, an inverted yield curve has sometimes preceded a recession. | 0 | neutral |
MK-524B (Fix dose combination of Cordaptive and Simvastatin) NDA for atherosclerosis. | 0 | neutral |
As such, we are reiterating our OUTPERFORM investment rating on the shares. | 1 | positive |
Guidance for 3Q02 EPS is for $0.52 to $0.55 per share, compared to prior guidance of between $0.50 and $0.53. | 0 | neutral |
For example, in the company's Flat-Rolled Products segment (the largest of the segments in terms of revenues), we believe labor reductions have resulted in savings at Allegheny Ludlum (specialty/stainless flat rolled products) of approximately $70 million over the past two years. | 1 | positive |
� The new BankAmerica, formed by the September 1998 merger between NationsBank and BankAmerica, created the largest U.S. bank (measured by U.S. assets), with leading market shares in fast-growing states, including California, Texas, and Florida. | 1 | positive |
Non-interest expense rose 10% annualized from the first quarter. | 2 | negative |
In New Jersey, the trial court dismissed the complaint in the case of Sinclair v. Merck, a purported statewide medical monitoring class. | 0 | neutral |
The company is working to reinforce everyday value options or "McDeals" as well as adding premium products such as a Deluxe Salad and Chicken Premiere which were introduced in Q3. | 0 | neutral |
Once the platform is in shape, management hopes to improve sales by better cross-selling all of its available products to HR services clients (part of the market coverage and sales focus initiative). | 1 | positive |
We believe CSCO will continue to limit its forecast to one quarter out given the ongoing shift in the macro-economic environment. | 0 | neutral |
AXID (ANTI-ULCER)--Prescription growth trends showed further weakness in September with total prescriptions declining 25%. | 2 | negative |
Positive clinical trial data could have the added benefit for Amgen of refocusing investor attention on the Company's pipeline. | 1 | positive |
However, Sabre management expects unit economics from GDS bookings to remain flat over the next several years, a view also shared by Sabre's competitor Cendant (CD-SO). | 2 | negative |
The Optics and The Fundamentals The big question is whether these stocks can keep going, whether they will just take a breather, or whether there is an impending collapse in valuations. | 0 | neutral |
? At the Gulf of Mexico ("GOM") division, total production in Q1:01 was up 23% from a year ago. | 1 | positive |
Importantly, when looking at Kellogg's earnings multiples, we believe it is important to note that the company has routinely embedded restructuring charges and other items that may be considered nonrecurring in its First Call numbers. | 0 | neutral |
We believe the stock will remain under pressure unless we approach sustainable EPS and CF generation in F2003 (at earliest). | 2 | negative |
Recalculating total prescriptions and RTI class share to reflect this shows that Emtriva "compound share" has more than doubled since the launch of Truvada (to approximately 8.75% of total prescriptions from 3.4% in the week before Truvada's launch), with Viread "compound share" increasing by 16% (to 20.7% of total prescriptions from 17.8% the week before Truvada's launch). | 1 | positive |
From 1999-2001 net margins declined 520 basis points from 5.2% to 0.0%. | 2 | negative |
On April 4, 2000, the company announced that the subsea wellhead protection structure had been installed in the field. | 0 | neutral |
The principal risk factor we envision is competition in general but particularly in the database business (especially from IBM, Microsoft, SAP, Siebel Systems, and open-source products). | 2 | negative |
As such, these expenses continue to represent 4.1% of our revenue forecast for the quarter. | 0 | neutral |
We expect Eagle Point will contribute $0.88/share full year 2004 EPS. | 0 | neutral |
Our EPS estimate for 2003 is $0.71, or $0.05 higher than the consensus estimate of $0.66.. | 0 | neutral |
In addition to the $8.5 billion value of stock and debt, IP would be required to pay a $210 million break-up fee, which it expects to fund out of cash. | 0 | neutral |
This likely comes from the successes behind the release of the DM meter series, a digital line-up that is focused on the upgrade cycle migration from electronic to digital mandated by there USPS and scheduled over the next four years. | 0 | neutral |
To arrive at our target price of $100, we have taken the weighted average (25% P/E, 25% EV/EBITDA, and 50% FCF Yield) of the targets yielded by the above valuation methodologies. | 0 | neutral |
Interactive operating losses were $17 million in 4Q00 versus $12 million in 4Q99. | 0 | neutral |
We the feel the 15% discount is appropriate given Wendy's slowing SSS growth and recent margin contraction.. | 2 | negative |
Public Service Enterprise Group shares look attractive based on the growing short supply of power plants in New Jersey. | 1 | positive |
Investors' unwillingness to tolerate even minor earnings infractions, regardless of whether they are intended to eliminate or mitigate future earnings risk, will likely affect Lincoln over the near term. | 2 | negative |
estimate goes to $739 million from $792 million, while our full-year estimate declines to $3,221 million from $3,416 million in our old model. | 2 | negative |
The concept, currently in use at Siebel, provides employees self-service access into all corporate functions. | 0 | neutral |
Product Announcements Could be Stock Catalysts. | 1 | positive |
SCS EBIT improved $117M y-oy and exceeded our expectations by $2M. | 1 | positive |
Bra imports from China are expected to reach 17 million dozen in 2004, up 425% from 2001.. | 1 | positive |
This leads us to a valuation of $821 million, or approximately $5 per share for Cigna's International division. | 0 | neutral |
� We rate Goldman Sachs outperform with a target price of $130.00 per share. | 1 | positive |
The inclusion of Namenda should accelerate prescription growth, in our opinion. | 1 | positive |
This compares with our demand forecast for roughly 16 million 1x handsets in the March quarter. | 0 | neutral |
Volumes were down 27% year over year, led by sharp declines in ARM volume (down 69%), home equity (down 77%) and no subprime originations. | 2 | negative |
EPS of 22 was exactly in line with our estimates, but beat Consensus by 2 and marked a 16% jump YoY. | 1 | positive |
Our on-consensus Q107 EPS forecast of $0.76, excludes the impact of restructuring charges and benefits from the sale of bleach brands to Clorox, and represents roughly 13% YOY growth. | 0 | neutral |
Strength in some capital markets related revenues. | 1 | positive |
The company also expects to file for FDA approval in the 2005-2006 time frame. | 1 | positive |
Lastly, other non-interest revenue was $19.8 million, up 1% from $19 million a year ago and up from $27.6 million the previous quarter. | 0 | neutral |
At the current share price, we would accumulate partial WAG positions only. | 0 | neutral |
We raised our FY2006 EPS estimate to $1.50 from $1.43 previously. | 1 | positive |
The proceeds to pay down an equal ~amount of commercial paper. | 0 | neutral |
Quintiles operates four Phase I inpatient units in Lenexa, Kansas; London, England; Uppsala, Sweden; and Frieburg, Germany. | 0 | neutral |
With the recent news of an earlier than expected BLA filing of Antegren, Biogen Idec has become a more attractive growth stock. | 1 | positive |
Total sales decreased 3.5% to $12.2 billion, as strength in the IDS defense businesses (up 12%) could not offset the 17% decline in BCAG on account of fewer deliveries. | 2 | negative |
MedPAC informed Congress in March that it believes the current Medicare rates for skilled nursing facilities are more than sufficient to fund skilled nursing facilities' operations and that, in fact, it believes these rates need to be cut. | 0 | neutral |
Of these drivers, the Abilify outcome is likely to be resolved before the other issues and will directly affect deal prospects and indirectly affect the dividend. | 0 | neutral |
Management raised lthe full-year 2005 EPS outlook to $0.82-$0.83 from $0.76$0.78, reflecting the $0.04 surprise in 2Q and raising 3Q by ~$0.01. | 1 | positive |
This is a slight discount to the target multiples we have assumed with other companies in the group, owing to the integration risk of the First Health acquisition, and potential loss of revenue in First Health's corporate and FEHBP business.. | 2 | negative |
Year-to-Year Change Source: Company data; ING Barings LLC estimates.. | 0 | neutral |
However, in general we continue to believe that primary surety results are likely to be poor in 2002. | 2 | negative |
One option for Boston Scientific would be to buy Medinol outright, thus creating some time and working capital savings, and more importantly putting Boston Scientific in control of this, its largest franchise. | 0 | neutral |
If the current recovery is not sustainable, it could adversely affect earnings results, estimates and/or price target. | 2 | negative |
In theory, EV/IC should equal ROIC/WACC, unless there is sustainable growth in returns, as we believe may be the case for Southwest. LUV currently trades at a 2007e EV/IC of 1.30x, but its 2007e ROIC of 5.49% is only 70% of its WACC of 7.88%, implying a 2007e REP of 1.86x. | 0 | neutral |
HDP, APF at Samsung based on our checks) and the extension of Aluminum CVD for interconnects in memory (Samsung, Hynix). | 0 | neutral |
The powerful loan originations pushed loan portfolio growth to a 32% annualized rate from Q2 and 33% over the past year. | 1 | positive |
We believe that Amgen's commercial operations demonstrate low risk for future earnings and retain significant growth opportunities going forward. | 1 | positive |
Segment operating profit of $265.6 million in 3Q was $11 million above our estimate. | 1 | positive |
Our 2008 FFO/share estimate of $2.70/share remains unchanged. | 0 | neutral |
This program, which started all the way back in 1931, not only assures members that their stocked product is valuable, but also provides incentive for these independent shops to maintain or expand their investment in GPC's NAPA system--limited risk in stocking product.. | 0 | neutral |
Edison has also not quantified the impact of Exelon's decision not to exercise its option on 2,684 MW of baseload capacity next year.. | 0 | neutral |
This compares with our previous estimates of $498 million. | 0 | neutral |
We believe the failure to capture share from Combivir to date is partly attributable to underpromotion (for further detail, see our Research Call of January 27, 2005, "GILD: Truvada Trend Remains Strong; More Promotion May Be Needed to Erode Combivir") and the lack of published head-to-head or switch data. | 2 | negative |
The key risks to our restructuring thesis for GM is that core auto earnings may decline more rapidly due to macroeconomic shocks or even more dramatic mix shift away from large SUVs and pickups, negating any labor cost savings. | 2 | negative |
It appears that this constrained capacity has limited its upside as well, as we had feared. | 2 | negative |
On valuation Free Cash Flow side, we estimate $18. | 0 | neutral |
LNL Health's benefits ratio increased 560 bps sequentially, suffering from a deteriorating claims loss ratio on a closed block of cancer policies. | 2 | negative |
Property catastrophe reinsurance represents just 13% of reinsurance and 5% of XL Capital's gross premiums written for the first six months of 2003. | 0 | neutral |
Rating: Buy Sector: Consumer Staples Target Price: $50 Sector Recommendation: Market-Weight Basis of Target: 19-20 times our 2006 estimate. | 1 | positive |
The company expects to take a net charge of $16 million in the quarter for the. | 0 | neutral |
Shares trade around a 20% premium to our fair value estimate of $7 and above historical price/sales and EV/sales ratios. | 0 | neutral |
Our 4Q00 EPS projection is $2.10, and represents a 3% increase from 4Q99. | 1 | positive |
Mortgage Banking Powers Outperformance With Continued Volatility. | 1 | positive |
UNIX - Extremely powerful and complex operating system for computers running data processing and telephone systems. | 0 | neutral |
The more consistent earnings stream justifies a lower beta on the shares, also leading to a $38 stock price. | 1 | positive |
That leaves us believing that the real motivation was to put whatever updated information that the company had available "on the table" to help in any on-going or imminent efforts to put together a refinancing/credit line package. | 0 | neutral |
We believe slower loan growth in October partly reflects seasonality. | 2 | negative |
We continue to expect PBG and PAS to be acquired at the $35-$36 range and $27-$28 range, respectively. | 0 | neutral |
September marks the end of Costco's more challenging comparable-store sales comparisons and the company will now enter a period of low-to-mid-single digit comparisons following a year of high single to low double digit sales comparisons.. | 0 | neutral |
Some of the unusual items in the quarter relate to litigation reserves for this issue. | 0 | neutral |
could benefit from an eventual rise in power sector fundamentals. | 1 | positive |
EPS of $1.28 (excluding one-time items) was above our estimate of $1.26, as well as consensus of $1.23. | 1 | positive |
TXN is well positioned within our macro thesis given its. | 1 | positive |
This is expected to grow to 28% of the company's forecasted installed capacity in 2000 of 39,000 MW.. | 1 | positive |
We are raising our 2002 EPS estimate from $1.05 to $1.15 to incorporate the 1Q surprise and guidance indicating 2Q results will be better than anticipated ($0.40-0.44 per share). | 1 | positive |
Using normalized estimates; the debate over what's "normal" We believe most investors valuing the Wendy's stub are looking at "normalized" earnings potential. | 0 | neutral |
segment estimates were for revenues of $448.8 mm and $152.6 mm in EBITDA. | 0 | neutral |
American Express to The Rescue: Monday afternoon DAL disclosed that American Express entered into a commitment letter providing for $600mn in financing -- $100mn in a secured loan and $500mn in prepayments of SkyMiles, in two installments, $250mn in the near term if certain conditions are met and another $250mn at least 90 days after the initial installment. | 0 | neutral |
2. Tough Battle Brewing In Schizophrenia; PFE To Use Larger Salesforce, Price And Side Effects Against LLY. | 0 | neutral |
Management strongly believes there will be a sequential pick up in the gross margin in the December quarter - and that is certainly consistent with the historical trend and what we have built into our model. | 1 | positive |