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Schwab announced today (May 25) that it will cut pricing across several client groups. | 0 | neutral |
We believe the CrossStor acquisition will enhance EMC's storage networking product offerings and allow EMC to migrate faster into an open systems storage environment. | 1 | positive |
For 1Q05, the company is guiding to revenues of $190-$200 million, sequential increase in deferred revenues of $5-$15 million and non-GAAP EPS of $0.28-$0.34, as compared with consensus revenues of $183 million and EPS of $0.30. | 0 | neutral |
Safeway further indicated that this liquidation would be accretive to the company. | 1 | positive |
The company indicated that they would continue to exclude this item from their adjusted pro forma reported EPS results. | 0 | neutral |
If they are able to execute on the scale and supply chain initiatives, we think that it can help them to drive up margins to the levels of their peers. | 1 | positive |
NVDA is scheduled to release Q4 (ended January) results after the close on February 12.. | 0 | neutral |
What's New: CIGNA hosted its Investor Day in New York on Friday, November 16th. | 0 | neutral |
Further, HCR expects its per diem reimbursement rate to increase in each of the next three years as the federal PPS rate becomes an increasingly bigger factor in the mix. | 1 | positive |
Reported EPS included $0.21 from a tax refund; excluding this, the $2.28 result was well ahead of our estimate ($2.05) and the consensus ($2.09). | 1 | positive |
As exhibit 4 demonstrates, we estimate that Disney is depreciating its PPE based on a 18.0-18.5 year depreciable life, which is above the 15-17 year range employed from 1997-1999.. | 0 | neutral |
The costs of the domestic implementation will be run through the P&L in what management termed "bite-size pieces" each quarter. | 0 | neutral |
Capex Guidance Continues to Support New Store Growth Management indicated that capital expenditures net of operating leases would be $3.7B in 2006, about 9% above the $3.4B estimated spend this year and slower than square footage growth. | 1 | positive |
This is why our EBITDA growth of 9% and EPS of $2.15 is somewhat below consensus of EBITDA growth of 10%+ and EPS of $2.22. | 2 | negative |
R: Historical periods have been restated for leasing and investments from net sales to other income.. | 0 | neutral |
Our rating is based on: 1) continued cost-cutting; 2) revenue enhancement initiatives, and 3) attractive valuation. | 1 | positive |
Leading to the strong quarter was an increase in the net interest margin to 3.33% versus the fourth quarter of 1997's 3.26%, a reflection of strong commercial loan growth and the acquisition of a U.K. factoring business - asset based lending, making up for lost revenues from the company's sale of its higher yielding credit card portfolio during 1997. | 1 | positive |
Amevive could potentially be the first biological disease modifier to be approved by the FDA for treatment of moderate to severe psoriasis. | 1 | positive |
In summary, we expect that wireless services revenues will increase 9.0% in 1998, up from previous estimates of a 7.0% increase. | 1 | positive |
We believe this is among the most important initiatives within the company, as Microsoft has broad strength in the low-end (MS Office, easy-to-use development tools, server and desktop OS). | 1 | positive |
A key investment debate on Medtronic sales guidance is whether its two legacy franchises, namely Cardiac Rhythm Disease Management (CDRM) and Spinal have appropriately adjusted growth rate projections given exposure to share loss. | 2 | negative |
Relative to the sector, we view BP Amoco as fully valued. | 0 | neutral |
Oracle disclosed the number of deals over $500k, which was down as a percentage of license revenue this quarter. | 2 | negative |
Other Companies Mentioned: Wal-Mart Stores (WMT, $49.10, Neutral Weight rated by Wayne Hood, Sr. | 0 | neutral |
At the conference, we expect Staples to provide an update to its third quarter and full year guidance, as well as give initial thoughts on its 2005 outlook. | 1 | positive |
Assuming the increased capital associated with the restatement is correct, we would not be surprised if the company employed a one time dividend to shareholders or increased share buybacks to rid itself of any excess capital that could depress returns. | 1 | positive |
Our reading is that it would be extremely difficult for a competitor to create a "bioequivalent" Biaxin XL -- which would have all of the performance benefits of the way Biaxin XL releases in the body -- and not run afoul of the new patent. | 1 | positive |
We believe WaMu shares represent a minimal 50.2% upside (price target of $63.25) assuming 20% cost saves should the company be acquired by a larger financial institution. | 1 | positive |
The lowered-than-expected GM was due to a mix shift towards lower-margin flash, chipset and motherboard products from processors as well as roughly a 0.5% impact from slightly lower-than-expected processor ASPs. | 2 | negative |
What Regulatory Treatment is SBC Seeking Clarity On? SBC seeks clarity on sections of the Triennial Revenue Order (TRO) that establish what fiber-based local network builds are protected from UNE-P obligations. | 0 | neutral |
However, given that contract advances are timing issues, it is not clear if that cash warrant the same multiple. | 0 | neutral |
However, since 2Q03, the company has invested at an average rate of 6.4%, with average maturities being extended to as long as 24 years to improve its all-in rate. | 0 | neutral |
We continue to view the transaction positively: Comcast monetizes its 21% stake in TWC in a tax efficient manner. | 1 | positive |
Uniform rental is the company's signature offering, representing roughly 42% of overall revenue. | 0 | neutral |
EMC's Analyst Day was a great display of the culture that has helped make EMC the King of the Hill. | 1 | positive |
In the chart below, we summarize the company's guidance ranges in absolute numbers and compare them both to our own estimates and consensus views.. | 0 | neutral |
Net, net we go back to our supply and demand model and still come away with the view that there is a distinct possibility that vendors are accumulating inventory well ahead of demand due to the long lead times associated with the company's MSM products, and if demand doesn't come, there is a good chance 1x MSM shipments could miss expectations in the December and/or March quarters. | 2 | negative |
In 2004, we estimate that a 50 bps improvement would generate an incremental $0.05 per share in earnings, or contribute the equivalent of 5% annual earnings growth. | 1 | positive |
For the majority of the company's existence, the Walgreen family has been intimately involved in the leadership of the company. | 0 | neutral |
The median channel percentile for all covered stocks is 46.0%. | 0 | neutral |
McGraw-Hill's Educational & Professional Publishing segment covers the entire educational spectrum, from kindergarten through the professional education level. | 0 | neutral |
Space--Space launcher market, in which Boeing has invested significant resources (Delta IV, Sea Launch), remains soft; Boeing suffers launch failures. | 2 | negative |
On August 7, 2000 Broadcom Corporation signed a definitive agreement to acquire Silicon Spice, Inc., a privately held supplier of high-density DSP based processing engines for carrier access applications, for approximately $1.5 billion (based on the August 7, 2000 closing price for BRCM). | 0 | neutral |
The resulting operating margin of 10.6% would be down versus 11.0% in 1999 and 12.0% in 1998. | 1 | positive |
Year-over-year operating margins improved in the quarter as operating income increased 10%. | 1 | positive |
As such, we are not changing our earnings estimates. | 0 | neutral |
Once again, McDonald's reacted well to the changes, with the stock up over 60% in 1998 alone, and up almost 100% from its low point in 1997 to its peak in March 1999. | 1 | positive |
be 2.3 mm up from 2.15 mm in 2000, and copper sales should be about the same. | 0 | neutral |
Operating margins expanded to 12.1% from 9.1% reflecting better mix and a $6mm favorable resolution of a warranty issue. | 1 | positive |
There is no change to our 4Q estimate of $0.48 or our 2005E of $2.15. | 0 | neutral |
Changes to EPS estimates: We are raising our 2005 EPS from $2.42 to $2.49 and our 2006 EPS from $2.31 to $2.57 driven primarily by higher revenue estimates in wireline voice and data. | 1 | positive |
part ofFRS, but we will have a better f=l regarding these fiture services when management gives more details early next year. | 0 | neutral |
Gross bookings declined -5% Q/Q to $971 million and missed our $1.1 billion forecast and original guidance calling for sequential improvement. | 2 | negative |
We do point out that DuPont and Dow (DOW-$32.95)[14] expect to launch Herculex I corn, a joint pipeline product that will compete directly with YieldGard in 2002.. | 0 | neutral |
The strength in mortgage banking was primarily the result of the pipeline that was built during the favorable rate environment for refinances and the $60 million MSR recovery during the quarter. | 1 | positive |
Table play declined over 30% at The Mirage, due primarily to cannibalization by Bellagio. | 2 | negative |
And if it was sales, which executives were involved? We also wonder whether the timing of this news is at all related to the recent settlement of the shareholder lawsuit and what, if any, impact this will have on the ongoing SEC/DOJ inquiry. | 0 | neutral |
EPS benefited from a decline in depreciation costs, $37m, (designed to offset the impact of the Georgia rate reduction) and in interest costs, $22m. | 1 | positive |
At the end of the first quarter, the company had $186.2 million of U.S. dollardenominated loans and assets outstanding to customers located or doing business in Argentina. | 0 | neutral |
Much of this growth is projected to be generated from the mortgage banking business. | 0 | neutral |
DG should become more dependent on indirect sales over time, including its CLARiiON, NUMALine, and THiiN Line businesses.. | 0 | neutral |
In 2002, we expect Textron's earnings to be up 3%, before the impact of the elimination of $0.58 per share of goodwill. | 1 | positive |
Significantly improve in-stock position in stores through implementation of autoreplenishment (in 2648 stores by FYE:03, 4400 stores currently and the rest of the chain rolled out by the end of 2004). | 1 | positive |
We estimate that gross profit margins for both the Fenwal blood collection business and peritoneal dialysis are in the vicinity of 70%, well in excess of the corporate average of 47%. | 1 | positive |
Chemicals: Chemical sales were up 4% year-over-year excluding currency, acquisitions and natural gas price increases. | 1 | positive |
We see modest upside potential to Ford as we think 2005 consensus/JPM estimates have more upside than downside risk. | 1 | positive |
We would point out that these new NAS product introductions will not contribute to Q3 revenue, given that they started shipping in early October. | 0 | neutral |
As a result of more focused marketing and R&D, we expect that Motorola will be able to show solid earnings growth over the next several years. | 1 | positive |
He has a Bachelor of Science degree in electrical engineering from Marquette University, and is currently a technology consultant to global companies in the semiconductor industry. | 0 | neutral |
Kinder Morgan has a history of making cash flow accretive acquisitions and, given its flexible balance sheet and business expertise in integrating new assets, any new acquisition would serve to increase its earnings and cash flow growth rates.. | 1 | positive |
On Tuesday, Xerox announced that GE will become the primary source of third party vendor financing in the U.S. While the forfeiture of future finance income forces us to reduce 2002 estimates slightly, net/net we see the news as a substantial positive in Xerox's turnaround and efforts to improve liquidity. | 2 | negative |
Principal has revamped its pension salesforce, which we expect will result in continued growth in pension deposits and assets, both through new plan creation and take-over business. | 1 | positive |
PG&E remains a vertically integrated utility, subject to the ratemaking jurisdiction of the CPUC for its electric distribution, generation, and procurement operations and for its gas distribution, procurement, transmission and storage operations.. | 0 | neutral |
We derive this target from an average of DCF and sum-of-the-parts. | 0 | neutral |
Given that the shares seem to already price-in roughly 100-150 basis points of margin expansion from current levels, there is risk that ODP falls short along the way, thereby rendering our Neutral rating too aggressive. | 2 | negative |
Primerica acquires 27% stake in Travelers Corp. Primerica acquires the remainder of Travelers corp. and renames itself Travelers Group Inc. The acquisition of Aetna's property-casualty insurance operations is announced. | 0 | neutral |
With only $37 million in debt, the company`s balance sheet is very strong. | 1 | positive |
While STT is planning on raising $500m in the form of equity or equity-related securities, we estimate that STT will likely hold at least $400m in additional equity capital to support the acquired business (i.e. goodwill). | 0 | neutral |
s earnings were ahead of our expectations, and with management guidance, we are raising our fiscal 2000 earnings estimate $0.10 to $2.65 per share at this time. | 1 | positive |
We have increased our revenue projections for Q4 by $220MM and Q1 and Q2 of next year by $130MM and $140MM, respectively to reflect these essentially one-time revenue impacts, which will flow through to operating income at an assumed incremental 50% operating margin including some minor expense savings at Agilent as some 50+staff associated with these operations are transferred to A. On an ongoing basis, we have factored in an incremental $170MM in revenues for F01 and about $225MM in F02 to take into account business that will not be booked as sales to CIT, rather than as a operating leases. | 1 | positive |
The year 2005 should be better for K-12 spending but we look to 2006 to be the next healthy year for the market, providing an intermediate term drag for MHP, the number two publisher in the field. | 1 | positive |
1992 Company adds $759 million after-tax to reserves for earlier losses. | 0 | neutral |
The current dividend represents a below-average payout ratio of 43% of our 2009 EPS estimate of $4.10. | 2 | negative |
Bakery sales were flat, margins were zero, and continued market share gains for Sara Lee brand. | 1 | positive |
In the first year's launch, a carefully orchestrated balancing act must be maintained by having enough inventory available in convenient distribution venues and stimulating the appropriate level of demand. | 0 | neutral |
Calfornia News: Williams and other power generator problems do not seem to be disappearing and recently Williams was involved in two more situations. | 2 | negative |
CIT is in the midst of the process of selling the $4.5 billion rail business which could yield about $3.5 billion of proceeds. | 0 | neutral |
Bank of New York reported earnings of $0.33 per share in the third quarter after a $0.19 per share charge for disruptions related to the World Trade Center blast. | 2 | negative |
The decision was driven in large part by the behavior of consumers, as rate-surfing has become prevalent and balances are lost long before retention efforts are even attempted. | 0 | neutral |
However, given the sheer size of these companies, and their significant capital investments, small differences in ROIC have material implications on long-term value creation. | 0 | neutral |
In 1974, in response to the Employees Retirement and Income Security Act, Northern Trust entered the Trust and custody services business, which currently administers over $1 trillion in assets. | 0 | neutral |
Harman ended its fiscal year with cash and cash equivalents of $291.8 million, about even with the year-ago level of $291.2 million. | 0 | neutral |
As a result, regulators subject all banks to a minimum standard, the so called "leverage ratio," which requires 500 bps of capital to assets irrespective of portfolio composition. | 0 | neutral |
Management indicated on the call that the 1998 restructuring plan is expected to contribute additional savings of $20�30 million over the next two years (we expect $25 million in 1999 and $5 million in 2000). | 1 | positive |
Conclusion: We are initiating coverage of EQ with an Equalweight rating. | 0 | neutral |
On a positive note, JPM' market share has improved in several lines of businesses with gains in revenues from advisory and equity underwriting offsetting the losses of revenue from proprietary trading and emerging markets activities. | 1 | positive |