FinanceMTEB/FinSent · Datasets at Hugging Face

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With better store standards, remodeling of key departments, and better tailoring of merchandise, Wal-Mart should be positioned to drive higher same-store sales growth.	1	positive
Cisco Systems benefited during the quarter from strong sales into both the carrier and enterprise segment.	1	positive
Microsoft also carries over $52 billion in short-term cash, which enables it to be selectively acquisitive and to offer customers more attractive financing options than competitors.	1	positive
Adding low-cost capacity, in economist-speak, shifts the cost curve to the right.	0	neutral
Adobe provided ghoulish guidance at its Fall analyst meeting.	2	negative
As a reminder, Immunex during its Q3 earnings conference call increased its fourth quarter guidance of Enbrel sales to $205-215 million from $200 million due to a 4.9% price increase in October and new patient demand.	1	positive
Profitability Map: Deterioration in RNOA expected in 2005.	2	negative
Revenues from ongoing businesses were up 7% from the year-ago period and 12.4% sequentially.	1	positive
Looking forward, Lowe's remains the better company, culturally, in our opinion.	1	positive
The bottom line growth resulted from rising profitability at both recently acquired companies and the older base businesses.	1	positive
Excluding the Sears payment and tax benefit, the increase is expected to be $200 million.	1	positive
As a result, we viewed the report as essentially in line.	0	neutral
For example, management intends to continue to scale back its assortment of men's products and reallocate this space to faster turning footwear product.	1	positive
Apache does not have a high profile international exploration story like some of its peers, but rather has built a $6.6 billion equity market-cap company through well-timed, conservatively financed, and strategically targeted acquisitions over the past several years.	1	positive
Use Of Sales Blitzes Characterizes Aggressive Sales Culture.	0	neutral
WellPoint, on the other hand, espouses the virtues of functional integration, while maintaining multiple legacy sub-systems which looks to us like multiple platforms.	1	positive
Consolidations now constitute 52% of total managed loans, up from 50% in the fourth quarter, and 44% a year ago.	0	neutral
This strategy could place the company at a disadvantage, should another round of industry consolidation occur..	2	negative
A similar program for 200 MW will be allocated to residential and commercial customers, and another for 200 MW for industrial customers.	0	neutral
Baxter's franchise may be somewhat in jeopardy, though we believe the real issues are likely to be pricing and how to maintain growth.	2	negative
We Think Better Disclosure Will Help Investors Overcome Their Fears of Increasing Headwinds in both the Semi and Solar Industries Headwinds for MEMC do appear to be increasing with the continued weakening of Semi wafer prices and shipment volumes coupled with reduced solar subsidies next year and potentially a significant amount of overall polysilicon coming on-line.	2	negative
Operational excellence DSOs of 24 days, 6.9x inventory turns and $1.5B of positive operating cash.	1	positive
The increase in loan growth was driven by the commercial loan portfolio.	1	positive
*PE and yield based on closing share price of US$8.54 from 19/07/2002.	0	neutral
Our revised price target is based on our belief that investors will value shares at a 30% premium to the S&P 500 market multiple of 14x, which translates to 18.6x our '08 EPS estimate of $1.75..	0	neutral
Edwards in July 2003, PeopleSoft now has 11,000+ customers, 13,000+ employees, and a total revenue base of $2.9 billion (CY02).	0	neutral
Delinquencies increased 9 bps in the month and the dollars of delinquency were up 1%.	2	negative
A $0.10/mcf change in North American gas prices, annualized, would affect earnings and cash flows by $0.30 per share and $0.44 per share, respectively.	0	neutral
The gain was fueled by modest growth in same-store sales and gross-margin improvement resulting from better commodity pricing and a favorable sales mix.	1	positive
At present valuations, MDT shares trade at 26x-27x our calendar 2004 EPS estimate of $1.80.	0	neutral
The following disclosed European company/ies have estimates that comply with IFRS: CAH, SMIN.L.	0	neutral
We continue to believe TE paper offers a relative value opportunity and in the default swaps market TE is one of the few names still trading with a risk premium baked into the valuation..	1	positive
At June 30, 2003, the Corporation's consolidated total assets, deposits and shareholders' equity were $67.3 billion, $46.7 billion and $6.8 billion, respectively..	0	neutral
In fact, in petroleum circles, Dow could be viewed as reacting to other consolidators, such as Exxon with Mobil and BP with Amoco, all with major chemical positions.	0	neutral
Smith issued 2006 EPS guidance of $2.15 to $2.25, versus our 2006 EPS estimate of $2.12 and the Street consensus estimate of $2.11.	0	neutral
Cote is mainly focused on improving customer service (primarily sales & marketing), for which he has a 6-9 month timetable to see tangible results.	1	positive
However, a difficult telecom IT spending environment along with multiple large contract issues remain as risk factors.	2	negative
Total retail electricity sales fell 1%, due to mild weather conditions and rate cuts, while gas deliveries and transportation volumes fell 20%.	2	negative
The comments were based on a preliminary "quick" report, which in the past has been +/2% of the actual result.	0	neutral
In fact, Cummins has won material market share so far since ACERT's introduction.	1	positive
The deal looks minimally accretive this year - possibly adds 1-3, but potentially adds 9 to 2004 EPS..	1	positive
Other indications such as a pre-announcement by Delta Air Lines seem to confirm this view.	0	neutral
1998 Outlook Full-Year 1998 Estimate Unchanged We still think Gillette will generate a 17.6% gain in EPS, to the vicinity of $3.00, in 1998.	0	neutral
Management believes there are six to eight new distribution opportunities worth pursuing..	1	positive
Accordingly, we think the multiple probably holds steady from here, a 35% premium to the S&P 500.	0	neutral
The equity market appears to also view the transaction favorably, with the stock rising 25.5% since the announcement of the merger.	1	positive
Risk-reward is less attractive than other defense contractors after a substantial reduction in EBITDAP.	2	negative
However, she said capital additions since the last rate case (1992) would not be eligible for stranded cost recovery (about $100 million of Oyster Creek costs could be at risk).	2	negative
Risks We believe there are several risks to JPM reaching our $33 target price.	2	negative
ALLTEL reported solid 2Q05 results highlighted by better-than-expected wireless results and mixed wireline performance.	1	positive
700 MHz auction: T's $2.5B purchase of Aloha's 700 MHz spectrum last week has upped the ante for VZ, which has been expressing strong interest in bidding for similar spectrum in the FCC's upcoming auction.	0	neutral
Notably, the note is structured with put options in years 1 (cash payment upon exercise), 5(cash or stock payment at the discretion of Novellus upon exercise hereafter), 10, 15, 20, and 25.	0	neutral
PFE still feels the cholesterol reduction market has growth prospects as guidelines for target cholesterol levels have moved progressively lower, and it plans to aggressively promote new clinical data with regard to Lipitor.	1	positive
Japan Japan is Tiffany's second largest market by sales volume, after the United States.	0	neutral
We note that COP's share of LUKOIL earnings were much lower than anticipated, $189 million vs. our estimate of $307 million, due to lower than expected price realizations for Russian crude and a higher tax bite.	2	negative
Despite a 17% y/y increase in marketing expense, TJX posted solid improvement in its.	1	positive
Considering that over the last three to five years, Circuit City shares have traded between 1 to 1.5 times book value, we are taking the lower end of this range as our target multiple and applying it to our adjusted book value of $6.20.	0	neutral
He was the Vice Chairman and President of Old Kent Financial Corporation, which was acquired by Fifth Third Bancorp in 2001.	0	neutral
In terms of unusual operating expenditures, the company expects to make the following cash outlays this year:.	0	neutral
Management: An Impressive Collection Of Pharma Veterans And Long-Time Employees Last year and this year mark a period of transition for Amgen, not only from a competitive standpoint, but also in the composition of the management team.	1	positive
On Friday, we had the opportunity to visit with the CFO of Bank of New York at the company's offices with institutional clients.	0	neutral
Recent economic news as well as end-market checks give us hope that a recovery is getting under way in many end markets such as automation.	1	positive
Bookings were $10.0 billion in the March quarter.	0	neutral
Management expects 2005 EPS to hit the top end of its $1.35-1.45 guidance, versus our last-published forecast of $1.40.	1	positive
We note that any public plan that decides to execute an aggressive benefits design or pricing strategy in 2007 in Medicare Advantage will likely face severe repercussions from investors by experiencing a rapid decline in their share prices.	2	negative
We are adjusting our F08 EPS estimates primarily to incorporate higher expenses associated with longer-term investments (including for the Tokyo A&F flagship which will not benefit sales until F09).	0	neutral
However, as the dollar has strengthened over the past three quarters, the tables have turned, and we believe eBay will face a currency exchange headwind in the first quarter of 2006.	2	negative
The SX/EW is a cost-effective process for chemically extracting copper from low grade ores.	1	positive
Our new cost savings estimates are for at least $250 million in savings/year.	0	neutral
With the acquisition of larger markets such as Cleveland, Tampa, Phoenix and New Orleans ALLTEL's profile includes a larger percentage of metropolitan markets.	0	neutral
Hence, while it looks like Boston has the financing to make this deal happen, it is massively dilutive and Boston's estimates of the deal being non-dilutive by 2008 seem very unrealistic.	2	negative
We look for these contracts to be EPS neutral-to-slightly positive in the December 2001 quarter.	1	positive
It includes messaging, IP voice, contact center software.	0	neutral
To be fair, piracy was actually a 1% headwind in the quarter for the Client business vs a positive low single digit contributor during the past several quarters.	2	negative
Net Interest Income Was Lower Than We Had Projected.	2	negative
But it also gave us the sense that exports to international markets may taper as pricing rises to that level..	0	neutral
Of the residential lines lost, 4,300 were second lines versus 3,900 in the previous quarter.	0	neutral
Security remains a top focus and the company is planning to invest more in R&D as well as market awareness for the security offering.	0	neutral
Until we get more data points on this topic and observe DSOs come down, we view this as a material issue..	2	negative
Today, WellPoint sells at a moderate P/E premium to most large capitalization managed care peer stocks, although it still stands at a considerable discount to the S&P 500 (see our valuation analysis, Table 1).	0	neutral
Cyclical housing peak? We know of no economist or housing analyst who can predict the peak; certainly, they have been quite wrong in their forecasts of housing activity for at least several years now.	0	neutral
Fluor reduced headcount by 5,000, consolidated square footage by closing 15 of its offices, and condensed industries served to 15 from 29.	0	neutral
On November 7th, Direct TV reported 3Q/07 operational metrics that were generally stronger than expected (including net adds of 240k vs. BSC est. of 169k and consensus of 183k; better than expected churn and gross adds).	1	positive
Viagra was well tolerated in trials, with a patient drop-out rate comparable to placebo.	1	positive
According to the Semiconductor IndustryAssociation, growth of 9.1% is expected in 1999 after a drop of about 8% in 1998, with continued gains in 2000 of 15%.	1	positive
If we apply the historical average to our normalized cross-cycle sales estimate of $2.2 billion, we arrive at a target price of $47.	0	neutral
Corning has LCD facilities in Kentucky, Japan, and Taiwan, and its Samsung Corning Precision Glass equity venture has facilities in South Korea..	0	neutral
Issues in a lawsuit are divided between issues of fact and issues of law.	0	neutral
The shares are suitable for conservative investors who seek income with the potential for capital appreciation.	1	positive
Finally, LCI had state-of-the-art billing and customer management systems.	1	positive
We estimate that the interventional radiology market totaled approximately $1.4 billion in 1997.	0	neutral
Conclusion In our opinion, CC has brought in the talent to reignite innovation and a focus on profitability.	1	positive
Pactiv Corp. reported first quarter 2000 diluted operating EPS of $0.15, in-line with SSB's estimate and $0.01 above the consensus' $0.14.	1	positive
We expect 2002 to be a better year than 2001 for Ecolab.	1	positive
McCormick & Company is the leading supplier of spices and seasonings.	0	neutral
(b) In 1993, earnings per share exclude charges relating to FAS 106, 109 and 112, netting to a $0.315 charge in the first quarter, and a realignment charge of $0.37 taken during the fourth quarter.	0	neutral
2) MCI: allocated expenses and debt load -- We continue to monitor the relationship between WorldCom and MCI Groups.	0	neutral
.. Exhibit 11: Altera new products driving the revenues.	0	neutral
In contrast, international and Gulf of Mexico deepwater markets are expected to be much closer to balance, as integrated and national oil companies move to develop major discoveries in the Gulf of Mexico, West Africa, Brazil.	0	neutral
We expect FY08 segment revenue guidance of 10-12% will prove conservative.	1	positive

With better store standards, remodeling of key departments, and better tailoring of merchandise, Wal-Mart should be positioned to drive higher same-store sales growth.

1

positive

Cisco Systems benefited during the quarter from strong sales into both the carrier and enterprise segment.

1

positive

Microsoft also carries over $52 billion in short-term cash, which enables it to be selectively acquisitive and to offer customers more attractive financing options than competitors.

1

positive

Adding low-cost capacity, in economist-speak, shifts the cost curve to the right.

0

neutral

Adobe provided ghoulish guidance at its Fall analyst meeting.

2

negative

As a reminder, Immunex during its Q3 earnings conference call increased its fourth quarter guidance of Enbrel sales to $205-215 million from $200 million due to a 4.9% price increase in October and new patient demand.

1

positive

Profitability Map: Deterioration in RNOA expected in 2005.

2

negative

Revenues from ongoing businesses were up 7% from the year-ago period and 12.4% sequentially.

1

positive

Looking forward, Lowe's remains the better company, culturally, in our opinion.

1

positive

The bottom line growth resulted from rising profitability at both recently acquired companies and the older base businesses.

1

positive

Excluding the Sears payment and tax benefit, the increase is expected to be $200 million.

1

positive

As a result, we viewed the report as essentially in line.

0

neutral

For example, management intends to continue to scale back its assortment of men's products and reallocate this space to faster turning footwear product.

1

positive

Apache does not have a high profile international exploration story like some of its peers, but rather has built a $6.6 billion equity market-cap company through well-timed, conservatively financed, and strategically targeted acquisitions over the past several years.

1

positive

Use Of Sales Blitzes Characterizes Aggressive Sales Culture.

0

neutral

WellPoint, on the other hand, espouses the virtues of functional integration, while maintaining multiple legacy sub-systems which looks to us like multiple platforms.

1

positive

Consolidations now constitute 52% of total managed loans, up from 50% in the fourth quarter, and 44% a year ago.

0

neutral

This strategy could place the company at a disadvantage, should another round of industry consolidation occur..

2

negative

A similar program for 200 MW will be allocated to residential and commercial customers, and another for 200 MW for industrial customers.

0

neutral

Baxter's franchise may be somewhat in jeopardy, though we believe the real issues are likely to be pricing and how to maintain growth.

2

negative

We Think Better Disclosure Will Help Investors Overcome Their Fears of Increasing Headwinds in both the Semi and Solar Industries Headwinds for MEMC do appear to be increasing with the continued weakening of Semi wafer prices and shipment volumes coupled with reduced solar subsidies next year and potentially a significant amount of overall polysilicon coming on-line.

2

negative

Operational excellence DSOs of 24 days, 6.9x inventory turns and $1.5B of positive operating cash.

1

positive

The increase in loan growth was driven by the commercial loan portfolio.

1

positive

*PE and yield based on closing share price of US$8.54 from 19/07/2002.

0

neutral

Our revised price target is based on our belief that investors will value shares at a 30% premium to the S&P 500 market multiple of 14x, which translates to 18.6x our '08 EPS estimate of $1.75..

0

neutral

Edwards in July 2003, PeopleSoft now has 11,000+ customers, 13,000+ employees, and a total revenue base of $2.9 billion (CY02).

0

neutral

Delinquencies increased 9 bps in the month and the dollars of delinquency were up 1%.

2

negative

A $0.10/mcf change in North American gas prices, annualized, would affect earnings and cash flows by $0.30 per share and $0.44 per share, respectively.

0

neutral

The gain was fueled by modest growth in same-store sales and gross-margin improvement resulting from better commodity pricing and a favorable sales mix.

1

positive

At present valuations, MDT shares trade at 26x-27x our calendar 2004 EPS estimate of $1.80.

0

neutral

The following disclosed European company/ies have estimates that comply with IFRS: CAH, SMIN.L.

0

neutral

We continue to believe TE paper offers a relative value opportunity and in the default swaps market TE is one of the few names still trading with a risk premium baked into the valuation..

1

positive

At June 30, 2003, the Corporation's consolidated total assets, deposits and shareholders' equity were $67.3 billion, $46.7 billion and $6.8 billion, respectively..

0

neutral

In fact, in petroleum circles, Dow could be viewed as reacting to other consolidators, such as Exxon with Mobil and BP with Amoco, all with major chemical positions.

0

neutral

Smith issued 2006 EPS guidance of $2.15 to $2.25, versus our 2006 EPS estimate of $2.12 and the Street consensus estimate of $2.11.

0

neutral

Cote is mainly focused on improving customer service (primarily sales & marketing), for which he has a 6-9 month timetable to see tangible results.

1

positive

However, a difficult telecom IT spending environment along with multiple large contract issues remain as risk factors.

2

negative

Total retail electricity sales fell 1%, due to mild weather conditions and rate cuts, while gas deliveries and transportation volumes fell 20%.

2

negative

The comments were based on a preliminary "quick" report, which in the past has been +/2% of the actual result.

0

neutral

In fact, Cummins has won material market share so far since ACERT's introduction.

1

positive

The deal looks minimally accretive this year - possibly adds 1-3, but potentially adds 9 to 2004 EPS..

1

positive

Other indications such as a pre-announcement by Delta Air Lines seem to confirm this view.

0

neutral

1998 Outlook Full-Year 1998 Estimate Unchanged We still think Gillette will generate a 17.6% gain in EPS, to the vicinity of $3.00, in 1998.

0

neutral

Management believes there are six to eight new distribution opportunities worth pursuing..

1

positive

Accordingly, we think the multiple probably holds steady from here, a 35% premium to the S&P 500.

0

neutral

The equity market appears to also view the transaction favorably, with the stock rising 25.5% since the announcement of the merger.

1

positive

Risk-reward is less attractive than other defense contractors after a substantial reduction in EBITDAP.

2

negative

However, she said capital additions since the last rate case (1992) would not be eligible for stranded cost recovery (about $100 million of Oyster Creek costs could be at risk).

2

negative

Risks We believe there are several risks to JPM reaching our $33 target price.

2

negative

ALLTEL reported solid 2Q05 results highlighted by better-than-expected wireless results and mixed wireline performance.

1

positive

700 MHz auction: T's $2.5B purchase of Aloha's 700 MHz spectrum last week has upped the ante for VZ, which has been expressing strong interest in bidding for similar spectrum in the FCC's upcoming auction.

0

neutral

Notably, the note is structured with put options in years 1 (cash payment upon exercise), 5(cash or stock payment at the discretion of Novellus upon exercise hereafter), 10, 15, 20, and 25.

0

neutral

PFE still feels the cholesterol reduction market has growth prospects as guidelines for target cholesterol levels have moved progressively lower, and it plans to aggressively promote new clinical data with regard to Lipitor.

1

positive

Japan Japan is Tiffany's second largest market by sales volume, after the United States.

0

neutral

We note that COP's share of LUKOIL earnings were much lower than anticipated, $189 million vs. our estimate of $307 million, due to lower than expected price realizations for Russian crude and a higher tax bite.

2

negative

Despite a 17% y/y increase in marketing expense, TJX posted solid improvement in its.

1

positive

Considering that over the last three to five years, Circuit City shares have traded between 1 to 1.5 times book value, we are taking the lower end of this range as our target multiple and applying it to our adjusted book value of $6.20.

0

neutral

He was the Vice Chairman and President of Old Kent Financial Corporation, which was acquired by Fifth Third Bancorp in 2001.

0

neutral

In terms of unusual operating expenditures, the company expects to make the following cash outlays this year:.

0

neutral

Management: An Impressive Collection Of Pharma Veterans And Long-Time Employees Last year and this year mark a period of transition for Amgen, not only from a competitive standpoint, but also in the composition of the management team.

1

positive

On Friday, we had the opportunity to visit with the CFO of Bank of New York at the company's offices with institutional clients.

0

neutral

Recent economic news as well as end-market checks give us hope that a recovery is getting under way in many end markets such as automation.

1

positive

Bookings were $10.0 billion in the March quarter.

0

neutral

Management expects 2005 EPS to hit the top end of its $1.35-1.45 guidance, versus our last-published forecast of $1.40.

1

positive

We note that any public plan that decides to execute an aggressive benefits design or pricing strategy in 2007 in Medicare Advantage will likely face severe repercussions from investors by experiencing a rapid decline in their share prices.

2

negative

We are adjusting our F08 EPS estimates primarily to incorporate higher expenses associated with longer-term investments (including for the Tokyo A&F flagship which will not benefit sales until F09).

0

neutral

However, as the dollar has strengthened over the past three quarters, the tables have turned, and we believe eBay will face a currency exchange headwind in the first quarter of 2006.

2

negative

The SX/EW is a cost-effective process for chemically extracting copper from low grade ores.

1

positive

Our new cost savings estimates are for at least $250 million in savings/year.

0

neutral

With the acquisition of larger markets such as Cleveland, Tampa, Phoenix and New Orleans ALLTEL's profile includes a larger percentage of metropolitan markets.

0

neutral

Hence, while it looks like Boston has the financing to make this deal happen, it is massively dilutive and Boston's estimates of the deal being non-dilutive by 2008 seem very unrealistic.

2

negative

We look for these contracts to be EPS neutral-to-slightly positive in the December 2001 quarter.

1

positive

It includes messaging, IP voice, contact center software.

0

neutral

To be fair, piracy was actually a 1% headwind in the quarter for the Client business vs a positive low single digit contributor during the past several quarters.

2

negative

Net Interest Income Was Lower Than We Had Projected.

2

negative

But it also gave us the sense that exports to international markets may taper as pricing rises to that level..

0

neutral

Of the residential lines lost, 4,300 were second lines versus 3,900 in the previous quarter.

0

neutral

Security remains a top focus and the company is planning to invest more in R&D as well as market awareness for the security offering.

0

neutral

Until we get more data points on this topic and observe DSOs come down, we view this as a material issue..

2

negative

Today, WellPoint sells at a moderate P/E premium to most large capitalization managed care peer stocks, although it still stands at a considerable discount to the S&P 500 (see our valuation analysis, Table 1).

0

neutral

Cyclical housing peak? We know of no economist or housing analyst who can predict the peak; certainly, they have been quite wrong in their forecasts of housing activity for at least several years now.

0

neutral

Fluor reduced headcount by 5,000, consolidated square footage by closing 15 of its offices, and condensed industries served to 15 from 29.

0

neutral

On November 7th, Direct TV reported 3Q/07 operational metrics that were generally stronger than expected (including net adds of 240k vs. BSC est. of 169k and consensus of 183k; better than expected churn and gross adds).

1

positive

Viagra was well tolerated in trials, with a patient drop-out rate comparable to placebo.

1

positive

According to the Semiconductor IndustryAssociation, growth of 9.1% is expected in 1999 after a drop of about 8% in 1998, with continued gains in 2000 of 15%.

1

positive

If we apply the historical average to our normalized cross-cycle sales estimate of $2.2 billion, we arrive at a target price of $47.

0

neutral

Corning has LCD facilities in Kentucky, Japan, and Taiwan, and its Samsung Corning Precision Glass equity venture has facilities in South Korea..

0

neutral

Issues in a lawsuit are divided between issues of fact and issues of law.

0

neutral

The shares are suitable for conservative investors who seek income with the potential for capital appreciation.

1

positive

Finally, LCI had state-of-the-art billing and customer management systems.

1

positive

We estimate that the interventional radiology market totaled approximately $1.4 billion in 1997.

0

neutral

Conclusion In our opinion, CC has brought in the talent to reignite innovation and a focus on profitability.

1

positive

Pactiv Corp. reported first quarter 2000 diluted operating EPS of $0.15, in-line with SSB's estimate and $0.01 above the consensus' $0.14.

1

positive

We expect 2002 to be a better year than 2001 for Ecolab.

1

positive

McCormick & Company is the leading supplier of spices and seasonings.

0

neutral

(b) In 1993, earnings per share exclude charges relating to FAS 106, 109 and 112, netting to a $0.315 charge in the first quarter, and a realignment charge of $0.37 taken during the fourth quarter.

0

neutral

2) MCI: allocated expenses and debt load -- We continue to monitor the relationship between WorldCom and MCI Groups.

0

neutral

.. Exhibit 11: Altera new products driving the revenues.

0

neutral

In contrast, international and Gulf of Mexico deepwater markets are expected to be much closer to balance, as integrated and national oil companies move to develop major discoveries in the Gulf of Mexico, West Africa, Brazil.

0

neutral

We expect FY08 segment revenue guidance of 10-12% will prove conservative.

1

positive