FinanceMTEB/FinSent · Datasets at Hugging Face

text stringlengths 47 679	label int64 0 2	label_text stringclasses 3 values
For example, the company has elected not to continue to staff as heavily in.	0	neutral
For the company to grow its top-line, diversification away from the CRM market is necessary.	1	positive
However, we do have some concern as to the synergy of adding an enterprise information portal (EIP) product, which, unlike MetaFrame, relies on a direct sales model and requires significant integration.	2	negative
That said, the company has proven adept at integrating past acquisitions..	1	positive
Goodwill totaling $109 million was recorded in the transaction.	0	neutral
TXN considers Philips Semiconductors to be their other main competitor.	0	neutral
Waters noted that some orders, such as $5-6 million Q-TOFs, were pushed out at big pharma customers in the US.	0	neutral
(Note: our model also includes just less than 10 bps of pre-tax margin improvement through FY'09E from interest income, although the exact amount will depend on the usage of cash over that time period.) The precise mix of these two components is not certain.	1	positive
However, we believe that FY03 may be a tumultuous time for department store retailers as a whole and that the uncertain and volatile economy may prevent robust top line growth, even with a majority of the store renovations in place.	2	negative
We expected only modest growth year-over-year given a) the continuing decline in Hytrin sales due to generic competition; and b) the absence of Abbokinase ($46MM was moved to Hospital, but the drug itself is also off the mkt).	2	negative
So far, the company has a DSL penetration rate of less than 2% of its enabled lines below the nearly 3% rate by RBOCs.	2	negative
Raw materials were a $3 mm headwind in the quarter..	2	negative
From the numbers laid out in Figures 4 and other comments made by AMD and Intel, - Overall Revenue and Unit Share Shift o AMD said that adding its numbers to what Intel reported, it concluded that total worldwide microprocessor shipments were down about 9% sequentially in the March quarter.	2	negative
Figure 10 provides a graphical representation of Intel's variable cost margin and the company's reported gross margin.	0	neutral
Management is focused on continued operational initiatives, as Tyco is planning to reduce its number of manufacturing facilities and distribution centers from about 110 in 2003 to 85 in 2005, and is considering the possibility of shifting sourcing and manufacturing to low-cost countries.	0	neutral
could meaningfully turn the tables in the workstation space and stave off the falling growth rates we have seen.	0	neutral
2000 Revenues are not shown since they are not comparable to adjusted Revenues in later years..	0	neutral
In 1995, First Data merged with First Financial Management, in a merger of equals, which was accounted for as a pooling of interests.	0	neutral
On enrollment...we expect Anthem to continue to show relative strength versus the broader group.	1	positive
Qwest has already refinanced much of its high cost debt, and it is possible Qwest may look to issue equity-linked products in order to bolster its balance sheet.	1	positive
Lowering the expense structure represents an important objective as well.	1	positive
Upside Risks Some of the upside risks to our price target are primarily based on a largerthan-expected increase in steel prices.	1	positive
We expect about $10 billion reduction in servicing assets a quarter for the second half.	0	neutral
Micron Technology, Inc. and its subsidiaries, principally design, develop, manufacture and market semiconductor memory products, primarily DRAM, principally for use in personal computers (PCs).	0	neutral
Currency boosted sales by 3% in Q3 (versus our +3.4% estimate).	1	positive
Depending on the producer and mix, prices may ebb slightly in 4497 due to seasonal weakness and in early 1998 in sympathy with pulp.	0	neutral
And, as already noted, that churn rate would be likely to increase during a recession.	2	negative
Negative earnings factors include less attractive pricing from Track B contract as opposed to prior "transfer pricing" in the first half of 2003, a lack of optionality in summer months due to the contract back to APS, compressed spark spreads in the southwest, and increased fixed costs and a decrease in capitalized interest after the Silverhawk plant comes online in mid-2004.	2	negative
The tangible net worth remains well above the covenant level, with a cushion of $1.3B..	1	positive
We arrive at our target price by applying a 14X multiple to our 2009 EPS estimate of $3.69.	0	neutral
Total Knee growth was up 20% (up 18% constant currency) to $354 million -- a disappointing $6 million below expectations.	2	negative
The risks that might impede achievement of our price target include integration risk, competition, the overall consumer marketplace, and the risk that assets will not be successfully divested.	2	negative
Last, the use of argon in welding applications is growing rapidly, since argon keeps hazardous fumes suppressed.	1	positive
There is a negative forex impact so the absolute trend is not that bad, but given the ISM new orders at 32 yesterday, we suspect that October could be dismal.	2	negative
It enjoys low teens, blended credit and debit card transaction growth potential, mid 20s operating margin, requires low capital investment, and generates superior free cash flow.	1	positive
It positions PBG in a market characterized by a lower risk/higher reward combination than most U.S. investors initially perceive.	1	positive
We believe that the hospital may play an even larger role in healthcare in the years to come.	0	neutral
4. Introducing C2009E For C2009E, we introduce revenue / operating income (ex.	0	neutral
It is critical that News Corp. and FOX continue to drive their cable network business to mitigate this risk.	0	neutral
Cingular Wireless Cingular turned in another strong performance in the fourth quarter.	1	positive
And, when looked at this way, there is not any issue or problem, in our opinion.	2	negative
Since 1999, Unocal has improved its capital structure, improved its debt/capitalization ratio from 57% to 43% and improved its ability to weather falling commodity prices.	1	positive
And a loss of 2.3% on that residual is less than $20 million.	2	negative
Over the past five years, the Financial Services group has delivered an average of 39% of total operating contribution.	0	neutral
We subtract net debt of $2.3 billion in 2006 (from $5.0 billion) to arrive at an equity value of $2.75 billion.	0	neutral
Sales were driven by new releases such as Command & Conquer, Def Jam Icon, The Sims 2 Seasons, as well as Need for Speed.	0	neutral
The most surprising negative in the quarter was a 305 bp y/y decline in Ground operating margin due to a rise in FedEx services costs (Kinkos and advertising) and some pressure from fuel costs.	2	negative
Exhibits 13, 14, and 15 illustrate the growth in chain-store and mail-order pharmacy sales..	0	neutral
In addition, Praxair has significant growth oppoturnities in refinery hydrogen, homecare, electronics and China to offset a flattening out of pricing gains..	0	neutral
1992 excludes charge of $65 ($40 net) for Work Process Improvement Program.	0	neutral
In the short term we believe the combined company would benefit from cost savings, and in the longer term from other strategic initiatives (such as PIN credit).	1	positive
Excluding these items, normalized EPS would be around $1.50-$1.52, depending on what one considers to be the core provisioning amount ($800-$850 million in this analysis).	0	neutral
Praxair has a goal of improving productivity by 5% a year, which requires about $100 million of savings.	1	positive
Balance sheet summary Inventory increased $70.0 million (up 5% QoQ) from $1.29 billion in 2Q04 to $1.35 billion in 3Q04 and inventory days increased 4 days QoQ from 65 days to 69 days due to increase in inventory levels in anticipation of seasonal demand in Q404.	1	positive
Dassault addresses two distinct markets: 1) the industrial process-centric space and 2) the designcentric, mechanical component market.	0	neutral
CC's inventory turns were weaker in the first quarter on an annualized basis at 4.34x compared to 5.03x a year ago.	2	negative
This decline was to be expected: Medtronic has been losing share to both Guidant and Boston Scientific and received FDA approval for its next generation GFx II stent platform later than expected (April 8).	2	negative
While L-3 has diversified into a number of areas via acquisition over the past several years, to the degree it is still overweighted in electronics we do not believe that will significantly help it outperform industry-wide growth..	2	negative
Fitch expects Best Buy's operating margins will weaken on lower sales leverage of fixed costs.	2	negative
Endocrine levels of testosterone, DHT, luteinizing hormone, and follicle stimulating hormone were determined during week 1 and then every 4 weeks.	0	neutral
Conclusion: We are assuming coverage of TXN with an Outperform rating and believe the shares can appreciate 15-30% relative to the market over the next 12 months.	1	positive
These customers tend to generate predictable volumes of trash, which gives the group a relatively predictable, recurring revenue stream.	1	positive
*The change in deferred revenue does not include the acquisition of Red Pepper Software.	0	neutral
In our note lowering estimates on EMC a few weeks ago due to weakness in Europe, we noted that our checks are also noting weaker-than-normal sales of NTAP product as well.	2	negative
This is largely under a long-term contract with GE.	0	neutral
However, our belief that long-term interest rates should begin moving down in the second half of the year means that we still recommend these stocks for purchase.	1	positive
The CBI gives tax benefits to U.S. companies as long as at least one step in the value chain takes place in Caribbean Basin locations.	1	positive
A feasibility study is expected to be completed by the end of CY04, including a resource model.	0	neutral
PSI will seek rate recovery for these investments in rate cases to be filed in late 2002 and in early 2004.	0	neutral
Regionally, the Mid Atlantic, South Central and Southeast states led in sales performance, but all regions comped positively in the quarter, according to management.	1	positive
We have lowered our 1999 estimate to $2.95 from $3.35 to reflect the challenging conditions ahead.	2	negative
We figure free operating cash flow (after capex and WC; before repurchase, M&A and dividends) fell to about $43 million vs. $102 million a year ago, with higher capital spending ex-Automotive ($34 million vs. $24 million) and an unintentional inventory buildup at Power Systems.	2	negative
Gatorade: Point of Sweat Distribution--At the beginning of 2000, the Point of Sweat salesforce, comprising about 200 sales representatives, was distributing Gatorade to approximately 40,000 alternative sites such as health clubs, golf clubs, and schools, and generating about $100 million in sales.	0	neutral
Daily sales at Grainger's branch-based Businesses were down 3% versus April 2002.	2	negative
Both parties own a 50% working interest, and Anadarko will spend a minimum of $24 million during the next four years.	0	neutral
Included in this total is the $575 million of receivables and the 800,000 accounts acquired from Diners Club in 1Q00.	0	neutral
DISCUSSION Last Thursday, Medco hosted its Investor Day Presentations, which provided an operations overview and candidly discussed its future earnings growth opportunities.	0	neutral
We hope the industry will, at minimum, release quarterly registration data in the future as this would reduce some of the short-term monthly volatility yet provide sufficient data to monitor the industry.	0	neutral
However, contribution to operating income is heavily weighted toward the Victoria's Secret division (at 60%), followed by Bath & Body Works (at 30%), and Apparel (at 10%)..	0	neutral
Product Line Grows Organically and With Freshwater.	1	positive
SG&A increased 6.1%; up 30 bp to 15.2% of sales due to higher sales and marketing expenses at Biolab and $6 million of legal expenses.	2	negative
While short-cycle products (i.e., NAM surface trees & distributed valves) present near-term concern on volume & pricing into a potential drop in the North America rig count, order flow on large projects is also a concern, particularly as players in highly concentrated markets (i.e., subsea trees, large engineered valves and subsea BOPs) will likely compete on pricing to maintain/grow market share.	2	negative
Drivers Of Demand For The Industry: Demand is driven by consumer disposable income, employment, investment in new establishments, and the underlying trend for increased convenience.	0	neutral
As such, Mead's last three quarters should look more similar with only one quarter, the first, appearing decidedly different (i.e., weaker).	2	negative
The GCIB was weaker than forecast and worse than peer on lower IB/trading revenue, despite a lower comp.	2	negative
Sears' August total domestic comparable store sales increased 0.2%, better than the modest decline we had anticipated of a -31%).	1	positive
The SME business has been a source of strength for BellSouth as the company has added over 100K small business lines year to date, driven by increased penetration, reduced competition, and wholesale winback opportunities.	1	positive
Divesting these businesses will also relieve Brunswick of having to worry about the dynamics and risk factors of such diverse markets as portable coolers and hunting accessories.	1	positive
The benefit from the non-operating gain totaled roughly half a penny in the quarter.	1	positive
Therefore, $576 million in treasury revenues are recorded in other JPM divisions, including, according to the 10Q, Commercial Banking, Consumer & Small Business Banking and Asset & Wealth Management.	0	neutral
Even though this segment is small, it is a key perceptual driver of the name.	0	neutral
The legislation also provides for recovery of certain environmental costs (ammonia and limestone, which are re-agents used in scrubbers, and emission allowances) through the fuel adjustment clause; no return is provided, but costs would be recovered one-for-one on a timely basis.	1	positive
This assumes post-FY09: (a) relatively stable gross margins; (b) 30-40bps of annual SG&A leverage; (c) a decrease in Other Expense, reflecting reduced FX hedging losses (estimated at $200M in FY09) and a peaking of Endeavor royalty expense (estimated at $80M in FY09); (d) a stable to declining tax rate; and (e) 25% of annual free cash flow dedicated to share repurchases..	1	positive
CC plans to continue this survey as a means to improve both associate engagement and the customer experience.	1	positive
Our recurring 2000 estimate reflects a fourth quarter assumption of $0.31 versus $0.14 in 4Q99 and the Street consensus of $0.17/share.	0	neutral
ESPN, we expect strong affiliate and advertising revenue growth of 12-15% in F4Q02 but look for margins to fall from 27-28% in F4Q01 to 24-25% in F4Q02.	1	positive
This consumer value orientation makes breakthrough innovation even more important.	0	neutral
Conversely, upside risks to our Neutral rating are: (1) a larger-than-currently expected resurgence in the company's hip franchise from new product introductions in the coming quarters, coupled with leverage of those sales gains to the bottom line; (2) a rapid resumption of growth in spine and fixation; and (3) evidence of increasing growth in the overall orthopedics industry in the intermediate term..	1	positive
The near-term revenue growth opportunities for the RBOCs are modest at best. New revenue generation is hard to findDSL pricing has been coming down and if cable increases the downstream speed for its modem services, DSL may have a more difficult time competing head to head, especially since high-speed cable modem service is cheaper today than DSL in many markets on a price-perkilobit basis.	2	negative
The Securities and Exchange Commission (SEC) will review the merger after FERC approval and is expected to be the final approval necessary to complete the merger.	0	neutral

For example, the company has elected not to continue to staff as heavily in.

0

neutral

For the company to grow its top-line, diversification away from the CRM market is necessary.

1

positive

However, we do have some concern as to the synergy of adding an enterprise information portal (EIP) product, which, unlike MetaFrame, relies on a direct sales model and requires significant integration.

2

negative

That said, the company has proven adept at integrating past acquisitions..

1

positive

Goodwill totaling $109 million was recorded in the transaction.

0

neutral

TXN considers Philips Semiconductors to be their other main competitor.

0

neutral

Waters noted that some orders, such as $5-6 million Q-TOFs, were pushed out at big pharma customers in the US.

0

neutral

(Note: our model also includes just less than 10 bps of pre-tax margin improvement through FY'09E from interest income, although the exact amount will depend on the usage of cash over that time period.) The precise mix of these two components is not certain.

1

positive

However, we believe that FY03 may be a tumultuous time for department store retailers as a whole and that the uncertain and volatile economy may prevent robust top line growth, even with a majority of the store renovations in place.

2

negative

We expected only modest growth year-over-year given a) the continuing decline in Hytrin sales due to generic competition; and b) the absence of Abbokinase ($46MM was moved to Hospital, but the drug itself is also off the mkt).

2

negative

So far, the company has a DSL penetration rate of less than 2% of its enabled lines below the nearly 3% rate by RBOCs.

2

negative

Raw materials were a $3 mm headwind in the quarter..

2

negative

From the numbers laid out in Figures 4 and other comments made by AMD and Intel, - Overall Revenue and Unit Share Shift o AMD said that adding its numbers to what Intel reported, it concluded that total worldwide microprocessor shipments were down about 9% sequentially in the March quarter.

2

negative

Figure 10 provides a graphical representation of Intel's variable cost margin and the company's reported gross margin.

0

neutral

Management is focused on continued operational initiatives, as Tyco is planning to reduce its number of manufacturing facilities and distribution centers from about 110 in 2003 to 85 in 2005, and is considering the possibility of shifting sourcing and manufacturing to low-cost countries.

0

neutral

could meaningfully turn the tables in the workstation space and stave off the falling growth rates we have seen.

0

neutral

2000 Revenues are not shown since they are not comparable to adjusted Revenues in later years..

0

neutral

In 1995, First Data merged with First Financial Management, in a merger of equals, which was accounted for as a pooling of interests.

0

neutral

On enrollment...we expect Anthem to continue to show relative strength versus the broader group.

1

positive

Qwest has already refinanced much of its high cost debt, and it is possible Qwest may look to issue equity-linked products in order to bolster its balance sheet.

1

positive

Lowering the expense structure represents an important objective as well.

1

positive

Upside Risks Some of the upside risks to our price target are primarily based on a largerthan-expected increase in steel prices.

1

positive

We expect about $10 billion reduction in servicing assets a quarter for the second half.

0

neutral

Micron Technology, Inc. and its subsidiaries, principally design, develop, manufacture and market semiconductor memory products, primarily DRAM, principally for use in personal computers (PCs).

0

neutral

Currency boosted sales by 3% in Q3 (versus our +3.4% estimate).

1

positive

Depending on the producer and mix, prices may ebb slightly in 4497 due to seasonal weakness and in early 1998 in sympathy with pulp.

0

neutral

And, as already noted, that churn rate would be likely to increase during a recession.

2

negative

Negative earnings factors include less attractive pricing from Track B contract as opposed to prior "transfer pricing" in the first half of 2003, a lack of optionality in summer months due to the contract back to APS, compressed spark spreads in the southwest, and increased fixed costs and a decrease in capitalized interest after the Silverhawk plant comes online in mid-2004.

2

negative

The tangible net worth remains well above the covenant level, with a cushion of $1.3B..

1

positive

We arrive at our target price by applying a 14X multiple to our 2009 EPS estimate of $3.69.

0

neutral

Total Knee growth was up 20% (up 18% constant currency) to $354 million -- a disappointing $6 million below expectations.

2

negative

The risks that might impede achievement of our price target include integration risk, competition, the overall consumer marketplace, and the risk that assets will not be successfully divested.

2

negative

Last, the use of argon in welding applications is growing rapidly, since argon keeps hazardous fumes suppressed.

1

positive

There is a negative forex impact so the absolute trend is not that bad, but given the ISM new orders at 32 yesterday, we suspect that October could be dismal.

2

negative

It enjoys low teens, blended credit and debit card transaction growth potential, mid 20s operating margin, requires low capital investment, and generates superior free cash flow.

1

positive

It positions PBG in a market characterized by a lower risk/higher reward combination than most U.S. investors initially perceive.

1

positive

We believe that the hospital may play an even larger role in healthcare in the years to come.

0

neutral

4. Introducing C2009E For C2009E, we introduce revenue / operating income (ex.

0

neutral

It is critical that News Corp. and FOX continue to drive their cable network business to mitigate this risk.

0

neutral

Cingular Wireless Cingular turned in another strong performance in the fourth quarter.

1

positive

And, when looked at this way, there is not any issue or problem, in our opinion.

2

negative

Since 1999, Unocal has improved its capital structure, improved its debt/capitalization ratio from 57% to 43% and improved its ability to weather falling commodity prices.

1

positive

And a loss of 2.3% on that residual is less than $20 million.

2

negative

Over the past five years, the Financial Services group has delivered an average of 39% of total operating contribution.

0

neutral

We subtract net debt of $2.3 billion in 2006 (from $5.0 billion) to arrive at an equity value of $2.75 billion.

0

neutral

Sales were driven by new releases such as Command & Conquer, Def Jam Icon, The Sims 2 Seasons, as well as Need for Speed.

0

neutral

The most surprising negative in the quarter was a 305 bp y/y decline in Ground operating margin due to a rise in FedEx services costs (Kinkos and advertising) and some pressure from fuel costs.

2

negative

Exhibits 13, 14, and 15 illustrate the growth in chain-store and mail-order pharmacy sales..

0

neutral

In addition, Praxair has significant growth oppoturnities in refinery hydrogen, homecare, electronics and China to offset a flattening out of pricing gains..

0

neutral

1992 excludes charge of $65 ($40 net) for Work Process Improvement Program.

0

neutral

In the short term we believe the combined company would benefit from cost savings, and in the longer term from other strategic initiatives (such as PIN credit).

1

positive

Excluding these items, normalized EPS would be around $1.50-$1.52, depending on what one considers to be the core provisioning amount ($800-$850 million in this analysis).

0

neutral

Praxair has a goal of improving productivity by 5% a year, which requires about $100 million of savings.

1

positive

Balance sheet summary Inventory increased $70.0 million (up 5% QoQ) from $1.29 billion in 2Q04 to $1.35 billion in 3Q04 and inventory days increased 4 days QoQ from 65 days to 69 days due to increase in inventory levels in anticipation of seasonal demand in Q404.

1

positive

Dassault addresses two distinct markets: 1) the industrial process-centric space and 2) the designcentric, mechanical component market.

0

neutral

CC's inventory turns were weaker in the first quarter on an annualized basis at 4.34x compared to 5.03x a year ago.

2

negative

This decline was to be expected: Medtronic has been losing share to both Guidant and Boston Scientific and received FDA approval for its next generation GFx II stent platform later than expected (April 8).

2

negative

While L-3 has diversified into a number of areas via acquisition over the past several years, to the degree it is still overweighted in electronics we do not believe that will significantly help it outperform industry-wide growth..

2

negative

Fitch expects Best Buy's operating margins will weaken on lower sales leverage of fixed costs.

2

negative

Endocrine levels of testosterone, DHT, luteinizing hormone, and follicle stimulating hormone were determined during week 1 and then every 4 weeks.

0

neutral

Conclusion: We are assuming coverage of TXN with an Outperform rating and believe the shares can appreciate 15-30% relative to the market over the next 12 months.

1

positive

These customers tend to generate predictable volumes of trash, which gives the group a relatively predictable, recurring revenue stream.

1

positive

*The change in deferred revenue does not include the acquisition of Red Pepper Software.

0

neutral

In our note lowering estimates on EMC a few weeks ago due to weakness in Europe, we noted that our checks are also noting weaker-than-normal sales of NTAP product as well.

2

negative

This is largely under a long-term contract with GE.

0

neutral

However, our belief that long-term interest rates should begin moving down in the second half of the year means that we still recommend these stocks for purchase.

1

positive

The CBI gives tax benefits to U.S. companies as long as at least one step in the value chain takes place in Caribbean Basin locations.

1

positive

A feasibility study is expected to be completed by the end of CY04, including a resource model.

0

neutral

PSI will seek rate recovery for these investments in rate cases to be filed in late 2002 and in early 2004.

0

neutral

Regionally, the Mid Atlantic, South Central and Southeast states led in sales performance, but all regions comped positively in the quarter, according to management.

1

positive

We have lowered our 1999 estimate to $2.95 from $3.35 to reflect the challenging conditions ahead.

2

negative

We figure free operating cash flow (after capex and WC; before repurchase, M&A and dividends) fell to about $43 million vs. $102 million a year ago, with higher capital spending ex-Automotive ($34 million vs. $24 million) and an unintentional inventory buildup at Power Systems.

2

negative

Gatorade: Point of Sweat Distribution--At the beginning of 2000, the Point of Sweat salesforce, comprising about 200 sales representatives, was distributing Gatorade to approximately 40,000 alternative sites such as health clubs, golf clubs, and schools, and generating about $100 million in sales.

0

neutral

Daily sales at Grainger's branch-based Businesses were down 3% versus April 2002.

2

negative

Both parties own a 50% working interest, and Anadarko will spend a minimum of $24 million during the next four years.

0

neutral

Included in this total is the $575 million of receivables and the 800,000 accounts acquired from Diners Club in 1Q00.

0

neutral

DISCUSSION Last Thursday, Medco hosted its Investor Day Presentations, which provided an operations overview and candidly discussed its future earnings growth opportunities.

0

neutral

We hope the industry will, at minimum, release quarterly registration data in the future as this would reduce some of the short-term monthly volatility yet provide sufficient data to monitor the industry.

0

neutral

However, contribution to operating income is heavily weighted toward the Victoria's Secret division (at 60%), followed by Bath & Body Works (at 30%), and Apparel (at 10%)..

0

neutral

Product Line Grows Organically and With Freshwater.

1

positive

SG&A increased 6.1%; up 30 bp to 15.2% of sales due to higher sales and marketing expenses at Biolab and $6 million of legal expenses.

2

negative

While short-cycle products (i.e., NAM surface trees & distributed valves) present near-term concern on volume & pricing into a potential drop in the North America rig count, order flow on large projects is also a concern, particularly as players in highly concentrated markets (i.e., subsea trees, large engineered valves and subsea BOPs) will likely compete on pricing to maintain/grow market share.

2

negative

Drivers Of Demand For The Industry: Demand is driven by consumer disposable income, employment, investment in new establishments, and the underlying trend for increased convenience.

0

neutral

As such, Mead's last three quarters should look more similar with only one quarter, the first, appearing decidedly different (i.e., weaker).

2

negative

The GCIB was weaker than forecast and worse than peer on lower IB/trading revenue, despite a lower comp.

2

negative

Sears' August total domestic comparable store sales increased 0.2%, better than the modest decline we had anticipated of a -31%).

1

positive

The SME business has been a source of strength for BellSouth as the company has added over 100K small business lines year to date, driven by increased penetration, reduced competition, and wholesale winback opportunities.

1

positive

Divesting these businesses will also relieve Brunswick of having to worry about the dynamics and risk factors of such diverse markets as portable coolers and hunting accessories.

1

positive

The benefit from the non-operating gain totaled roughly half a penny in the quarter.

1

positive

Therefore, $576 million in treasury revenues are recorded in other JPM divisions, including, according to the 10Q, Commercial Banking, Consumer & Small Business Banking and Asset & Wealth Management.

0

neutral

Even though this segment is small, it is a key perceptual driver of the name.

0

neutral

The legislation also provides for recovery of certain environmental costs (ammonia and limestone, which are re-agents used in scrubbers, and emission allowances) through the fuel adjustment clause; no return is provided, but costs would be recovered one-for-one on a timely basis.

1

positive

This assumes post-FY09: (a) relatively stable gross margins; (b) 30-40bps of annual SG&A leverage; (c) a decrease in Other Expense, reflecting reduced FX hedging losses (estimated at $200M in FY09) and a peaking of Endeavor royalty expense (estimated at $80M in FY09); (d) a stable to declining tax rate; and (e) 25% of annual free cash flow dedicated to share repurchases..

1

positive

CC plans to continue this survey as a means to improve both associate engagement and the customer experience.

1

positive

Our recurring 2000 estimate reflects a fourth quarter assumption of $0.31 versus $0.14 in 4Q99 and the Street consensus of $0.17/share.

0

neutral

ESPN, we expect strong affiliate and advertising revenue growth of 12-15% in F4Q02 but look for margins to fall from 27-28% in F4Q01 to 24-25% in F4Q02.

1

positive

This consumer value orientation makes breakthrough innovation even more important.

0

neutral

Conversely, upside risks to our Neutral rating are: (1) a larger-than-currently expected resurgence in the company's hip franchise from new product introductions in the coming quarters, coupled with leverage of those sales gains to the bottom line; (2) a rapid resumption of growth in spine and fixation; and (3) evidence of increasing growth in the overall orthopedics industry in the intermediate term..

1

positive

The near-term revenue growth opportunities for the RBOCs are modest at best. New revenue generation is hard to findDSL pricing has been coming down and if cable increases the downstream speed for its modem services, DSL may have a more difficult time competing head to head, especially since high-speed cable modem service is cheaper today than DSL in many markets on a price-perkilobit basis.

2

negative

The Securities and Exchange Commission (SEC) will review the merger after FERC approval and is expected to be the final approval necessary to complete the merger.

0

neutral