FinanceMTEB/FinSent · Datasets at Hugging Face

text stringlengths 47 679	label int64 0 2	label_text stringclasses 3 values
Our BFV analysis yields a price-to-franchise ratio of 2.45 times, which is well above our bank universe median of 1.28 times.	1	positive
According to management, commercial PC inventories were among the lowest ever for the segment (2.9 weeks worldwide and 2.2 weeks in the U.S.).	0	neutral
The offer represents a 10% discount from its previously offered price of $29.95.	0	neutral
The Real Barrier to Entry Broadly speaking, there is a two-ratings convention in the bond capital market.	0	neutral
We believe the strong quarterly results and forward outlook provided this morning additionally serve to reinforce our thesis that CMX is the name to own within the PBM group..	1	positive
However, as planned, Ford launched several new products in 2002 (see Exhibit 3) that allowed it to achieve 1% year-overover growth in its North American revenue per unit steadily throughout the year in a difficult pricing environment (see Exhibit 4).	1	positive
The upside compared to our estimates came primarily from solid cost controls, with cash expenses up 7.9%, compared to our estimate of 14.3%, with costs up less than expected in the newspaper, networks and broadcast divisions.	1	positive
We are estimating 61% as we believe increasing software contributions and expanding services gross margin could provide some modest upside.	1	positive
Mgmt reaffirmed guidance for GM ~46% (we project 46.2%), op income at least equal to last Q's $52mm (we project $53mm), Rev from Expanets at the low end of $40-$50 range (we project ~$42mm).	0	neutral
Given that growth appears to be moderating, we believe an EV/EBITDA multiple of 9x (previously 8.3x but increased given our view that business trends have improved) is justified.	0	neutral
Overall demand in EAME countries, which made up 35% of Terex's 2007 AWP sales, should show continued strength, bolstered by continued rapid investment in the Middle East and growth in Russia and Eastern Europe.	1	positive
With Symmetrix ESP, users create a consolidated storage environment for applications running on mainframes, as well as other enterprise computing systems..	0	neutral
The shortage has led to reduced pharmacy hours; longer wait times and out of stock positions in the pharmacy.	2	negative
Wireless revenues expected to remain flat in Q4.	0	neutral
A tsunami is a great wave generated by an undersea earthquake.	0	neutral
Allstate follows a segmented strategy to grow standard auto and homeowners business by geographic areas.	0	neutral
Our earnings estimates which reflect an entirely rebuilt earnings model rise to $8.60 from $8.10 for 2006 and we are initiating our 2007 EPS estimate at $9.35.	1	positive
Much like then, we believe strong earnings growth over the next several years can drive the defense stocks higher.	1	positive
IBM Lotus Sametime 3, is IBM's instant messaging and web-conferencing solution.	0	neutral
Following Q2 results, we are maintaining our relative Outperform rating and our $130 target price.	1	positive
Valuation Methodology - P/E; Price-to-book and residual income valuation methodology.	0	neutral
Lucents Microelectronics Division to be Spun Off into a Separate Company in the First Quarter of 2001; Only Company to Combine Optical and Silicon.	0	neutral
Gold Homestake Mining (HM): Few Surprises in 2Q98 Results; Stock Still Looks Expensive.	2	negative
Goldach and Monogram Electric Housewares Ltd. Also in 1969, Business Development Services, Inc., formed in 1968, began operations.	0	neutral
The 'F1+' commercial paper rating reflects the high inherent liquidity of the company's Federal Family Education Loan Program (FFELP) student loans and modest usage of commercial paper to fund the business.	1	positive
Near-term, advertising visibility will likely be poorer at The New York Times Company than elsewhere.	2	negative
Looking into next year, super premium jackup dayrates should move into the $215,000 range, as the Bob Palmer is already contracted at that dayrate for two years beginning in 1Q2007.	0	neutral
Most leveraged to global recovery in equity markets, with 32% of YTD 2003 revenues from these areas compared to 22% average for peer group.	0	neutral
Collectively, GE Healthcare estimates that if these countries spend just 200 basis points more of their GDP on healthcare over the next five years, their annual spending on healthcare will increase by $100 billion.	0	neutral
The consideration consisted of 121.4 million shares of CMCSK and the assumption of $1.3 billion in debt for the 1.24 million proportionate subscribers, or $4,900 per subscriber at the time of close.	0	neutral
As a result, operating margins jumped from a depressed.	1	positive
During the month of October ASH purchased on the open market approximately 2.5 million more shares for $160 million.	0	neutral
Near term catalysts include 1) 787 power on circa March or April, 2) Q1 print, which should offer better visibility on the profile of the commodity rebound and color on whether ATI's 08 Ti shipments to Boeing will hit the "surge" threshold.	1	positive
Nazaryan to orchestrate these arrangements knowing that these were illegal.	2	negative
This segment sells drive train components and systems (e.g., manual and automatic transmissions) predominantly to medium/heavy duty commercial truck manufacturers.	0	neutral
These test systems are used to increase product performance and quality, and to shorten time to market, enhance manufacturability, conserve labor costs and increase production yields.	1	positive
We estimate that the implementation of SAP will adversely affect Campbell's earnings by approximately $0.03 per year over each of the next three years.	2	negative
This is a solid performance in light of appliance industry turmoil and big earnings misses at Maytag and Whirlpool.	1	positive
At 09/30/05, AMP had $86.2 billion of owned, $260.1 billion of managed, and $74.4 billion of administered assets.	0	neutral
We believe that this approach will speed the product development cycle for Sun's customers, and will increase Sun's software installed base..	1	positive
This is in stark contrast to the pre-O'Connor strategy, where the company participated in a large number of small exploration prospects for not dissimilar capital budget.	0	neutral
Per-Se Technologies (PSTI): We expect to see continued strength in the Physician Services business where new business activity appears strong.	1	positive
Boeing expects commercial aviation support services to have a CAGR of 12-13% until 2022 and to generate about $3.3 trillion in revenue over this period.	0	neutral
From a strategic standpoint, Tsingtao's acquisition can be categorized under either 'defensive' or 'expansive'.	0	neutral
There are risks inherent in international investments.	2	negative
Wal-Mart reported 1Q03 EPS of $0.42 versus $0.37 last year, an increase of 12.6% on a 9.7% increase in sales (+$5 billion) and a 2.2% comp store sales increase (against a difficult comparison of 8.1%).	1	positive
on the right foot but trends deteriorated throughout the quarter..	2	negative
We estimate that Equifax derives approximately 40% of total revenues from credit reporting services.	0	neutral
Also, ROH had only limited success in pushing through higher selling prices with plastic additives (for PVC) and textile/paper chemicals being the biggest issues.	2	negative
We are reducing our 12month price target to $85 from $100 to reflect the negative revaluation of XL's peer group.	2	negative
Valuation: Our $43 price target for DELL is based on a multiple of 34x forecasted CY04/FY05 EPS, which is in line with its 3-year average P/E and equivalent to 1.4x DELL's 3-year average earnings growth rate (1.4x PEG), 26x our forecast for CY04 operating cash flow and 28x free cash flow.	0	neutral
Adjusting the numbers Based on the latest company updates and our outlook for the industry, we are adjusting our C2007 revenue and EPS estimates to $2,634M and $2.70 from our previous estimates of $2,420M and $2.38, respectively.	0	neutral
Our 12-month DCF-based target price for Calpine remains at US$21 and our rating is Neutral.	0	neutral
First, without help from the yield curve, which we do not expect until 2008, CBH may need to raise capital if earning asset growth dramatically exceeds equity capital growth (ROE less dividend plus share increase from CBH's DRIP).	0	neutral
For all of FY 2003, we're now expecting greater than 30bp margin expansion in the other operating expense line, despite still intense investment spending in international expansion.	1	positive
We estimate that pricing contributed about 10 points to growth.	0	neutral
EMR embraces the style, skill set and unique leadership capabilities of each of its senior leaders, all of whom are very different.	1	positive
Siebel appears to remain fairly sensitive to heightened investor concerns on stock option grants, stressing the reduced option grants issued and the reduced option overhang achieved during the past several years..	2	negative
├»┬┐┬╜ Valuation still attractive, and F06 EPS estimates are low, providing a window of opportunity through early January.	1	positive
The gas turbines in this contract will be manufactured at GE's Greenville (U.S.) and Belfort (France) manufacturing locations.	0	neutral
Excluding abnormal items, core EPS was $0.39, above our reserve-adjusted estimate of $0.35.	1	positive
Detrimental margin for the Consumer and Professional segment in fiscal 4Q09 was ~21% and ~55%, respectively.	0	neutral
This is consistent with previous comments by ArvinMeritor and Federal-Mogul.	0	neutral
Cobalt deliveries increased 12% to 957,000 pounds from 858,000 pounds the year earlier and 34% from 716,000 pounds on a linked quarter basis.	1	positive
- Estimate increases and further details following 10AM management conference call.	0	neutral
Reports Solid Quarter; Raising Estimates and Price Target..	1	positive
While this business generated $74 million in annual revenue, we believe that the business generated little in the way of profitability.	2	negative
Our analysis raises questions about the sustainability of the current exposure of Molson Coors and other brewers with significant UK assets..	2	negative
The most important cost factor in cabinet production is lumber, followed by labor and shipping.	0	neutral
Source: Boston Scientific Corporation, and Dain Rauscher Wessels.	0	neutral
Sun discussed how enterprise spending levels began to weaken in the last two weeks of March, and the company has very little visibility on whether the environment is improving.	2	negative
Launched in 2001, Cancidas reached global sales of $429 million in 2004 ($250 million in US and $179 million ex-US), and is projected to reach close to $600 million this year.	0	neutral
Exhibit 15 shows the projections, with average LCD screens growing from 20.5" to 28.8" by 2009.	1	positive
In assessing how much of a distribution they can execute, the question for the Board becomes, how much will it cost GM to fix their problems (more spending/plant closings, etc) and how much capital will be needed for recent/future potential acquisitions (Fuji Heavy/Saab/Daewoo).	0	neutral
Gorilla-Class Rigs Remain Strong -- Rowan Companies' three Gorilla-Class rigs continue to perform well and are operating at 100% utilization.	1	positive
But, until we are able to place all of the fundamental variables in better context, as well as measure the integrity and visibility of the company's earnings and backlog, especially when weighed against economic and competitive issues, we think it prudent to step to the sidelines--at least until management has its say on February 5th.	0	neutral
Our valuation work continues to point to Hershey as being fully valued, and we retain our $53 price target.	0	neutral
We believe the Vector platform is particularly suited for hard mask applications which rivals the "low-K" segment in size.	1	positive
We have also notched up our expense ratio outlook to 22% from 21% to reflect higher demand for contract underwriting.	2	negative
With a full supply of PROMUS from Abbott, Boston is attempting to capture as much share in the PROMUS/XIENCE battle as possible.	1	positive
ACE provides the best near term opportunity among insurance stocks due to the recent selloff as a result of the deletion of the company from the S&P 500 and possible deletion from the Russell 1000 indices that led to an estimated sale of 47 mn shares.	1	positive
o In this scenario, we project '08 EPS of $4.27 vs $4.13 in our current model and consensus of $3.84.	0	neutral
Review of Merger Documents, Moving Rating In-Line with that of HSBC (Hold).	0	neutral
Moreover, the spread between yields and cost trends currently does not allow for margin improvement, and we question how much the spread might be able to increase in 2005.	2	negative
We do not factor in any cash re-investment into our model, and simply assume a de-leveraging of the balance sheet going forward, based on the current portfolio of assets.	0	neutral
UNE-P lines dropped in 2Q05 by 234k vs. our estimates of 175k.	2	negative
├»┬┐┬╜ The company expects the fiscal third quarter to be very much in line with the second quarter.	0	neutral
Leica Microsystems Core sales were up low double digits, driven by confocal microscopes and pathology diagnostic products, with several new products launched in the quarter.	1	positive
Adjusting model and estimates slightly for accelerated charges, option expense We have adjusted our model for change in restructuring program, which has no impact on pro forma EPS (but does hit cash flow) since charges are excluded.	0	neutral
We believe that this demonstrates a lower risk profile compared to FNM.	1	positive
While management expects additional inbound roaming revenue to offset some of the decline, the severity of the decline still hampers revenue growth.	2	negative
We believe that the negative earnings forecast of management in September for the second half of 2004 and early 2005, will soon be followed by a recovery.	1	positive
Average new customer ASP for all products was up $477K from $430K last quarter.	1	positive
Oxytrol's most prevalent side effect with application site puritis (itching) which was 16.8% versus 6.1% for placebo and 14% versus 4.3% for placebo in studies 1 and 2. Most of the puritis was mild or moderate with severe application site reactions reported in 6.4% and 5.0% in studies 1 and 2. No patient on Oxytrol discontinued the clinical trials due to dry mouth.	0	neutral
It is worth noting that Lowe's books the third-party labor associated with an installation sale into its sales line with a modest mark-up, and records a corresponding cost of goods sold.	0	neutral
In addition, the article also suggested that the release of the 1-year data would not occur until the 3month follow-up period for the 2-year AFFIRM trial is complete.	0	neutral
Areas of weakness in Europe include ag machinery and machine tools.	2	negative
Same-store admissions increased 4.3%, versus our estimate of 2.5%, while inpatient revenue per admission increased a strong 9.2%, essentially in line with our estimate.	1	positive
The capital support agreements (CSAs) resulted in a charge of $90.1M ($0.64) to F1Q09 EPS, in addition to $64.5M ($0.45) of charges from further mark-to-market losses in assets which have previously been supported.	0	neutral
06 March 2007 Americas/United States Equity Research Major Pharmaceuticals / MARKET WEIGHT.	0	neutral

Our BFV analysis yields a price-to-franchise ratio of 2.45 times, which is well above our bank universe median of 1.28 times.

1

positive

According to management, commercial PC inventories were among the lowest ever for the segment (2.9 weeks worldwide and 2.2 weeks in the U.S.).

0

neutral

The offer represents a 10% discount from its previously offered price of $29.95.

0

neutral

The Real Barrier to Entry Broadly speaking, there is a two-ratings convention in the bond capital market.

0

neutral

We believe the strong quarterly results and forward outlook provided this morning additionally serve to reinforce our thesis that CMX is the name to own within the PBM group..

1

positive

However, as planned, Ford launched several new products in 2002 (see Exhibit 3) that allowed it to achieve 1% year-overover growth in its North American revenue per unit steadily throughout the year in a difficult pricing environment (see Exhibit 4).

1

positive

The upside compared to our estimates came primarily from solid cost controls, with cash expenses up 7.9%, compared to our estimate of 14.3%, with costs up less than expected in the newspaper, networks and broadcast divisions.

1

positive

We are estimating 61% as we believe increasing software contributions and expanding services gross margin could provide some modest upside.

1

positive

Mgmt reaffirmed guidance for GM ~46% (we project 46.2%), op income at least equal to last Q's $52mm (we project $53mm), Rev from Expanets at the low end of $40-$50 range (we project ~$42mm).

0

neutral

Given that growth appears to be moderating, we believe an EV/EBITDA multiple of 9x (previously 8.3x but increased given our view that business trends have improved) is justified.

0

neutral

Overall demand in EAME countries, which made up 35% of Terex's 2007 AWP sales, should show continued strength, bolstered by continued rapid investment in the Middle East and growth in Russia and Eastern Europe.

1

positive

With Symmetrix ESP, users create a consolidated storage environment for applications running on mainframes, as well as other enterprise computing systems..

0

neutral

The shortage has led to reduced pharmacy hours; longer wait times and out of stock positions in the pharmacy.

2

negative

Wireless revenues expected to remain flat in Q4.

0

neutral

A tsunami is a great wave generated by an undersea earthquake.

0

neutral

Allstate follows a segmented strategy to grow standard auto and homeowners business by geographic areas.

0

neutral

Our earnings estimates which reflect an entirely rebuilt earnings model rise to $8.60 from $8.10 for 2006 and we are initiating our 2007 EPS estimate at $9.35.

1

positive

Much like then, we believe strong earnings growth over the next several years can drive the defense stocks higher.

1

positive

IBM Lotus Sametime 3, is IBM's instant messaging and web-conferencing solution.

0

neutral

Following Q2 results, we are maintaining our relative Outperform rating and our $130 target price.

1

positive

Valuation Methodology - P/E; Price-to-book and residual income valuation methodology.

0

neutral

Lucents Microelectronics Division to be Spun Off into a Separate Company in the First Quarter of 2001; Only Company to Combine Optical and Silicon.

0

neutral

Gold Homestake Mining (HM): Few Surprises in 2Q98 Results; Stock Still Looks Expensive.

2

negative

Goldach and Monogram Electric Housewares Ltd. Also in 1969, Business Development Services, Inc., formed in 1968, began operations.

0

neutral

The 'F1+' commercial paper rating reflects the high inherent liquidity of the company's Federal Family Education Loan Program (FFELP) student loans and modest usage of commercial paper to fund the business.

1

positive

Near-term, advertising visibility will likely be poorer at The New York Times Company than elsewhere.

2

negative

Looking into next year, super premium jackup dayrates should move into the $215,000 range, as the Bob Palmer is already contracted at that dayrate for two years beginning in 1Q2007.

0

neutral

Most leveraged to global recovery in equity markets, with 32% of YTD 2003 revenues from these areas compared to 22% average for peer group.

0

neutral

Collectively, GE Healthcare estimates that if these countries spend just 200 basis points more of their GDP on healthcare over the next five years, their annual spending on healthcare will increase by $100 billion.

0

neutral

The consideration consisted of 121.4 million shares of CMCSK and the assumption of $1.3 billion in debt for the 1.24 million proportionate subscribers, or $4,900 per subscriber at the time of close.

0

neutral

As a result, operating margins jumped from a depressed.

1

positive

During the month of October ASH purchased on the open market approximately 2.5 million more shares for $160 million.

0

neutral

Near term catalysts include 1) 787 power on circa March or April, 2) Q1 print, which should offer better visibility on the profile of the commodity rebound and color on whether ATI's 08 Ti shipments to Boeing will hit the "surge" threshold.

1

positive

Nazaryan to orchestrate these arrangements knowing that these were illegal.

2

negative

This segment sells drive train components and systems (e.g., manual and automatic transmissions) predominantly to medium/heavy duty commercial truck manufacturers.

0

neutral

These test systems are used to increase product performance and quality, and to shorten time to market, enhance manufacturability, conserve labor costs and increase production yields.

1

positive

We estimate that the implementation of SAP will adversely affect Campbell's earnings by approximately $0.03 per year over each of the next three years.

2

negative

This is a solid performance in light of appliance industry turmoil and big earnings misses at Maytag and Whirlpool.

1

positive

At 09/30/05, AMP had $86.2 billion of owned, $260.1 billion of managed, and $74.4 billion of administered assets.

0

neutral

We believe that this approach will speed the product development cycle for Sun's customers, and will increase Sun's software installed base..

1

positive

This is in stark contrast to the pre-O'Connor strategy, where the company participated in a large number of small exploration prospects for not dissimilar capital budget.

0

neutral

Per-Se Technologies (PSTI): We expect to see continued strength in the Physician Services business where new business activity appears strong.

1

positive

Boeing expects commercial aviation support services to have a CAGR of 12-13% until 2022 and to generate about $3.3 trillion in revenue over this period.

0

neutral

From a strategic standpoint, Tsingtao's acquisition can be categorized under either 'defensive' or 'expansive'.

0

neutral

There are risks inherent in international investments.

2

negative

Wal-Mart reported 1Q03 EPS of $0.42 versus $0.37 last year, an increase of 12.6% on a 9.7% increase in sales (+$5 billion) and a 2.2% comp store sales increase (against a difficult comparison of 8.1%).

1

positive

on the right foot but trends deteriorated throughout the quarter..

2

negative

We estimate that Equifax derives approximately 40% of total revenues from credit reporting services.

0

neutral

Also, ROH had only limited success in pushing through higher selling prices with plastic additives (for PVC) and textile/paper chemicals being the biggest issues.

2

negative

We are reducing our 12month price target to $85 from $100 to reflect the negative revaluation of XL's peer group.

2

negative

Valuation: Our $43 price target for DELL is based on a multiple of 34x forecasted CY04/FY05 EPS, which is in line with its 3-year average P/E and equivalent to 1.4x DELL's 3-year average earnings growth rate (1.4x PEG), 26x our forecast for CY04 operating cash flow and 28x free cash flow.

0

neutral

Adjusting the numbers Based on the latest company updates and our outlook for the industry, we are adjusting our C2007 revenue and EPS estimates to $2,634M and $2.70 from our previous estimates of $2,420M and $2.38, respectively.

0

neutral

Our 12-month DCF-based target price for Calpine remains at US$21 and our rating is Neutral.

0

neutral

First, without help from the yield curve, which we do not expect until 2008, CBH may need to raise capital if earning asset growth dramatically exceeds equity capital growth (ROE less dividend plus share increase from CBH's DRIP).

0

neutral

For all of FY 2003, we're now expecting greater than 30bp margin expansion in the other operating expense line, despite still intense investment spending in international expansion.

1

positive

We estimate that pricing contributed about 10 points to growth.

0

neutral

EMR embraces the style, skill set and unique leadership capabilities of each of its senior leaders, all of whom are very different.

1

positive

Siebel appears to remain fairly sensitive to heightened investor concerns on stock option grants, stressing the reduced option grants issued and the reduced option overhang achieved during the past several years..

2

negative

├»┬┐┬╜ Valuation still attractive, and F06 EPS estimates are low, providing a window of opportunity through early January.

1

positive

The gas turbines in this contract will be manufactured at GE's Greenville (U.S.) and Belfort (France) manufacturing locations.

0

neutral

Excluding abnormal items, core EPS was $0.39, above our reserve-adjusted estimate of $0.35.

1

positive

Detrimental margin for the Consumer and Professional segment in fiscal 4Q09 was ~21% and ~55%, respectively.

0

neutral

This is consistent with previous comments by ArvinMeritor and Federal-Mogul.

0

neutral

Cobalt deliveries increased 12% to 957,000 pounds from 858,000 pounds the year earlier and 34% from 716,000 pounds on a linked quarter basis.

1

positive

- Estimate increases and further details following 10AM management conference call.

0

neutral

Reports Solid Quarter; Raising Estimates and Price Target..

1

positive

While this business generated $74 million in annual revenue, we believe that the business generated little in the way of profitability.

2

negative

Our analysis raises questions about the sustainability of the current exposure of Molson Coors and other brewers with significant UK assets..

2

negative

The most important cost factor in cabinet production is lumber, followed by labor and shipping.

0

neutral

Source: Boston Scientific Corporation, and Dain Rauscher Wessels.

0

neutral

Sun discussed how enterprise spending levels began to weaken in the last two weeks of March, and the company has very little visibility on whether the environment is improving.

2

negative

Launched in 2001, Cancidas reached global sales of $429 million in 2004 ($250 million in US and $179 million ex-US), and is projected to reach close to $600 million this year.

0

neutral

Exhibit 15 shows the projections, with average LCD screens growing from 20.5" to 28.8" by 2009.

1

positive

In assessing how much of a distribution they can execute, the question for the Board becomes, how much will it cost GM to fix their problems (more spending/plant closings, etc) and how much capital will be needed for recent/future potential acquisitions (Fuji Heavy/Saab/Daewoo).

0

neutral

Gorilla-Class Rigs Remain Strong -- Rowan Companies' three Gorilla-Class rigs continue to perform well and are operating at 100% utilization.

1

positive

But, until we are able to place all of the fundamental variables in better context, as well as measure the integrity and visibility of the company's earnings and backlog, especially when weighed against economic and competitive issues, we think it prudent to step to the sidelines--at least until management has its say on February 5th.

0

neutral

Our valuation work continues to point to Hershey as being fully valued, and we retain our $53 price target.

0

neutral

We believe the Vector platform is particularly suited for hard mask applications which rivals the "low-K" segment in size.

1

positive

We have also notched up our expense ratio outlook to 22% from 21% to reflect higher demand for contract underwriting.

2

negative

With a full supply of PROMUS from Abbott, Boston is attempting to capture as much share in the PROMUS/XIENCE battle as possible.

1

positive

ACE provides the best near term opportunity among insurance stocks due to the recent selloff as a result of the deletion of the company from the S&P 500 and possible deletion from the Russell 1000 indices that led to an estimated sale of 47 mn shares.

1

positive

o In this scenario, we project '08 EPS of $4.27 vs $4.13 in our current model and consensus of $3.84.

0

neutral

Review of Merger Documents, Moving Rating In-Line with that of HSBC (Hold).

0

neutral

Moreover, the spread between yields and cost trends currently does not allow for margin improvement, and we question how much the spread might be able to increase in 2005.

2

negative

We do not factor in any cash re-investment into our model, and simply assume a de-leveraging of the balance sheet going forward, based on the current portfolio of assets.

0

neutral

UNE-P lines dropped in 2Q05 by 234k vs. our estimates of 175k.

2

negative

├»┬┐┬╜ The company expects the fiscal third quarter to be very much in line with the second quarter.

0

neutral

Leica Microsystems Core sales were up low double digits, driven by confocal microscopes and pathology diagnostic products, with several new products launched in the quarter.

1

positive

Adjusting model and estimates slightly for accelerated charges, option expense We have adjusted our model for change in restructuring program, which has no impact on pro forma EPS (but does hit cash flow) since charges are excluded.

0

neutral

We believe that this demonstrates a lower risk profile compared to FNM.

1

positive

While management expects additional inbound roaming revenue to offset some of the decline, the severity of the decline still hampers revenue growth.

2

negative

We believe that the negative earnings forecast of management in September for the second half of 2004 and early 2005, will soon be followed by a recovery.

1

positive

Average new customer ASP for all products was up $477K from $430K last quarter.

1

positive

Oxytrol's most prevalent side effect with application site puritis (itching) which was 16.8% versus 6.1% for placebo and 14% versus 4.3% for placebo in studies 1 and 2. Most of the puritis was mild or moderate with severe application site reactions reported in 6.4% and 5.0% in studies 1 and 2. No patient on Oxytrol discontinued the clinical trials due to dry mouth.

0

neutral

It is worth noting that Lowe's books the third-party labor associated with an installation sale into its sales line with a modest mark-up, and records a corresponding cost of goods sold.

0

neutral

In addition, the article also suggested that the release of the 1-year data would not occur until the 3month follow-up period for the 2-year AFFIRM trial is complete.

0

neutral

Areas of weakness in Europe include ag machinery and machine tools.

2

negative

Same-store admissions increased 4.3%, versus our estimate of 2.5%, while inpatient revenue per admission increased a strong 9.2%, essentially in line with our estimate.

1

positive

The capital support agreements (CSAs) resulted in a charge of $90.1M ($0.64) to F1Q09 EPS, in addition to $64.5M ($0.45) of charges from further mark-to-market losses in assets which have previously been supported.

0

neutral

06 March 2007 Americas/United States Equity Research Major Pharmaceuticals / MARKET WEIGHT.

0

neutral