The fundamentals in the mobile handset environment do not appear to be improving. In fact, recent news from component suppliers all point towards order push outs and delays in the release of new handsets.

We believe Yahoo! is ‘priced to perfection,’ and that near-flawless quarters are required to support its multiple.

(They are) basically doing all the right things. This is a bull’s wish list.

We believe UPS is the most financially fit, well managed parcel company and, in our opinion, one of the quality management bets in the industry.

By capitalizing on its superiority in branch network and customer contracts, the new (merged) entity could achieve and sustain superior profitability against (rivals) in the sector.

Viacom will, in our view, benefit from substantial consolidator economics over the next 12 to 18 months and a larger component of more-recession-resistant local advertising, as opposed to national advertising.

Any reading at or above 61 percent generates ‘sell’ signals, whereas any reading at or below 50 percent generates ‘buy’ signals. The model remains well into ‘sell’ territory.

This outcome was the likeliest coming in and already seemingly reflected in markets; both bonds and stocks may be marginally disappointed (for different reasons), but there are no major market implications, in our view.

While retailing stocks may no longer lead the market, they should be carried along with it, assuming the stock market is higher at year-end as we expect. Underpinning the upward move will be exceptionally strong...

Technology, demographics and industry consolidation are driving profound changes in the private-client business.

From a hardware standpoint, the largest exposure outside of Sony itself is Microsoft, which could benefit if the company is able to overcome supply problems with Xbox 360.

It remains to be seen whether Fiat Auto can deliver a sustained improvement given the pressure in the marketplace which has forced considerably better positioned automotive manufacturers like Peugeot and Renault to revise down their...

We believe that the goodwill impairment is unsurprising given most of the other incumbent operators and wireless players have already taken these impairments for overpaying for acquisitions during the last 1990s.

Clearly there are a number of issues that could affect the price, including Hilton’s unusually low tax charge and the lack of new synergies between HHC and Hilton International, given that the businesses already share...

Cash still appears to be the only asset class with a near-certain increasing and competitive expected return.

AMD’s product advantages continue to be the most apparent in this [server] market.

We believe this configuration has lasted so long it may be having a beguiling effect on the market. And with no obvious catalyst for a reappearance of volatility, the obvious risk is that investors take...

We continue to take a cautious stance on the specialty retail sector and expect group performance will be inconsistent in the near term, reflecting tough fourth-quarter comparisons and uncertainty about consumer spending.

Any stabilization of the main candidates in their present numbers in the next polls may prompt some tactical buying in Peru, given wide relative spreads to usual peers.

We met with BT’s management yesterday and we did discuss the possibility of a break up. He thought the financial engineering could work but he thought long term separating BT Wholesale from BT Retail would...

We believe CFO Mike Lehman is one of the most conservative on the Street, and we have no reason to believe there are any accounting irregularities at the company.

Hurricane Katrina has been an eye opener, highlighting the inadequacy of the global refining system.

We think the bigger story for the second half of the year will be a significant rotation into the more defensive sectors of the stock market, and that these sectors become consensus favorites by the...

There is an unmistakable change of tone in the survey this month.

The level of risk appetite this month is among the highest that we have seen and cash levels are at the lowest levels the survey has ever recorded.

We expect group’s performance to continue to be volatile as concerns about a promotional and lackluster holiday season remain the near-term focus.

Other suitors may appear for one or both companies. However, European power is changing rapidly and neither company can ignore the implications.

This implies to us that UK gambling companies are probably underestimating the negative effects of a smoking ban on their businesses.

Deflationary pressures in food continue to be severe and are not projected to ease until the second quarter. Better buying and category management efforts are expected to result in some gross margin improvement.

Recent disruptions of crude oil production in Nigeria and tensions between the West and Iran over its nuclear program… have contributed to concerns about OPEC’s ability to supply the market.

The market environment continues to become increasingly competitive as the international field of participants continues to grow. The competition among bankers, financial advisers, attorneys, private equity firms and other participants has been equally impressive.

The red-hot housing sector … which typically represents just 5 percent of the total economy, accounted for an astounding 50 percent of the overall growth in the U.S. economy by the first half of this...

This is in line with the market consensus, but we think there will be a surprise that the guidance is not disappointing in the light of France Telecom and previous experiences with KPN.

We continue to forecast a 35-40 percent decline in 2001 semiconductor capital spending.

We believe the recent turmoil at AOL is probably helping Yahoo!’s online advertising business on the margin.

Questions remain about the sustainability of the turnaround at Fiat Auto and profitability of underlying business, in the absence of further exception items (like assets sales and the GM one off gain).

We believe money flows will favor Microsoft in sector recovery, as other large caps struggle.

Overall, the results were poor and the outlook highlights that JLT has not turned the corner yet. Consensus estimates are likely to come down by 10 to 15 per cent.

In our view, the risk of negative ruling was largely factored into market expectations with the timing of a generic launch being the main issue.

Instead, if the hurricane contributes to even higher gas prices, the effect is likely to be broad-based, as consumers look to trim spending further. We do not anticipate a wholesale retrenchment, but we could see...

These earnings growth rates may prove to be too robust and may cause the market problems later on in the year. Keep a close watch.

PSA will replace nearly one third of its model line-up in 2006, which should drive more rapid volume growth in 2006 than the pedestrian level reached in 2005.

In the case of flat steel, we did not include in our models any domestic price increases, but a 5% increase was already confirmed for the second quarter, and an additional 5% price increase could...

The combination of the two rulings re-affirms our view that the majority of challenges to composition of matter patents are speculative and unlikely to be successful.

Stephanie Villalba lost her sex discrimination case. She lost her claim for costs. She has now lost her appeal on points of law relating to victimization and unequal pay. It is time for both of...

This move effectively eliminates EDS’ free cash flow for ’02, by our estimates.

Lower refinery utilization is contributing to a build-up in crude oil, but reducing the oversupply in petroleum products.

Risks to oil price will continue to remain on the upside, with prices unlikely to fall materially until these factors have been resolved.

Although the bookies were due a run of better form … we remain concerned about the underlying structural issues at work within the industry.

With sustainable high-teens earnings-per-share growth, no matter what the cycle, we think a market multiple significantly undervalues this excellent retailer.