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. |
This makes us confident that Compass should be able to sell this business for a price in excess of 1.2 billion pounds. |
This move effectively eliminates EDS' free cash flow for '02, by our estimates. |
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. |
This suggests there is a possibility that the consortium could still revise/raise its offer, in our view. |
Though financial stocks rebounded Friday following a punishing several days, we think investors should remain exceedingly cautious and should not yet aggressively build positions unless they are geared for the long term. |
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. |
We are pleased that the Supreme Court ruled in our favor. The fact that the court was unanimous confirms what we said from the start: this case had no merit. |
We believe Asia Global Crossing is well positioned to become the first truly pan-Asian network services provider. |
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. |
We believe money flows will favor Microsoft in sector recovery, as other large caps struggle. |
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. |
We believe the recent turmoil at AOL is probably helping Yahoo!'s online advertising business on the margin. |
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 this stability for granted. |
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. |