Archive for November, 2012

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Optimism In Estimates At Odds With Economic Pessimism

As we look forward to 2013 we see the usual early optimism in company earnings estimates, which to us appear to be at odds with the economic reality.  In the Industrials and Basic Materials Sectors, the lowest growth estimate is

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Quick Thoughts: It’s a Smartphone and Tablet Festivus!

–        I turn the blog over to my associate (and certified gadget geek) Artur for a pre-black Friday/Cyber Monday technology shopping guide. –        Android and Windows smartphones offer compelling alternatives to iPhone for a lower price point and more functionality,

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The Fickle Face of Fuel and Feedstocks

Never put your trust in an energy commodity and certainly never let it hold on to your money while you go away for a few days. One thing that we have learned over the last 40 years is that energy

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November 19, 2012 – Apple: Can a Leopard Change its Spots?

Apple is at a crossroads.  After dominating the first decade of the millennium, the revolution that Apple started is shifting against it.  The iPhone, with its single annual update and super premium price, has been run down from behind by

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SSRHealth Podcast: An Index of Value in Large Cap PharmaCos’ Mid- to Early-Stage Pipelines

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SSR Index of Current-Quarter Healthcare Demand Growth, Initial 4Q12 Estimate

We expect 3.0% y/y health services demand growth during 4Q12, the product of 1.1% growth in unit demand and 1.9% growth in pricing. Total demand growth is projected to be 10bp higher than 3Q12–a combination of flat unit demand and

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Quick Thoughts: Well Done Cisco! But the Problem is Still Out There

–          Cisco is out executing its competitors, taking share in most categories to deliver growth in tough conditions, while cutting costs and expenses to sustain strong margins. –          However, the comprehensive paradigm shift underway in TMT does not play to

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Quick Thoughts: Thermonuclear War – The Only Winning Move is Not to Play

–          Mobile device innovation moves faster than due process on patent litigation, leaving plaintiffs to play “Whac-A-Mole” as defendants appeal verdicts and design around infringement. –          Apple’s global settlement with HTC is an abrupt about face from previous policy and

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Quick Thoughts: Television in 3Q – A Step on the Long Road to Nowhere

–          Weak ad spending, growing on-line audience and aggressive U-verse expansion are negatives for cable and TV businesses heading into 2013 – cord cutting will be a later stage development. –          3Q non-Olympic ad revenue was disappointing despite big political

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An Index of the Value in Large Cap PharmaCos’ Mid- to Early-Stage Pipelines

Pre-phase III pipelines in some cases represent more than a quarter of a company’s enterprise value (EV). Companies’ disclosures of pre-phase III details are extremely limited, thus the market cannot reliably value a substantial percentage of EV using traditional information

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