Archive for June, 2014

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DuPont – Lower Guidance But Big Savings Ahead

DuPont lowered its guidance for 2014 by around 6% last night, citing slower than expected demand in the corn market – too much to offset gains in soy.  Unlike FMC it appears that the DD problems were focused in the

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Quick Thoughts: Google I/O – Android is here, there, and everywhere

Quick Thoughts: Google I/O – Android is here, there, and everywhere –          GOOG’s I/O keynote introduced the new “Android L” and focused on extending a consistent Android and application experience into new venues, such as wearables, TVs and automobiles –         

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Quick Note – Barclays: Dark Pool Allegations Shocking, but Stock Trades with Substantial Margin of Safety

The NY AG’s complaint against Barclays around alleged fraud and deceit in the operation and marketing of its dark pool is shocking, and the 5% decline in the stock price since the filing shaves GBP2bn of market cap. The central

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Quick Thoughts – PM Investor Day, Revised Guidance

In conjunction with the company’s investor day, PM offered revised 2014 EPS guidance: EPS in the range of $4.87 to $4.97 versus a prior estimate of $5.09 to $5.19; The lowered guidance ($0.22 per share at both the high and

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SSR Index of Current-Quarter Healthcare Demand Growth: Interim 2Q14 Estimates

We expect 6.8% (nominal) y/y growth in US health services demand during 2Q14, the product of 5.2% growth in demand intensity and 1.5% growth in price. Our estimate of demand intensity is sharply higher in 2Q14 – reflecting an expectation

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Net HIE Premiums Growing Faster Than Incomes; This is Likely to Accelerate

The average premium increase thus far proposed by health insurance exchange (HIE) plans for 2015 is 10%; this compares to 4% to 5% expected income growth for subsidy eligible households We encounter a common misperception that the Affordable Care Act

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June 22, 2014 – US Telecom: Merger Mania! Telecom Bankers Rejoice!

US Telecom: Merger Mania! Telecom Bankers Rejoice! Telecom bankers have been busy, with 2 blockbuster deals on the table, and a third expected to follow. We believe that that all 3 will be approved by the FCC and DoJ, albeit

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The Role of Branch Networks and Information Scale in the Coming Deposit Re-price Cycle

“The customer who likes to visit a branch is less price sensitive than a customer whose relationship is online-only. Banks haven’t fully understood that if I have a branch in this neighborhood, it reduces price sensitivity[1].” Frank Rohde, CEO of

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Quick Thoughts: John Legere and TMUS are at it again

–          TMUS CEO John Legere continued his “Un-carrier” assault on T and VZ, unveiling 2 new and unique subscriber benefits in an F-bomb laden late night presentation. –          The 1st offers a 7-day free test drive of the iPhone 5S,

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Mobile Wallets: The Battle for Control of Point-of-Sale and Opportunity for FIS

Amazon’s announcement of the Fire ‘phone yesterday, along with the launch last October of pay-with-Amazon (allowing customers to use their Amazon credentials to pay on other e-commerce sites), raises the possibility of an Amazon wallet leveraging the firm’s 250mm cards-on-file

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