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Painting By Numbers – Still Too High

SHW missed estimate and guided lower today, taking a stock which has already underperformed for the last 12 months down further.  The paint industry in general and SHW in particular was identified by us this time last year as a

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Dow – Better Earnings – But Probably Only Adds Fuel To The Debate

Dow reported better than expected earnings and in the accompanying conference call CEO Andrew Liveris went to great lengths to explain the stagey, implicit in which were the reasons why Dow sees benefit in keeping its portfolio together. Not to

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COF: Guidance Conservative; Reiterate 2015 EPS of $7.70 and $90 Price Target

We view COF’s guidance for 2014 pre-provision earnings (PPE) of $9.8bn as conservative and reiterate our 2015 EPS estimate of $7.70 (versus consensus of $7.33) and our price target of $90. Consensus appears to discount a flat net interest margin

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CAT – By Some Measures Still a Long Way to Go

Our position on CAT is unchanged from the company specific research we wrote in June of last year, we still have an out of favor stock at the bottom of an earnings cycle – but perhaps on the path to

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Mobile Wallets: Structural Advantage of MCX over Apple, Google, PayPal, and Square

Mobile wallets are on the cusp of mass adoption: the WSJ reports that AAPL is looking to allow consumers to use iOS mobile devices to pay for physical goods outside Apple stores with their iTunes accounts; Google Wallet will by-pass

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KMB and PG – Better Than Feared and Better Than the Rest

Both KMB and PG reported earnings this morning and both stocks are enjoying significant, positive reactions on both a relative and absolute basis. The strength of the reactions likely is rooted in several factors that extend beyond the quality of

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MCD and SBUX – Opposite Ends of the Growth Spectrum

Both MCD and SBUX printed EPS results yesterday and, expectations aside, the two prints stand in stark contrast to each other. MCD beat consensus EPS by $0.01, but came in light of consensus revenue, with year over year growth of

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Activism and Chemicals – A Fad or an Opportunity?

Activism in the Chemical space has targeted the right companies – where returns on capital have been lackluster at best and declining at worst, and where there are examples of better business models at different companies. However the pillars driving

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January 22, 2014 – Apple: Is Apple the New Microsoft?

The raft of new products launched at year-end have analysts bullish for AAPL’s FY14, and optimism may be well placed for 1H. Still, with high-end smartphones easing toward saturation, raging competition in tablets and dying PC demand, meeting expectations for

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SSR Index of Current-Quarter Healthcare Demand Growth: Final 4Q13 Estimates and Thoughts on National Health Expenditure Data

Please see the SSR Health YouTube Channel for a detailed video walk-through of this research note We expect 3.5% (nominal) y/y growth in US health services demand during 4Q13, the product of 2.3% growth in demand intensity*, and 1.2% growth

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