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Quick Thoughts: Zagat – Great for Google, Tough for Yelp, and No Problem for OpenTable

Given the slight uptick in Google shares on an otherwise down day, the early reviews on the company’s acquisition of privately held Zagat are positive.  We agree – combining Zagat’s comprehensive user ratings and reviews of restaurants and other local

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TMT in 2Q11: Debt Crisis Aftermath Leaves Value Opportunities in Growth Themes

The 2Q11 earning season was obviously eventful, with wrangling over the US debt limit a catalyst for a major rerating of the entire market.  Against this, technology, despite its unusually low relative valuation, performed in line vs. the broader index. 

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Quick Thoughts: The DoJ vs. AT&T – What Does it Mean for the Merger?

  The DoJ’s announcement that it will sue to block AT&T’s acquisition of T-Mobile USA should come as no surprise for several reasons: -Justice, under the Obama administration, has been active with a strong anti-trust agenda, having blocked NASDAQ’s proposed

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Mobile Platforms: Integrating Everything

  The days of stand-alone devices may soon be behind us, as mobile platforms integrate functionality into a seamless experience across access venues.  Consumers will access profiles, applications and content in a consistent and intuitive manner whether via smartphone, tablet,

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CMS Takes Concrete Steps Toward Replacing AWP

On August 4, 2011 CMS hosted a meeting to update external stakeholders on the status of the implementation and roll-out of the national actual acquisition cost (AAC) survey, the existence of which Secretary Sebelius first revealed in a letter to

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Quick Thoughts: Hello Moto

Google’s $12.5B acquisition of Motorola Mobility was a jolt on what would have otherwise been a typically sleepy mid-August trading Monday.  While the all-cash price tag seems hefty at first look, MMI’s balance sheet is strong with $3B in net

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The Market Appears to Misprice Risks to Healthcare Earnings from the Budget Control Act

Since details of the Budget Control Act were made public, Hospitals have meaningfully underperformed the broader Healthcare industry; Large-Cap Pharmaceuticals, Specialty Pharmaceuticals, Biotech and Medical Devices have performed in-line This implies that the Act’s committee fails to produce legislation, which

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Healthcare and the Budget Control Act of 2011

The Budget Control Act calls for $2.1T to $2.5T in cumulative deficit reduction for the period 2013 – 2021. $917B of this is in the form of ‘up-front’ cuts in discretionary spending, and has no appreciable effect on health spending

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Quick Thoughts: Wither Hulu?

Disney, News Corp and Comcast have put their internet streaming venture Hulu on the block for sale.  At first glance, the service, which boasts 28 million users enjoying exclusive on-line access to the current programming line-ups from 264 content partners,

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ESRX, MHS, and the PBM Bear Case

We update and summarize our PBM bear case in light of ESRX’ bid for MHS Generic dispensing margins (est. $9.01 / Rx) should fall toward brand levels (est. $5.77 / Rx) if average wholesale price (AWP) is replaced by a

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