Gary Balter
Gary Balter
attractive liked stock trading
With the stock trading at these attractive levels, we would have liked to see more significant repurchases.
attractive based believe buyer cash excellent flow industry job large management margins questions rating steps team turning view whether
Our outperform rating was based on our view that the management team was doing an excellent job of turning around the margins at this large industry player. The market's valuation at around 6 times cash flow we believe made this an attractive acquisition target. The questions now will be whether another buyer steps in.
budget budgets core drives gets microsoft office product spending supply time
If Microsoft gets the product out in January, that would still be in time for the new budget spending that drives many mid-to-small businesses, the core of the office supply segment.
cash deal investors looking seems strange
At first glance, this seems like a strange deal as investors in Sears Holdings are looking for cash generation, not new investments.
cash continued growth higher lack point prices store
Their lack of investments in systems, continued new store growth by Wal-Mart and higher prices point to short-term cash maximization, not long-term growth,
apparel appliances consumer given light links nap nice section store weak
The two weak links in the store are apparel and consumer electronics. One could have had a nice nap in the consumer electronics section given the light traffic. Conversely, appliances were buzzing.
against best buy calm comment concerns earnings per positions quarter second share solid third
That comment should calm concerns that the first quarter could be down, and positions Best Buy for solid earnings per share improvements against the second and third quarters.
believe cost improve improvement key
While we believe they are doing the right things to improve their positioning, the cost of that improvement is going to be the key near-term.
believe track turnaround view
We believe that the turnaround story is very much on track and we view AutoZone as an interesting story for 2006.
believe concern consumer continue push
We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown.