See AIG's St.Regis Resort Invoice Online
ProTradingTrading has recently attained an authentic photocopy of the AIG Invoice from their recent spending spree at the "posh" St. Regis Resort in Monarch Beach California.
This invoice is in its original state and has not been altered in any way. View the AIG Resort Invoice below as it illustrates a detailed description of services rendered at the resort spa totaling $443.343.71 for AIG's one week vacation.
Please follow the link below to view AIG's St. Regis Resort Invoice from their recent spending spree.
http://www.protradingnetwork.com/AIG_Invoice1.shtml
Enjoy!
http://www.epiphanttrader.com/
1-323-374-5565
posted by Richard Rizzo @ 1:42 PM
1 Comments
1 Comments:
The Children's Place Retail Stores PLCE Comp Same Store Sales Buy 10/8/2008
"The Children's Place Retail Stores (PLCE - BUY): Reduced Promotional Cadence Suggests Opportunity for Meaningful Margin Restoration" The Children�s Place Retail Stores reported flat September comps vs. (2)% LY, below our +2-3% estimate though in-line with consensus outlook, as the company focused on reducing promotional activity given healthier inventory positions. We are maintaining our above consensus Q3 EPS estimate of $0.94 vs. $0.70 LY, which reflects more conservative comp store sales assumptions and management�s continued execution of full price selling strategies. Given early positive reads to holiday merchandise, we remain comfortable with our Street-high F08 EPS estimate of $2.55 vs. $1.42 LY. With the volatile consumer environment, we continue to view children�s retailers as more defensive and believe The Children�s Place�s improved merchandising and value messaging should also resonate with shoppers. Applying a 13.5x multiple (which is a 20% premium to the softlines� group average of 11.3x as we believe children's retailers are more defensive), we derive our new PT of $40.
Helen of Troy Limited HELE Earnings Report Sell 10/8/2008
"Helen of Troy (HELE - SELL): Q2 Shortfall Due to Decelerating Personal Care Business" Q2 revenues and earnings below expectations; guidance remains suspended. Housewares business remained solid, but core Personal Care business decelerated to a double-digit decline. Important Q3 could face new challenges from increased competitive pressure, raw material price escalation, and increased advertising expense. Maintain SELL rating and price target of $13
Netgear, Inc. NTGR Company Update Hold 10/8/2008
"Netgear (NTGR - HOLD): Global Slowdown and Service Providers to Blame for Q3 Miss" In line with our checks which showed significant industry challenges, the company negatively pre-announced Q3 results due to the weak global economy. Q3 revenue now expected to be in the range of $173-183 mil. significantly below guidance of $208-212 mil. We are lowering our 08 and 09 estimates due to the pre-announcement and our concerns about the global economic challenges. Maintain our HOLD rating and lowering target to $13 from $18 based on our PE analysis.
Nuance Communications, Inc. NUAN Quick Note Buy 10/8/2008
"Nuance Communications (NUAN - BUY): Multi-Year Agreement with Nokia for Input Technology is a Positive Event, Reiterate BUY and $24 Price Target" Price: $11.24 (intraday 10/08/08) Price Target: $24 Nuance announces multi-year agreement with Nokia on mobile input technology including mobile speech and predictive text. Nuance forges a multi-year agreement to deliver innovative mobile speech and predictive text capabilities across a broad range of Nokia mobile devices worldwide. According to management, this agreement also establishes a strategic collaboration to advance an open integration framework for advanced input technologies that will foster innovation in the broader mobile developer ecosystem. We see this announcement as positive, as penetration of Nokia has been a key goal of Nuance for a few years. Nokia, which represents ~40% of the handset market and is the leading smart phone provider, should be a key partner for Nuance. Nuance previously sold predictive text technology to Nokia but had very modest penetration for its mobile speech technology. Getting a predictive text deal with Nokia after Zi Corporation announced a similar deal should alleviate some concerns. In August, Nokia signed a multi-year agreement with Zi Corp to provide predictive text technologies. Thus, today's deal indicates Nokia plans to work with both vendors. That said, we believe Nuance's ability to support a multimodal input framework (both speech and text input/output), should be seen as an incremental positive. Getting its speech software into Nokia, which mostly used it own, is key and highlights Nuance's scale and strength in speech technology. Today, Nokia mostly uses its own speech technology on the majority of its handsets. Thus, for Nuance, getting its speech technology in a broad range of Nokia handsets is key. For Nokia, it will allow the leading handset vendor to migrate into a more open integration framework for advanced input technologies that will foster innovation in the broader mobile developer ecosystem. Nokia will also be able to offer a broader range of speech applications (e.g. applications for call centers). This should allow Nokia to better focus on its strategy of products (phones, other devices) and services (navigation, social networking, media, Internet). We believe this has long been a critical goal of Nuance that falls in line with the similar penetration of Motorola, which previously used its own speech software before moving to Nuance. This deal does not come as a total surprise as our industry discussions indicated Nokia seemed to be more willing to outsource some of its speech capabilities. We find Nuance's stock attractively valued for a secular growth story driven by the usage of speech as a natural user interface in multiple markets. We find shares of Nuance attractively value at 10x our CY09 EPS estimate of $1.10. We would point out that several high level comments from management indicate that FY09 guidance should at least be in line if not better than expectations. Longer term, we believe speech as a natural user interface will be a solid secular growth story. Given Nuance's dominance in several end markets including Mobile/Embedded, Healthcare/Transcription, and Call Center/Network speech, we believe the company is well exposed to the adoption of speech, which we believe is a more natural user interface than text. While we admit that the macro environment could pressure target markets such as call centers and mobile phones, we still expect some resilience in the call center market as speech is a cost saver over call center agents, and we still expect solid growth in mobile given the significant penetration opportunity. We thus continue to expect revenue growth in the mid-teens with ongoing margin expansion. We are reiterating our BUY rating and $24 target. Our target is based upon our DCF analysis and represents a 22x multiple to our CY09 pro forma EPS estimate of $1.10. This represents a 12% discount to our estimated long-term EPS growth estimate of 25%. Risks to attainment of our share price target include slower than expected adoption of speech recognition technology, more significant competition, limited balance sheet flexibility, operational disruptions due to acquisition integration, and management execution.
Jazz Technologies, Inc. JAZ Dropping Coverage 10/8/2008
"Jazz Technologies (JAZ): Dropping Coverage Due to Recently Being Acquired by Tower Semiconductor" � We are dropping coverage as a result of Jazz being acquired by Tower Semiconductor. � Effective upon termination of coverage, the last recommendation and estimates issued for the company should not be relied upon going forward.
California Pizza Kitchen Inc. CPKI Comp Same Store Sales Hold 10/8/2008
"California Pizza Kitchen (CPKI - HOLD): Q3 Sales Review: Modest Sales Miss, But We Maintain Our EPS Estimates Due to Reaffirmed Guidance" Q3 SSS decline of 2.4% modestly misses guidance and our estimate of negative 2%. Lagging new store performance may have also contributed to the revenue miss. As expected cost controls provide earnings cushion as management reaffirms Q3 EPS guidance of $0.18-0.21, inline with our estimate of $0.20. Sales comparisons ease in Q4. We are maintaining our Q3 and FY08 EPS estimates of $0.20 and $0.73, respectively. We are lowering our price target to $11, which represents 15x our NTM EPS estimate of $0.73.
Advanced Micro Devices Inc. AMD Company Update Hold 10/8/2008
"Advanced Micro Devices (AMD - HOLD): Asset Smart Finally Unveiled; Sounds Encouraging But We Need More; Maintain HOLD" � Investment Thesis: We view AMD�s announcement as a clear positive for the company as it, on an unconsolidated basis, (1) provides a ~$1.0bn boost in cash, (2) lowers debt by ~$1.2bn, (3) improves the long-term operating model, and (4) significantly reduces cap-ex which relieves cash flow problems. � Debt situation improves: The primary benefit of the deal is an improved balance sheet and debt situation. AMD�s cash balance will increase by over $1.0bn and net debt levels will decline by about $2.2bn, with the remaining debt not due until 2012 and beyond � Inching towards profitability: Management stated the deal would be neutral to operating profits, with $100mn of quarterly R&D shifting to COGS. � Manufacturing flexibility going forward: We expect AMD to have significantly better manufacturing options going forward, particularly with ATIC�s investments of up to $7.4bn to Foundry Co over the next five years. font � x86 licensing: With 44.4% ownership in Foundry Co, management clearly noted several times that the company will continue to operate under current licensing agreements which include Intel�s x86 license. � Maintain HOLD: We rate shares of AMD with a HOLD investment rating and a 12-month price target of $7.
NetScout Systems, Inc. NTCT Company Update Hold 10/8/2008
"NetScout Systems (NTCT - HOLD): Positive Q2 Pre-announcement on Recognition of Deferred; FY09 Guidance Unchanged as Telco and Gov Offset Financials" Q2 positive pre-announcement due to deferred recognition and reiteration of FY09 guidance are positives as the company refocuses on telco and government to partially offset declining sales from financial services. Q2 sales results to be $72-73 mil. with EPS in the range of $0.21-0.23 on recognition of large contract in deferred which drove sequential growth. Guidance for the year remains the same as management expects to refocus on government and wireless sectors to partially offset financial services declines. We are adjusting our estimates to reflect a stronger Q2, some visibility into the pipeline and a more challenging macro environment next year. Maintaining our HOLD rating and lowering our target to $10 from $12 target based on our PE analysis.
F5 Networks, Inc. FFIV Company Update Buy 10/8/2008
"F5 Networks (FFIV - BUY): Widening Weak Macro Net Forces Pre-announcement; Lowering Estimates and Target but it could have been Worse" Q4 Sales pre-announcement a disappointment but it could have been worse. Sharp slowdown in Europe forces Q4 sales pre-announcement of $171.3 mil., below guidance of $172-173 mil. Unanticipated demand of low end product may have helped mitigate shortfall. We think the global macro environment can get worse � financials and credit crunch not helping � but we think F5 is a survivor. Lowering our FY08 and FY09 revenue estimates to $650.2 mil. and $750.5 mil. from $652.8 mil. and $769.9 mil. respectively, reflecting shortfall and conservative economic view. Maintaining our BUY rating and lowering target to $25 from $39 based on our PE analysis
Garmin International Inc. GRMN Company Update Hold 10/8/2008
"Garmin Ltd. (GRMN - HOLD): Expect Reduced Guidance Due to Pricing and Demand Issues; Lowering Estimates and Price Target; Maintaining HOLD Rating" We are lowering our estimates and price target as we expect pricing and demand issues to lead to lower guidance and minimal (if any) EPS growth in 2009. We are lowering our PND unit and pricing assumptions. We still see a bigger long-term threat from in-dash navigation versus mobile phone navigation. We are decreasing our 2008 and 2009 revenue and EPS estimates. Despite an attractive valuation, given our belief guidance will be reduced again and minimal EPS growth from 2007 to 2009, we would remain on the sidelines. We are therefore maintaining our HOLD rating and lowering our price target to $30 from $40.
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