Gary Balter
Gary Balter
beginning consumers keeping prices realize reducing retailers sales smarter wait
Retailers are getting smarter in the way they do business. They are reducing their inventories and keeping prices steady. Consumers are beginning to realize that they can't just wait for the sales like they used to.
cap challenges discount faces large retail retailers
Sears faces significant challenges in the discount retail market, particularly from the large cap retailers Wal-Mart and Target.
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.
begin board change christmas cons focus investment negative pros
It is not enough to change our investment opinions, but is a negative in the tally board of pros and cons as we begin to focus on Christmas 2006.
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.
announced believe changes management michaels plus
Michaels announced management changes that we believe will be a plus to the story at this time.
believe concern consumer continue push
We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown.
bothered continue growth light numbers positive propensity rates results shine
We continue to be bothered by the company's propensity to shine a more positive light on results and growth rates than the numbers may support.
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.
company discount flat gross margins near quarter reflection sluggish term transition trends view weather
While every quarter is important, we view AZO as a company in transition and would discount flat comps or sluggish gross margins as more a reflection of near term weather trends than a concern.
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.
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.
benign best cycle environment finally looks product stay
These are the best of times for Best Buy. The product cycle is finally here, the competitive environment ... is benign and looks to stay that way for the foreseeable future.