Let’s take a look at analysts’ morning notes.
BED BATH & BEYOND (BBBY):
- OPPENHEIMER: Proves the naysayers (like us) wrong. We view BBBY’s Q4 report as nothing short of stellar. We had been concerned that higher input costs would weigh on margins and dampen management’s outlook for 2011. Our assumptions proved to pessimistic.
- CITI: Bullish. We remain positive on BBBY based on sustained sales momentum, cautious inventory management, debt free balance sheet, potential to gain share and above peer square footage growth. We would also highlight the company’s repurchase plan.
NASDAQ OMX GROUP (NDAQ):
- UBS: Mixed view. U.S. cash finished 6% behind as industry volumes slowed. The options business was a nice tailwind for the 1Q, finishing 8% ahead of our estimates, primarily due to strong overall volumes. NDAQ generally performed well across its exchanges in March, with strong y/y growth in U.S. options, OMX equities, OMX derivatives.
- CITI: Stuck in a hard place. Cisco dominates the networking market with nearly 70% share in the enterprise switching market and 40% share in the carrier routing market. A combination of commodization of low-end switches, product platform transitions, and increasing competition has placed downward pressure on pricing, revenues and margins.
- OPPENHEIMER: Stock has momentum. Impressively, comps were in the positive teen range in weeks 1-4. By category footwear, accessories, guys’ and juniors’ continued to exhibit broadbased strength.
- DEUTSCHE BANK: Bearish. Upside to 2012 also looks limited as Monsanto reaffirmed that its primary focus next year will remain driving adoption of its next generation seeds.
- BARCLAYS: Key part of value story is potential for management to unlock value in data/analytics segment; improvements in strategic direction & share repurchases should support sentiment through 2011.
CBS CORP (CBS):
- UBS: Reiterate buy. Checks suggest 1Q advertising finished strong and ratings gains for the NCAA tournament as a whole were solid, leading us to believe the contribution to the entertainment segment will be somewhat greater than we initially expected.
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