Let’s take a look at analysts’ morning notes.FEDEX (FDX):
- DEUTSCHE BANK: Concerns on oil. We are lowering our EPS estimate by roughly 7% to reflect the continued rise in oil prices and some modest demand destruction but we continue to see compelling growth.
CARNIVAL CORP (CCL):
- CITI: Oil impact should be no surprise to investors. Cruise industry trends in both North America and Europe still appear to be in good shape. Bookings have remained strong recently. Pricing remains stable and cancellations are fairly low. Our checks continue to suggest that RCL and CCL are well positioned to at least meet their net yield guidance for the full year.
VALERO ENERGY (VLO):
- BARCLAYS: The Pembroke refinery purchase fits well within its existing portfolio and the refinery’s scale, flexibility, location and logistical advantages will enhance the company’s optimization and trading strategy in the Atlantic Basin.
OFFICE DEPOT (ODP):
- DEUTSCHE BANK: Positive outlook. Business trends appear stable versus 4Q10 which was an improvement so trends are slowly moving in the right direction. Restructuring efforts should lead to improving profitability.
- DEUTSCHE BANK: Some challenges ahead. CVX management need to offer enough to catalyze a better valuation from the market despite a low growth, high capex outlook.
- MORGAN STANLEY: Consolidation trend does not alter strategy. Its strategy in the rapidly moving data centre/cloud competitive landscape appears to be unaltered by the Verizon/Terremark deal.
ANN TAYLOR (ANN):
- CITI: Bullish. The LOFT business has shown signs of improvement. Ann trends remain on a solid path and the recently completed restructuring should allow the company to lever SG&A in 2011 despite $80 million in higher costs. The teams are running more efficient and responsive businesses.
- MORGAN STANLEY: Better confidence after management meeting. Cost pressures will bias net income downward this year and we view positive Same Store Sales as the necessary catalyst to drive shares higher.
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