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Yum! Dividend Hike Poses A New Challenge To McDonald’s (YUM, MCD, EAT)

Administrator — Wed, 14 Sep 2011 16:20:44 +0000

Yum! Brands Inc. (NYSE: YUM) has raised its dividend yet again. Today’s news of a 14% increase in the payout rate for the quarterly dividend comes to $0.285. Based upon a $52.60 price, the new dividend is higher than the ten-year Treasury and comes to about 2.15% for income investors.

It was just back in June that we noted Yum! as being one of several restaurant chains which could actually challenge the 2.8% or so dividend yield of McDonald’s Corporation (NYSE: MCD). McDonald’s has paid its $0.61 quarterly dividend four quarters in a row. If it is going to boost its payout, as we expect, then it will likely be announcing it in the coming weeks. The Thomson Reuters earnings estimates are $5.20 EPS for 2011 and $5.73 EPS for 2012, so there is ample room to boost the payout ahead.

This increase from Yum! raises the annual dividend rate to $1.14 a share and this is the seventh consecutive dividend hike that was by more than 10% even though the companies primary goal today is to reinvest earnings into growth markets like China and elsewhere in the emerging markets.

The company even specified that its dividend policy continues to target a dividend payout ratio of 35% to 40% of its net income.

What is interesting is that dividend hikes beget more dividend hikes. Brinker International Inc. (NYSE: EAT) just recently paid out its first $0.16 quarterly dividend after having been at $0.14 per quarter for a year. Now that this stock has pulled back more than 20% from highs, it offers a 3.2% dividend yield.

The beat goes on, and despite a weaker economy under our feet we are still able to see companies which can raise their dividends. Yum! is the latest dividend hike, but Yum! won’t be the last dividend hike.

JON C. OGG

Filed under: Defensive Stocks, Dividend, Food, Retail, Shareholder Issues Tagged: EAT, MCD, YUM

Nine High Dividends & Dividend Gainers in Services: Value and the Kitchen Sink (RRD, GPC, CCL, BLC, TWX, TWC, MHP, EAT, IPG)

Administrator — Tue, 21 Jun 2011 14:13:47 +0000

The “services sector” is almost too broad to be counted when screens are conducted. Throwing in publishers, media, cable, travel, restaurants, auto-parts and advertising into a single screen feels like a kitchen sink screen or a catch-all screen. The reason this is the case is because we had a higher dividend threshold, discounted P/E ratios, and high return on equity criteria. The key companies for dividends and value here today covered shares of R.R. Donnelley & Sons Company (NYSE: RRD); Genuine Parts Company (NYSE: GPC); Carnival Corporation (NYSE: CCL); Belo Corp. (NYSE: BLC); Time Warner Inc. (NYSE: TWX); Time Warner Cable Inc. (NYSE: TWC); The McGraw-Hill Companies, Inc. (NYSE: MHP); Brinker International Inc. (NYSE: EAT); The Interpublic Group of Companies, Inc. (NYSE: IPG).

The eight companies pay dividends ranging from 2.1% to nearly 5.4%. Beyond attractive dividends, all of these companies boast additional positive characteristics including: EPS growth this year exceeding 10%; forward PE’s lower than 14.5; price to free cash flow (P/FCF) ranging from less than 7 to 34; all returns on Equity (ROE) exceed 8.5%, six companies’ ROE exceed 14%. All boast good liquidity with an average daily trading volume exceeding 750,000 shares. Except where otherwise noted, the source for all performance and financial data is Finviz.com and these were meant to be in descending order of dividend yield.

R.R. Donnelley & Sons Company (NYSE: RRD) pays a dividend exceeding 5.3% with a startling 105% earnings to dividend payout ratio. Clearly flat earnings will not cover the dividend for long. And . . . just in time . . . this year’s earnings, reported at more than 800% versus last year, are anything but flat. Earnings growth next year is anticipated to “normalize” at 13.7% over current earnings. At less than 9.5%, Donnelly’s return on equity (ROE) is in the lower tier of the service sector companies listed here. The company’s target price exceeds $26, more than 36% above current trading levels. The company’s forward PE is less than 9 and its price to free cash flow is less than 19.

In Monday trading, Donnelley’s shares closed at $19.37, up 1.52%. Its 52-week price range is $14.25 to $21.34. R.R. Donnelley & Sons has a shockingly high dividend and its $0.26 payout per quarter has been in place since 2003. While that payout ratio looks higher now, Thomson Reuters estimates of $1.97 EPS in 2011. Thomson Reuters also has a consensus price target of $25.00 per share, implying about 29% upside if that comes true.

Genuine Parts Company (NYSE: GPC) pays a dividend of nearly 3.5%, with an earnings to dividend payout of 54.06%. Its forward PE is less than 14 and its return on equity (ROE) exceeds 18%. In Monday trading, the company’s shares closed at $51.79, up 1.07%. The 52-week price range is $37.48 to 55.50. Genuine Parts Company has an implied upside of about 7.3% to the Thomson Reuters consensus price target of $55.56. How many dividends are there in anything tied to the auto sector right now? Very few.

Carnival Corporation (NYSE: CCL) pays a dividend of 2.80% with a low earnings to dividend payout ratio of 22.24%. At less than 8.8%, Carnival’s return on equity (ROE) is in the lower tier of the service sector companies listed here. Its forward PE is PE 11.53. Carnival’s shares closed at $35.73 on Monday, up 1.30%. The 52-week trading range is $29.18 to $47.59. Carnival Corporation has about 31% upside to the consensus price target of $46.88 and that is actually under the 52-week high of $48.14. This one just reported earnings, so don’t hold any of these ‘targets’ too tightly until after the analysts change their numbers this week.

Belo Corp. (NYSE: BLC) is difficult to count considering that it has just recently announced a $0.05 payout per quarter. This comes to about 2.7% in yield, but this dividend had been suspended before its latest earnings announcement. We have left this in the screen, but we would recommend that you do your own calculations here as a result. Its forward PE is around 8; its price to free cash flow is less than 7; and, it ROE is almost 40%, second highest among this group of service sector companies. In a world filled with uncertainty, we are reasonably sure that Belo Corporation’s shares closed at $7.24 in Monday trading, up 2.4%. The shares’ 52-week price range is $5.04 to $9.27.

Filed under: Business Services, Dividend, Shareholder Issues, Value Investing Tagged: BLC, CCL, EAT, GPC, IPG, MHP, RRD, TWC, TWX

Food Chains That Will Challenge the McDonald’s Dividend (DRI, EAT, MCD, PFCB, YUM, BAGL)

Administrator — Fri, 17 Jun 2011 13:00:51 +0000

The world of casual dining and dining is one which has survived bad times and thrived in good times. It turns out that some of the casual dining segment, particularly the fast food segment, offers investors a defensive stock strategy. After all, people have to eat and this offers value to consumers.

It is widely believed that McDonald’s Corporation (NYSE: MCD) is the king of the food sector when it comes to being defensive because of its product mix and because of its high dividend. There are actually many other restaurant chains, some fast food and some casual dining to upscale dining, that offer close to the same sort of dividend for investors.

Our dividend screen identified the shares of six companies. Among these companies, the highest dividend is almost 3.5%. The lowest yielding restaurant company pays a dividend exceeding 1.8%. Returns of equity (ROE) range from an attractive 16.7% to an eye-catching high exceeding 83%. Except where otherwise noted, the source for all performance and financial data is Finviz.com.

Listed in alphabetical order of their ticker symbols the six restaurant chains are: Darden Restaurants, Inc. (NYSE: DRI), Brinker International Inc. (NYSE: EAT), McDonald’s Corp. (NYSE: MCD), P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB), Yum! Brands, Inc. (NYSE: YUM), and Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL).

Darden Restaurants, Inc. (NYSE: DRI) pays a 2.7% dividend with an earnings to dividend payout ratio of 36.7%. The company’s return of equity (ROE) is an attractive 24%. Its forward PE of 12.3 is the lowest among these six restaurant chains. In Thursday trading, Darden’s shares closed at $46.86, down 0.32%. Its 52-week price range is $36.27 to $52.12. Red Lobster and Olive Garden are two of the brands here that have helped lead the charge.

Brinker International Inc. (NYSE: EAT) pays a 2.4% dividend with an earnings payout ratio of 35.1%. Its forward PE is 13.1 and its ROE is nearly 25%. Brinker International shares closed at $23.20 on Thursday, down 0.56%. Its 52-week range is $13.69 to $25.96. Having Chili’s and Maggiano’s pays off and there appears to be enough earnings power here for that dividend to go higher.

Filed under: Defensive Stocks, Dividend, Food, Retail, Shareholder Issues Tagged: BAGL, DRI, EAT, MCD, PFCB, YUM

Top Analyst Upgrades & Downgrades (APC, ACI, BSX, EAT, DHI, FITB, FSLR, IACI, JPM, JNPR, KBH, MRVL, MU, PHM, RFMD, LUV, TLAB)

Administrator — Thu, 03 Feb 2011 13:22:31 +0000

These are some of this Thursday’s top analyst calls with upgrades, downgrades, and initiations seen from Wall Street research firms.

Anadarko Petroleum Corporation (NYSE: APC) Cut to Equal-Weight at Barclays.
Arch Coal Inc. (NYSE: ACI) Raised to Buy at Argus.
Boston Scientific Corporation (NYSE: BSX) Cut to Market Perform at BMO.
Brinker International (NYSE: EAT) Raised to Outperform as the Bull of the Day at Zacks Investment Research.
DR Horton Inc. (NYSE: DHI) Cut to Neutral at Goldman Sachs.
Fifth Third Bancorp (NASDAQ: FITB) Cut to Buy at S&P Equity Research (late Wednesday call).
First Solar, Inc. (NASDAQ: FSLR) Cut to Hold at Auriga, maintained $167 target.
IAC/InterActiveCorp. (NASDAQ: IACI) Raised to Buy at BofA/ML.
J.P. Morgan Chase & Co. (NYSE: JPM) Cut to BUy from Strong Buy at S&P Equity Research (late Wednesday call).
Juniper Networks, Inc. (NASDAQ: JNPR) Started as Buy at Jefferies.
KB Home (NYSE: KBH) Cut to Sell at UBS; Raised to Neutral at Goldman Sachs.
Marvell Technology Group Ltd. (NASDAQ: MRVL) Started At Hold By ThinkEquity.
Micron Technology Inc. (NASDAQ: MU) Raised to Buy at Gleacher & Co.
PulteGroup, Inc. (NYSE: PHM) Cut to Neutral at BofA/ML.
RF Micro Devices INc. (NASDAQ: RFMD) Started At Hold By ThinkEquity.
Southwest Airlines Co. (NYSE: LUV) Cut to Hold at Arus.
Tellabs Inc. (NASDAQ: TLAB) Cut to Underperform as the Bear of the Day at Zacks Investment Research.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.
JON C. OGG

Filed under: Analyst Calls Tagged: ACI, APC, BSX, DHI, EAT, FITB, FSLR, IACI, JNPR, JPM, KBH, LUV, MRVL, MU, PHM, RFMD, TLAB

Darden Guidance: Full Valuation For It & Peers (DRI, EAT, DIN)

Administrator — Tue, 21 Dec 2010 16:03:43 +0000

Darden Restaurants, Inc. (NYSE: DRI) is experiencing what investors need to recognize as an equilibrium imbalance between unrealistic expectations and the growth realities of the economy. Last night the company met earnings estimates but it gave a lower forecast ahead as comparable store sales in the last quarter were up only 1.4%.

Darden reaffirmed its fiscal 2011 guidance in the call. It expects 14% to 17% earnings per share growth with a range of $3.26 to $3.35 EPS. Thomson Reuters showed that consensus for its May-2011 fiscal year-end was $3.35, effectively a warning.

While commodity prices are a factor and while cost cutting opportunities likely need to be advanced, the breakdown of the comparable same-store sales seems to be the real culprit. The total 1.4% gain in the quarter was only +1.4%. The breakdown was 6.8% at Longhorn Steakhouse and 2% at Olive Garden, but Red Lobster showed a decline of -1.6%. Unfortunately, finding lower seafood prices is going to be a tough demand.

Here is where the problem lies regardless of the guidance. At $3.35 already expected for FY May-2011, the $50.43 close on Monday gave Darden a forward 2011 implied P/E ratio of 15.05. With an expected 5% revenue growth and an expected 17% earnings growth, that is not exceedingly expensive for a stock. On the other hand, it is not cheap either. To make matters more focused, shares had a high of $50.67 yesterday and the 52-week trading range is $33.72 to $50.84. Shares are already up 50% over the last year and the market cap is roughly $6.6 billion. Darden did maintain its $0.32 quarterly dividend, which comes to a yield of about 2.53% as of yesterday’s closing bell price.

Brinker International Inc. (NYSE: EAT) is often considered a peer with Chili’s and Maggiano’s, but the 0.6% drop today has shares at $20.96 versus a 52-week trading range of $13.96 to $22.56 with a market cap of only $1.93 billion. It too has risen close to 50% this year. Yesterday’s close of $21.08 and an estimate from Thomson Reuters of $1.39 for FY June-2011 gave it a 15.1 forward P/E ratio as well. Brinker yields close to 2.7% in its dividend.

DineEquity Inc. (NYSE: DIN) is also considered a peer with Applebee’s and IHOP. After a 3.3% drop to $50.61, its market cap is $918 million and the 52-week trading range is $22.13 to $57.80. The performance over the last year has been huge with gains of more than 100%. Thomson Reuters estimate of $3.56 for FY Dec-2010 and $3.75 EPS for 2011 comes to a mid-year blended estimate of roughly $3.65 and a close yesterday of $52.37 gave this one roughly a forward P/E ratio of about 14.35 on an interpolated basis.

Again, the real issue here is not just the internal metrics of the company. Shares were already fairly valued. Established restaurant chains can cut costs here and there, but if they cut too much it generally comes right out of the customer’s dining experience. One bad meal, or even less of an experience on more than one occasion, will drive diners to go spend their eating-out budget elsewhere. We have already seen incredible performance in the names here and the performance has probably reached a full enough of a valuation.

Today is not about just poor report. This is about investment dollars needing to look elsewhere for better opportunity that may not be as fully valued. It seems likely that new investment money will await lower prices that yield better value before real interest comes back to these names in the casual dining segment of the retail food sector.

JON C. OGG

Filed under: Earnings, Earnings Warning, Food, Retail Tagged: DIN, DRI, EAT

Top Analyst Upgrades and Downgrades (ACH, ATHR, EAT, CTV, FSLR, ICE, MPEL, NAT, PNRA, SFL, TRV, TK)

Administrator — Tue, 26 Oct 2010 12:16:57 +0000

These are some of this Tuesday’s top analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Aluminum Corp Of China (NYSE: ACH) Cut to Undeweight at JPMorgan.
Atheros Communications Inc. (NASDAQ: ATHR) Raised to Outperform at William Blair.
Brinker International (NYSE: EAT) Cut to Underperform at BofA/ Merrill Lynch.
CommScope, Inc. (NYSE: CTV) Cut to Hold at Jefferies.
First Solar, Inc. (NASDAQ: FSLR) Reiterated Buy and $175 target at Auriga.
Intercontinental Exchange (NYSE: ICE) Cut to Hold at Deutsche Bank.
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) Raised target to $6.30 at BofA/Merrill Lynch.
Nordic American Tanker Shipping (NYSE: NAT) Cut to Hold at Jefferies.
Panera Bread Co. (NASDAQ: PNRA) Cut to Neutral at BofA/Merrill Lynch.
Ship Finance International (NYSE: SFL) Cut to Hold at Jefferies.
The Travelers Companies, Inc. (NYSE: TRV) Cut to Sell at Deutsche Bank.
Teekay Corp. (NYSE: TK) Cut To Neutral From Overweight By JPMorgan; Raised To Buy From Hold By Jefferies.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: ACH, ATHR, CTV, EAT, FSLR, ICE, MPEL, NAT, PNRA, SFL, TK, TRV

Top Analyst Upgrades and Downgrades (ANF, AAPL, EAT, CREE, DLTR, AIXG, FLR, HL, INTC, DGX, ANDE, VECO, VMW)

Administrator — Tue, 19 Oct 2010 12:28:32 +0000

These are some of this Tuesday’s key analyst upgrades, downgrades, and initiations seen in Wall Street research calls.

Abercrombie & Fitch Co. (NYSE: ANF) Cut to Sell at Brean Murray.
Apple Inc. (NASDAQ: AAPL) raised target to $390 at Susquehanna.
Brinker International (NYSE: EAT) Cut to Neutral at Susquehanna.
Cree Inc. (NASDAQ: CREE) Started as Equal-Weight at Barclays.
Dollar Tree, Inc. (NASDAQ: DLTR) Raised to Neutral at JPMorgan.
Aixtron AG (NASDAQ: AIXG) Started as Equal-Weight at Barclays.
Fluor Inc. (NYSE: FLR) Cut to Neutral at Goldman Sachs.
Hecla Mining (NYSE: HL) Cut to Neutral at UBS.
Intel Corporation (NASDAQ: INTC) Cut to Market Perform at First Global.
Quest Diagnostics Inc. (NYSE: DGX) Cut to Market Perform at William Blair.
The Andersons, Inc. (NASDAQ: ANDE) Cut to Hold at BB&T.
Veeco Instruments Inc. (NASDAQ: VECO) Started as Overweight at Barclays.
VMware Inc. (NYSE: VMW) Cut to Market Perform at William Blair.

JON C. OGG

Filed under: Analyst Calls Tagged: AAPL, AIXG, ANDE, ANF, CREE, DGX, DLTR, EAT, FLR, HL, INTC, VECO, VMW

Top Analyst Upgrades & Downgrades (BRCM, EAT, CMVT, CTCT, NLST, NVDA, CRM)

Administrator — Fri, 13 Aug 2010 12:29:17 +0000

Analysts have very selective calls this Friday the 13th. Some of this Friday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls are as follows:

Broadcom Corp. (NASDAQ: BRCM) Cut to Hold at S&P Equity Research (late Thursday call).
Brinker International Inc. (NYSE: EAT) Cut to Market Perform at Wells Fargo.
Comverse Technology (CMVT) Cut to Hold at Stifel Nicolaus.
Constant Contact, Inc. (NASDAQ: CTCT) Started as Buy at Needham.
Netlist Inc. (NASDAQ: NLST) Started as Buy at Roth Capital.
NVIDIA Corporation (NASDAQ: NVDA) maintained Hold at Needham; maintained Neutral at Gleacher.
Salesforce.com (NYSE: CRM) Started as Hold at Needham.

JON C. OGG

Filed under: Analyst Calls Tagged: BRCM, CMVT, CRM, CTCT, EAT, NLST, NVDA

Top Dividends From Food and Your Belly (ARKR, EAT, WMK, SVU, SYY, CAG, KO, HNZ, KFT)

Administrator — Mon, 02 Aug 2010 12:05:58 +0000

Dividends and income from your belly… We have decided to start taking some high-yield reviews of key sectors this week now that earnings season is past the half-way mark. Dividends in food via restaurants, grocery chains, producers and even distributors and wholesalers are all easily obtainable for the income investor. If the highest dividends were from large-cap stocks then it was left there. If there was a small micro-cap then we included the outfits down to the closest mid-cap or large-cap or actively traded stocks.

Ark Restaurants Corp. (NASDAQ: ARKR) is a thin volume restaurant trade, with a micro-cap level and one with an active dividend that is very high with a 7.35% yield. This $0.25 per quarter payout is also lower than it was paid from July 2007 to October 2008. At $13.60, the 52-week range is $12.43 to $19.00 and the market cap here is only just shy of $50 million.

Brinker International, Inc. (NYSE: EAT) is the next on the list in public chain restaurants with a yield of 3.50%. The owner of Chili’s and other chains has a $1.6 billion market cap after its $15.72 close on Friday, it trades almost 1.8 million shares, and its 52-week range is $12.39 to $21.12. This new highest sector dividend is based upon a recently hiked payout from $0.11 to $0.14 per quarter after having a static dividend since December 2007. The $0.56 annualized payout compares to Fiscal June-2011 earnings estimates of $1.41 EPS from Thomson Reuters, so it has ample dividend coverage.

Weis Markets, Inc. (NYSE: WMK) is an unknown grocery store chain to most, but that is because it is a regional chain in and around Pennsylvania. Its $0.29 per share dividend has been in place since early 2006 and gives off a dividend yield of 3.30%. The $35.85 share price stock trades about 66,000 shares a day and it has a market cap of $964 million and a 52-week range of $30.51 to $38.32.

SUPERVALU Inc. (NYSE: SVU) is the highest payout of the larger grocery chains with a 3.20% dividend yield. The owner of Albertson’s, Jewel-Osco, and other grocery chains at $0.088 per quarter has a lower payout than it used to, recently saw a large drop in net income and said its CFO was leaving. At $11.28, its trades over 4 million shares a day and has a market cap of about $2.4 billion; its 52-week range is $10.40 to $17.89.

Sysco Corporation (NYSE: SYY) leads the food distribution and wholesale companies with a 3.20% dividend yield. At $30.97 and an $18+ billion market cap it has a 52-week trading range of $23.41 to $31.99. The $0.25 dividend has been the same for each of the last three quarters and the company has a habit of hiking its payouts each four quarters. Earnings estimates for Fiscal June-2011 are $2.03 EPS from Thomson Reuters.

ConAgra Foods, Inc. (NYSE: CAG) is classified as a packaged food player but in many cases is also considered a large wholesaler per its stock classification. Its market cap is $10.4 billion and the $23.48 share price generates a yield of about 3.4% Its 52-week range is $19.00 to $26.32.

In soft drinks, water, and beverages, The Coca-Cola Company (NYSE: KO) takes the lead as having the highest dividend yield at 3.20%. The DJIA component trades at $55.11 and has a 52-week range of $47.42 to $59.45. It’s Coke! What more needs to be said?

Of the large diversified food producers, there was a virtual tie between H.J. Heinz Company (NYSE: HNZ) and Kraft Foods Inc. (NYSE: KFT). Heinz is the one that recently raised its dividend to $0.45 from $0.42 per quarter and the stock trades with a yield of 4.04% based upon a price of $44.48; its 52-week trading range is $37.30 to $47.84. Kraft Foods has recently changed its business with the Cadbury deal and its $0.29 dividend has been static since Summer-2008. At $29.21, its yield comes to 3.97% and its 52-week range is $25.72 to $31.09.

JON C. OGG

Filed under: Dividend, Food, Retail Tagged: ARKR, CAG, EAT, HNZ, KFT, KO, SVU, SYY, WMK

Top Analyst Upgrades and Downgrades (AMZN, ANN, ABT, ATHN, ADSK, EAT, BMY, CELG, CSCO, FSLR, INTU, STP, SPWRA)

Administrator — Mon, 07 Jun 2010 12:14:59 +0000

These are some of the major research calls we have seen from analysts in their upgrades, downgrades, and initiations so far this Monday:

Amazon.com, Inc. (NASDAQ: AMZN) Raised to Conviction Buy List at Goldman Sachs.
Ann Taylor Stores Corp. (NYSE: ANN) Raised to Buy at Goldman Sachs.
Abbott Laboratories (NYSE: ABT) Cut To Neutral From Buy By Goldman Sachs
athenahealth, Inc. (NBASDAQ: ATHN) Cut to Market Perform at William Blair.
Autodesk, Inc. (NASDAQ: ADSK) Maintained Buy but removed from Conviction Buy List at Goldman Sachs.
Brinker International Inc. (NYSE: EAT) Cut to Underweight at Morgan Stanley.
Bristol-Myers Squibb Company (NYSE: BMY) Raised to Buy at Goldman Sachs.
Celgene Corporation (NASDAQ: CELG) Raised to Buy at Jefferies.
Cisco Systems, Inc. (NASDAQ: CSCO) Raised To Buy with $27 target at Auriga
First Solar Inc. (NASDAQ: FSLR) Started as Underperform at Needham.
Intuit Inc. (NASDAQ: INTU) Started as Buy at UBS.
Suntech Power Holdings Co. Ltd. (NYSE: STP) Started as Hold at Needham.
SunPower Corp. (NASDAQ: SPWRA) Cut to Hold at Needham.

JON C. OGG

Filed under: Analyst Calls Tagged: ABT, ADSK, AMZN, ANN, ATHN, BMY, CELG, CSCO, EAT, FSLR, INTU, SPWRA, STP