HEROES
Cellular handset and infrastructure company L.M. ERICSSON <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ERICY)") else Response.Write("(Nasdaq: ERICY)") end if %> gained $4 9/16 to $46 5/16 on reporting strong first half earnings
of $0.54 per share, hitting estimates. Bookings grew 39%, sales rose 44%,
and sales of mobile phones and terminals grew by more than 10%. NOKIA
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NOK.A)") else Response.Write("(NYSE: NOK.A)") end if %> hitched onto the Ericsson train, gaining $3 13/16 to $82
5/16. Meanwhile, wireless handset, infrastructure, and software company
QUALCOMM <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QCOM)") else Response.Write("(Nasdaq: QCOM)") end if %> fell $1 11/16 to $46 3/16 after reporting
earnings earlier this week. Unlike MOTOROLA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MOT)") else Response.Write("(NYSE: MOT)") end if %> and the rest
of the group, Qualcomm is not being cut any slack by analysts, even though
its Q3 operating EPS of $0.44 crushed estimates of $0.32 a share.
Cellular and paging services provider AIRTOUCH COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ATI)") else Response.Write("(NYSE: ATI)") end if %> moved up $3 to $31 1/2 on reporting Q2 EPS of $0.21, beating estimates
of $0.14. Cellular and PCS subscriber revenues grew 62%, leading to operating
cash flow (earnings plus depreciation and amortization) growth of 65%.
Internationally, the company's cellular subscriber revenues grew 92%. The
company said it is on track to achieve or beat $1.5 billion in operating
cash flow for 1997. That puts the
enterprise
value to operating cash flow multiple at about 11.7 times right now,
assuming that the company can grow operating cash flow by 20% next year.
Further assuming that it can keep this historically normal multiple, shareholders
might rightly look forward to 20% shareholder return over the coming year.
QUICK TAKES: Cable manufacturer AMERILINK CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ALNK)") else Response.Write("(Nasdaq: ALNK)") end if %> gained $4 5/8 to $18 1/4 after reporting Q1 revenue growth of 60% and EPS of $0.33... NELLCORE PURITAN BENNETT <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NELL)") else Response.Write("(Nasdaq: NELL)") end if %> jumped $7 5/32 to $28 3/32 after agreeing to be acquired by medical device manufacturer MALLINCKRODT <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MKG)") else Response.Write("(NYSE: MKG)") end if %> for $1.8 billion, or $28.50 per share in cash... Process equipment company UNIT INSTRUMENTS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UNII)") else Response.Write("(Nasdaq: UNII)") end if %> rose $3 1/4 to $14 1/2 after reporting a hefty sequential gain in Q4 revenues, order growth, and an operating loss of $0.05 to $0.06 per share, in line with estimates... Semiconductor process equipment maker and Unit Instruments customer GASONICS INTERNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GSNX)") else Response.Write("(Nasdaq: GSNX)") end if %> rose $1 5/8 to $18 3/8 on reporting Q3 operating EPS of $0.10, beating estimates of $0.09... HERBALIFE INTERNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HERB)") else Response.Write("(Nasdaq: HERB)") end if %> moved up $3 1/2 to $20 1/2 after the nutritional food and dietary supplement company reported Q2 revenues of $350 million and EPS of $0.44, beating estimates of $0.39 a share... Consumer electronics contract manufacturer NAM TAI ELECTRONICS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NTAIF)") else Response.Write("(Nasdaq: NTAIF)") end if %> gained another $5 3/8 to $31 5/8 after reporting extremely strong earnings growth yesterday morning... TEKELEC <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TKLC)") else Response.Write("(Nasdaq: TKLC)") end if %> bounded $9 9/16 higher to $56 5/16 after the telecom equipment company reported a large contract with South Korea's Daewoo as well as Q2 EPS of $0.24, $0.10 a share ahead of the mean estimate... Network analysis software company NETWORK GENERAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NETG)") else Response.Write("(Nasdaq: NETG)") end if %> rose $2 1/8 to $15 5/8 on reporting Q1 EPS of $0.16, ahead of estimates of $0.15... Wireless telco equipment manufacturer GLENAYRE TECHNOLOGIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GEMS)") else Response.Write("(Nasdaq: GEMS)") end if %> climbed $2 9/16 to $20 1/2 on Airtouch's shining earnings... Analog power semiconductor company MICREL INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MCRL)") else Response.Write("(Nasdaq: MCRL)") end if %> rose $8 to $65 1/4 on a 59% increase in second quarter revenues and EPS of $0.37, which trumped estimates of $0.34... Experiencing life after an assumed death, AVID TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVID)") else Response.Write("(Nasdaq: AVID)") end if %> rose $3 5/8 to $30 1/4 after the audiovisual editing tools company reported Q2 revenues of $123 million and EPS of $0.27, smashing estimates of $0.11... Semiconductor fab equipment maker BROOKS AUTOMATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BRKS)") else Response.Write("(Nasdaq: BRKS)") end if %> climbed $3 1/8 upward to $27 1/2 after reporting last night Q3 EPS of $0.03, beating loss projections... Carbon fiber and composite materials company and BOEING (NSYE: BA) supplier, HEXCEL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HXL)") else Response.Write("(NYSE: HXL)") end if %> gained $4 7/16 to $25 on reporting Q2 revenues of $242 million and EPS of $0.38, beating estimates of $0.15... Semiconductor and workstation manufacturer SILICON GRAPHICS INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGI)") else Response.Write("(NYSE: SGI)") end if %> ran up $4 1/2 to $23 1/4 before reporting its first million dollar quarter after the close today... Real estate services company INSIGNIA FINANCIAL GROUP <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IFS)") else Response.Write("(NYSE: IFS)") end if %> moved up $2 1/4 to $18 1/4 after reporting a 36% increase in second quarter operating cash flow... GRUPO RADIO CENTRO SA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: RC)") else Response.Write("(NYSE: RC)") end if %> rose $1 1/4 to $15 1/8 after the Mexican broadcaster reported better-than-expected second quarter results... DIGITAL EQUIPMENT CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DEC)") else Response.Write("(NYSE: DEC)") end if %> gained $2 13/16 to $42 9/16 after reporting Q4 net income of $124 million EPS of $0.75, beating estimates of $0.73. The company says it sees improving sales of its Alpha processors... Utility company CALENERGY COMPANY INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CE)") else Response.Write("(NYSE: CE)") end if %>, which is attempting to take over NEW YORK STATE ELECTRIC & GAS CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NGE)") else Response.Write("(NYSE: NGE)") end if %>, gained $2 7/16 to $40 today after reporting a 34% increase in second quarter EPS of $0.47... ASTROTECH INTERNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: AIX)") else Response.Write("(AMEX: AIX)") end if %> gained $2 7/16 to $9 15/16 after the manufacturer of above-ground storage tanks agreed to merge with ITEQ INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ITEQ)") else Response.Write("(Nasdaq: ITEQ)") end if %> in a stock-swap valuing Astrotech at $10.93 a share as of yesterday's closing.
GOATS
Credit scoring software company FAIR ISAAC & CO. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FIC)") else Response.Write("(NYSE: FIC)") end if %> lost
$4 11/16 to $42 1/4 after reporting Q3 financial results. While revenues
grew 30%, adjusted EPS fell 12%. Had the company's
acquisition
of Risk Management Technologies not been delayed, it would have reported
EPS of $0.30, well below earnings estimates of $0.39. Of special interest
to investors was the 59% revenue growth at the company's DynaMark division,
which works with banks and credit card issuers to target direct marketing
prospects or cross-sell to desirable credit risk customers. The company explained
in its press release that temporary growth factors were the reasons for margin
contraction during the quarter.
Dutch enterprise management software BAAN COMPANY NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BAANF)") else Response.Write("(Nasdaq: BAANF)") end if %>
fell $5 1/8 to $70 5/8 after reporting Q2 EPS of $0.17, which beat the mean
earnings estimate of $0.15 as well as the high estimate. Revenues grew 65%
year-over-year and 18% sequentially. Smith Barney cut its rating on Baan
to "neutral" from "outperform" and Deutsche Morgan Grenfell reduced its rating
to "accumulate" from "buy." As of its high today, the company was valued
at 12.8 times revenues, 110 times annualized EPS, and 67 times 1998 earnings
estimates. Along with SAP of Germany, PEOPLESOFT INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PSFT)") else Response.Write("(Nasdaq: PSFT)") end if %>,
ORACLE <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ORCL)") else Response.Write("(Nasdaq: ORCL)") end if %> and MICROSOFT <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %>, this company
is one of the most important business application software companies in the
world, and investors have been willing to pay for that, its margins, and
its growth rate.
Bond underwriter, merchant bank, and institutional brokerage LEHMAN BROTHERS
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LEH)") else Response.Write("(NYSE: LEH)") end if %> slipped $4 1/16 to $47 15/16 as yesterday's CHASE MANHATTAN
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CMB)") else Response.Write("(NYSE: CMB)") end if %> takeover rumor died down. Investors have been eyeing the
company's relatively low 1.6 multiple to shareholders' equity as well as
the desire of the larger commercial banks to get into the equity underwriting
business. Lehman is really known as a bond underwriter, though, and banking
companies such as FIRST TENNESSEE NATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FTEN)") else Response.Write("(Nasdaq: FTEN)") end if %> have
demonstrated their abilities to become forces in that market. Looking at
Lehman's asset growth and revenues, which are comprised mostly of interest
income and dividends, it looks more like a bank or insurance company than
a brokerage or securities underwriter. In a good quarter, the company does
annualized
return
on equity (ROE) of 12%, which is, in fact, inferior to the well-run banks
in the U.S. and explains its low price/book ratio.
QUICK CUTS: CENTRAL SPRINKLER <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNSP)") else Response.Write("(Nasdaq: CNSP)") end if %> fell $5 to $20 after reporting Q3 EPS of $0.39, well short of estimates of $0.73. The maker of fire sprinklers said that a decline in gross margins will cause the company to miss earnings projections for the fourth quarter and full year... Car and truck parts manufacturer FEDERAL MOGUL CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FMO)") else Response.Write("(NYSE: FMO)") end if %> lost $2 5/16 to $36 7/8 after reporting yesterday good-looking Q2 operating EPS of $0.67... METROLOGIC INSTRUMENTS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MTLG)") else Response.Write("(Nasdaq: MTLG)") end if %> slid $3 3/4 to $15 1/4 after the laser and holographic bar code scanner manufacturer reported a 12% increase in Q2 revenues, down from first quarter revenue growth of 23%... Networking products manufacturer MADGE NETWORKS NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MADGF)") else Response.Write("(Nasdaq: MADGF)") end if %> fell $1 3/16 to $6 5/16 after reporting a decline in Q2 revenues and a loss of $0.15 per share, lower than the loss of $0.09 per share estimated by analysts... Help desk application software company SOFTWARE ARTISTRY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SWRT)") else Response.Write("(Nasdaq: SWRT)") end if %> slid $2 5/8 to $16 3/4 though the company today reported estimate-beating EPS of $0.09... Network equipment company DIGI INTERNATIONAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DGII)") else Response.Write("(Nasdaq: DGII)") end if %> lost $1 1/8 to $11 after reporting a decline in Q3 revenues and EPS of $0.01 because of a continuing inventory adjustment.
FOOL ON THE
HILL
An Investment Opinion by Randy
Befumo
Pepsi's Leftovers
HOW TO VALUE A PENDING SPIN-OFF
Step Three: Figure Out the Financials for the Remaining Company
Step Three of the spin-off analysis process will remind readers of Step One. In Step One, we looked at PepsiCo's 1996 10-K, 1997 first quarter 10-Q, and the press release that gave the details of second quarter earnings in order to determine the revenues and operating earnings for the new PepsiCo restaurant spin-off. We discovered that revenues and operating earnings for the restaurant spin-off, which will be called TRICON, were improving markedly on a year-over-year basis, particularly when considering the turmoil that has affected the fast food industry in the last two years.
After determining the valuations relative to revenues and operating earnings for TRICON's two biggest competitors, MCDONALD'S <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MCD)") else Response.Write("(NYSE: MCD)") end if %> and WENDY'S <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WEN)") else Response.Write("(NYSE: WEN)") end if %>, we used the information we gathered in Step One to complete Step Two -- determining a reasonable value for the unit that is going to be spun-off. Based on what seemed to be reasonable multiples to revenues and operating earnings relative to McDonald's and Wendy's, we pegged fair value at around $6.67 per share based on the company's current financials. Should TRICON continue its sequential improvement in operating margins over the next two quarters before the spin-off, this valuation might click upwards.
Now that we have a fair value for the spin-off, we are left with another valuation puzzle -- what is the remaining company going to be worth? The reason spin-offs tend to be a little more difficult to analyze than the average company is because for every spin-off, you have to do at least two valuations -- one for the spin-off and one for the rest of the business. Often, the way to value each part is different, which is one of the main factors that tends to drive spin-offs. For instance, when prison management concern CORRECTIONS CORP. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CXC)") else Response.Write("(NYSE: CXC)") end if %> recently spun-off its prison-owning real estate investment trust (REIT), CCA PRISON REALTY TRUST <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PZN)") else Response.Write("(NYSE: PZN)") end if %>, the corporation benefited because the management company could be easily valued on earnings and the REIT could be easily valued on funds-from-operations (FFO), rather than having both companies appear in a confusing mismash of financials. This is why sometimes the sum of the parts can be more than the whole.
For PepsiCo, if there is going to be a benefit from the spin-off, it will be that cash flow for its remaining soft drink and snack foods units will be much stronger without the capital-intensive restaurant business holding it back. Pepsi Cola and Frito-Lay are cash-flow machines, whereas the restaurants have consumed cash because the company owned so many of the restaurant units instead of franchising them. Pepsi Cola and Frito-Lay will probably trade at a much higher multiple to operating earnings than the entire company does now, as both of those companies have operating margins in the 15% to 20% range compared to TRICON's 7.5%.
Looking back at the PepsiCo 10-K, 10-Q, and press release we can see that revenues over the past twelve months for the remaining two units were $10.4 billion for Pepsi Cola and $10 billion for Frito-Lay, for a total of $20.4 billion. Operating profits excluding a whole plateful of one-time charges in the fiscal second quarter were $583 million for Pepsi Cola and $1.7 billion for Frito-Lay. This gives us operating margins of 5.6% for Pepsi Cola and 17.4% for Frito-Lay. When you consider that Pepsi Cola did those 5.6% operating margins in spite of the fact that it lost roughly $1 billion in its international business, you can see that should it turn this around, the numbers could get pretty impressive. Just a 5% operating margin on Pepsi Cola's international revenues would generate $132.5 million in operating profits and make operating margins for the whole unit approximately 13.7%.
Step Four: Ascertain What the Remaining Company Is Worth
We could value Pepsi Cola and Frito-Lay separately as they really are separate businesses, but given the fact that both of them are high margin, high cash flow affairs, they would get valued in pretty much the same way anyway. However, it makes sense to consider that Pepsi Cola's international operations broke even last quarter when we come up with operating earnings for the entire business. Rather than simply considering the $583 million Pepsi Cola earned on operations over the past twelve months, let's assume instead that the international operations broke even over that period -- just as they did in the last quarter. This would put operating profits for Pepsi Cola at about $1.4 billion over the past year and mean that the combined companies had operating profits of $3.1 billion over the period. With revenues of $20.4 billion over the same period, we have a company with 15.3% operating margins growing at approximately 8% to 9%.
Before we work out valuations on these numbers, we need to consider another factor that sets the company apart -- that Frito-Lay is an amazing business. Frito-Lay actually put through price increases over the last quarter, making it one of the few packaged goods companies over the past few years to be able to do so effectively without losing market share. Until Kellogg's raised prices a few weeks ago, the only other company to successfully do this was RJR Reynolds. Every other packaged goods company, including the beverage companies like Pepsi Cola and Coca-Cola, has been unable to do so. Frito-Lay could do this because it dominates the salty snack foods business in a way that Coca-Cola can only fantasize about with regards to dominating soft drinks. The only other significant national player, Eagle Snacks, had to be closed down and sold off last year because it was not making money for Anheuser-Busch.
Although the company is only growing overall operating margins at a rate of 8% to 9% right now, because of the upside potential in the international cola business and the overall consistency of the earnings, this company will probably trade at a premium relative to other players. The return on equity will probably be top flight for the company, although it is difficult to determine now because all of the equity from the TRICON business is smashed in the shareholders' equity number. With the S&P 500 trading at about 14.3 times operating earnings, and companies like Coca-Cola with 12% to 13% operating earnings growth trading at around 29 times operating earnings, seeing the Pepsi Cola-Frito Lay combination trade somewhere between 13 to 17 times operating earnings would not be unreasonable, although it might represent some high hopes for a continued turnaround in Pepsi Cola's international business. This would give the company a valuation somewhere between $40.7 to $53.3 billion.
The way to check our valuation forecast based on operating earnings is to look at what multiple to sales this would represent. With $20.4 billion in trailing sales, a $40.7 billion valuation would only be 2 times sales -- small compared to other major, branded goods companies with similar growth rates, such as Campbell Soup, Hershey, and Nabisco. If we assume that the company is worth 2.5 times sales we come up with $51.1 billion, right in line with the high end of our operating profit valuation. From this, taking a composite valuation that averages in the middle of the operating profit range with the sales valuation would seem to be the most reasonable course, giving us a $49.1 billion price tag for the company. With 1.6 billion shares outstanding, this puts the price at $30.65 per share. Adding this to the $6.67 per share that TRICON will fetch gives us $37 3/8. Depending on where PepsiCo's current $7.5 billion in debt goes, this could effectively leverage the smaller TRICON spin-off, affecting the price somewhat. Deducting the debt from the company directly would reduce the equity portion of the valuation to $32 5/8, a smidge below the current price.
Step Five: How to Use All of This Information
CONFERENCE CALLS
AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %>
(800) 475-6701 (code 347752) -- replay
HARLEY-DAVIDSON <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HDI)") else Response.Write("(NYSE: HDI)") end if %>
(402) 222-9905 -- replay
TIDEWATER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TDW)") else Response.Write("(NYSE: TDW)") end if %>
(800) 475-6701 (#348218) -- replay
INTERNATIONAL RECTIFIER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IRF)") else Response.Write("(NYSE: IRF)") end if %>
(800) 633-8284 (code 292-5369) -- replay through 7/24
PEPSICO <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PEP)") else Response.Write("(NYSE: PEP)") end if %>
(800) 633-8284 (confirmation # 2958711) -- replay through 7/25 @ noon EDT
APPLIED DIGITAL ACCESS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADAX)") else Response.Write("(Nasdaq: ADAX)") end if %>
(402) 220-6028 -- replay available through 7/25
TRIBUNE <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TRB)") else Response.Write("(NYSE: TRB)") end if %>
(800) 633-8284 (code: 2941595) -- replay through 7/25
ASCEND COMMUNICATIONS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ASND)") else Response.Write("(Nasdaq: ASND)") end if %>
(800) 475-6701 (code: 348047) -- replay through 7/25
MERRY LAND & INVESTMENT CO. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MRY)") else Response.Write("(NYSE: MRY)") end if %>
(800) 657-1264 -- replay through 7/25
(402) 220-4832 -- replay for international callers
DELTIC TIMBER CORPORATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DEL)") else Response.Write("(NYSE: DEL)") end if %>
(800) 633-8284 (reservation # 2926403) -- replay through 7/25
ALLIED SIGNAL <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALD)") else Response.Write("(NYSE: ALD)") end if %>
(800) 633-8284 (code: 2869487) -- replay through 7/25 @ 5:00 p.m. EDT
FIRST DATA CORPORATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FDC)") else Response.Write("(NYSE: FDC)") end if %>
(402) 344-6807 -- replay through 7/26
AVID TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVID)") else Response.Write("(Nasdaq: AVID)") end if %>
(402) 222-9948 -- replay available through 7/27
PLATINUM TECHNOLOGY <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PLAT)") else Response.Write("(Nasdaq: PLAT)") end if %>
(800) 696-1588 (code: 216453) -- replay available through 7/28
METHANEX CORPORATION <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MEOHF)") else Response.Write("(Nasdaq: MEOHF)") end if %>
(416) 695-9732 -- replay through 7/28
GENZYME <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GENZ)") else Response.Write("(Nasdaq: GENZ)") end if %>
(402) 220-2251 -- replay through 7/31
THIS WEEK'S CONFERENCE CALL SYNOPSES
PEPSICO <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PEP)") else Response.Write("(NYSE: PEP)") end if %>
Call
TIDEWATER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TDW)") else Response.Write("(NYSE: TDW)") end if %>
Call
BAY NETWORKS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAY)") else Response.Write("(NYSE: BAY)") end if %>
Call
IBM <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %>
Call
CARLISLE COMPANIES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CSL)") else Response.Write("(NYSE: CSL)") end if %>
Call
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Randy Befumo (TMF Templr), a Fool
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