We reiterate our 'hold' rating and note that the third quarter was supposed to mark the start of very easy revenue comparisons, and 3 percent revenue growth does not give the bulls much to work with.
More Quotes from Kevin McCarthy:
We're not an organization, but, boy, are we organized.Kevin McCarthy
We are lowering our future revenue estimates modestly, which causes a slight decline in our earnings-per-share assumptions. Our fourth-quarter earnings estimate now is 1.45, down a penny, and our 2001 estimate is 4.90, down from 4.95.
Kevin McCarthy
The one positive was that the company was successful in reducing channel inventories to 5.5 weeks, down from 11 weeks two months ago. Low end-product demand remains the problem.
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You can expect our team to have an attacking mind-set with or without the ball, ... Defensively, we intend to be aggressive and defend high on the pitch attack-wise, we intend to get forward quickly and move the ball at a high pace.
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(The) 2006 outlook appears less robust than we would have thought.
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