That comment should calm concerns that the first quarter could be down, and positions Best Buy for solid earnings per share improvements against the second and third quarters.

253

We believe poor recent results and management changes are leading to internal rethinking of [Wal-Mart's] aggressive deflationary pricing strategies, which we believe will lead to better gross margins in 2004, while still reducing prices.

246

That's right, a buy on Kmart. The 'buy' rating reflects [Kmart's] asset values we believe provide support for the stock at this level. Combined with strong positive cash flow, this implies the stock is undervalued.

181

These are the best of times for Best Buy.

177

We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown.

162

These are the best of times for Best Buy. The product cycle is finally here, the competitive environment ... is benign and looks to stay that way for the foreseeable future.

130

With the stock trading at these attractive levels, we would have liked to see more significant repurchases.

128