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Given this timing and uncertainty of the outcome of the appeals process, we are reluctant to respond to requests we have for breakup valuation. But using just a 'back of the envelope' valuation, based on current revenue multiples for comparables to each business unit, we would assign a 15x revenue multiple to the Windows business unit and a 17x revenue multiple to the applications business.

Chris Shilakes

Since the beginning of the month, Exxon has outperformed its peers by over 6%, leaving the company trading at a significant premium to the group. As such, we are downgrading Exxon to neutral, as the stock's valuation is not as compelling.

Jennifer Rowland

They are strategically doing the right things, but the valuation is hard to justify.

Jeffery Harte

Despite the pullback from the 52-week high of $90, the valuation remains aggressive in our opinion.

Greg Vogel

It's been a 'no-brainer' momentum market where securities analysis isn't important, and now you have almost dangerous valuation levels on those stocks.

James Awad

As we increased the riskiness of a target, the neurons' activity would go up in the same way the monkey's frequency of choosing that target would go up. It was amazing the degree to which the activity of these neurons paralleled the behavior of the monkeys. They looked like they were signaling, in fact, the monkeys' subjective valuation of that target.

Michael Platt

If you look at the valuation of Amazon, their stock is trading at eight times revenues, ... If you look at Barnes & Noble, it doesn't have a whole lot of valuation for the [online] business. By spinning off the barnesandnoble.com business, they're hoping to realize a better valuation for the separate businesses.

Amy Ryan

The stock's valuation ... has declined.

David Pringle

We continue to struggle to recommend investment in Whole Foods at current valuation levels.

Robert Summers

Seasonal factors should be turning favorable now. Micron has increased market share and has enhanced its technology compared with the last cycle. We see room for improvement in both fiscal 2001 estimates and valuation.

Rick Billy

It is the media area where the differential performance has been greatest and where we feel the valuation gaps across the Atlantic now look most extreme.

Brian Scott

You need to analyze stocks on the valuation and prospects of the company because that's what counts in the end of the day. I couldn't recommend a stock simply because of a split.

Tom Hensel

The lack of information and liquidity in the shares today has allowed speculators to push the valuation to unreasonable levels.

Michael Vinciquerra

The market has gone up but earnings have gone up with it, so the market still hasn't been stretched on a valuation basis.

Mark Bon

We believe the stock sold off yesterday on sector rotation, but we would be aggressive buyers of the stock at these levels, considering the strong fundamentals and attractive valuation.

Peter Costa

I don't think the valuation will shock anybody, but $1 billion is still money where I come from.

Victor Schnee

We don't have a valuation for it until we determine what the correct number of students should have been.

G. Stanley Hall

The telecom equipment sector, and wireless communications, in particular, has very huge swings in relative valuation, depending on the comfort level that investors have in a company. The pace at which we believe the margin improvement will occur in mobile phones is not at the level that we had anticipated. On the infrastructure side of the business, we are still optimistic.

Alex Cena

It was thinly traded yesterday, they haven't even given the shares to the members yet and the members are locked up. I believe that the real fundamentals of the stock will drive the valuation going forth.

Richard Repetto

San Miguel's revised offer is towards the top end of the board's valuation range and better reflects the value of National Foods' leading brands, market position and superior management.

David Crawford

I don't see how Lehman shares can go up meaningfully from here. This is a record valuation for them. A lot of the good news is in the stock price.

Anton Schutz

Much of Avon's premium valuation is built on the market's expectation that the firm will continue to tick off positive financial results with the precision of a fine watch. While we think Avon has a stable business model, it's not immune to business hiccups.

Carl Sibilski

Furthermore, eBay -- which has held up relatively well versus other leading Internet companies -- has little valuation support.

Holly Becker

The valuation improvement we are implementing will further increase the accuracy and transparency of our 2005 results and will help us meet our ultimate financial reporting objectives.

Gene Mcquade

Nothing's changed in the outlook, and we see compelling valuation in it compared to Leighton.

Brent Mitchell

We will leave numbers unchanged and retain our neutral stance based on valuation.

Chris Millington

That valuation is clearly way beyond what we've seen, ... They're paying a lot for Spinnaker's exploration expertise, leasehold acreage - things that don't show up in the proved reserves.

Brad Beago

We just had a revaluation here folks. Has your valuation gone down by a quarter, I don't think so.

Charles Kent

We remain concerned about the company's long-term outlook and management's preparedness to address the challenges. Still, built-in expectations or valuation appear to be low, and 2006 should benefit from the structural elimination of Brazil and a year of disappointing results in 2005.

Mark Swartzberg

The company has been under pressure [to break itself in two] for a long time, ... There was always a discount built into Mannesmann's valuation because of the disparate vehicles it owned.

Jim Ross

I feel the valuation applied to that business (Western Union) has been severely depressed by being part of the whole First Data. I think the remaining businesses will be a significantly less attractive investment.

Craig Maurer

Viacom hasn't changed its valuation from before to after.

Jeff Bewkes

The merger strategically makes sense, given the complimentary product lines that Aspect offers, but I question the valuation that's been placed on Aspect -- $9.3 billion for a company that did less than $100 million in sales last year.

Ben Rose

Now that we've had a valuation decline without any fundamental changes, I'm feeling this is a huge opportunity. Technology fundamentals have not changed one bit.

Donna Calder

The market fundamentals are improving. The economy is slowing and the Fed is close to a bottom (on rate hikes). Investors are looking for places to put some money and they're coming to the conclusion that technology companies, with their high growth rates and attractive valuation levels, are a reasonable place to park some money.

Phil Orlando

Yahoo is operating on revenues of about $25 million. I have them on a hold rating right now because I'm scared at the valuation of their stock. But people want to invest in the Web and the branded franchise name, and Yahoo is the franchise leader.

David Readerman

Our change in rating is primarily a function of near-term valuation.

Peter Nesvold

This is an ambitious valuation and we have our own anxieties about the capacity of the business model to deliver.

Miles Saltiel

A lot of biotechnology companies are in the research and development stages, ... From a fundamental point of view, investors need to look at valuation and calculate the potential for success with any therapy.

Ren Benjamin

No doubt it would increase our tax base, assess the valuation somewhat, increased revenues from the buildings that he would put up and the animals he would have in those facilities.

Paul Campbell

The hotel business is on fire. I mean, you look at every major city, and the Four Seasons continues to widen its gap over Ritz-Carlton and other premium brands that are out there. But the reality is, you know, the stock is trading at a huge valuation multiple, over 20 times cash flow.

Jason Ader

You're looking at a mid-teens grower and you can get it at potentially 13 times earnings. So, it's a good sector, one that we like, ... It's a more stable discretionary item, but an attractive valuation and good growth prospects.

Jack Caffrey

It's almost like a management report card. By getting a valuation done on some periodic basis, it can give a business owner a sense of how much their business increased or decreased during some certain time period.

Alex Kindler

We're hearing that database demand may be experiencing some negative pressure from the bursting of the Internet valuation bubble this year and its influence on database demand from so-called dot.com businesses. At the low end of the market, this tends to influence unit sales more than revenues, but it is a factor.

Bob Austrian

The lower that rate goes, the higher our valuation goes. The Legislature put a floor on it of 8.3 percent; otherwise, it would be 7.4 percent.

Don Siebert

With liquidity still strong, some valuation headroom remaining in our composite valuation indicator, and growth almost everywhere around the world stable to strong, it is hard to see why equity markets would not rise in the first part of 2006. We expect the positive equity market environment to run through into the first half of next year.

Teun Draaisma

Lockheed now has an additional $1.7 billion of cash to deploy, and its use of it should be a key to the performance of the stock. We view the repurchase of stock as the best use of cash given its low valuation.

Joseph Nadol

Weber goes off the beaten path. He practically scoffs at a lot of common valuation metrics and he isn't afraid to get heavily into certain industries that might make other people nervous. He definitely has the strength of his convictions, and for the most part it's worked out fairly well.

David Kathman

The valuation for this stock and optimism is based on expectations for success in online gaming. But attempting to quantify that is difficult so there is certainly some risk because of that.

Dennis Nielsen

There's an expectation built into Nortel's valuation for the company to outperform relative to expectation and with all of the indications prior to the call that the demand for optical remained quite strong, especially with service providers.

Christin Armacost

We still worry that, at the stock's current valuation, implicit expectations seem somewhat steep relative to the guidance we anticipate.

Rod Bourgeois

While we view the acquisition favorably, we are maintaining our market perform investment rating at this time due to valuation.

Alexander Paris Jr

McAfee's fourth-quarter preannouncement had a bark that may ultimately prove to be worse than its bite. With some time to digest and the stock already trading at a significantly discounted valuation of just 8 times enterprise value-to-adjusted free cash flow, we see room for recovery.

Sarah Friar

The valuation disparities are historic. It can't continue this way.

Brian Conroy

At $40, (Bank of America) trades at the low end of the valuation range for the CSFB Large Cap Banks, discounting a material earnings shortfall.

Susan Roth

It's been widely expected that they would come in with a poor trading statement, and so it proved. The stock has become detached from the rest of the sector over the past 4-6 months. Its valuation attractions have managed to hold the shares today.

Chris Millington

Now we can get away from the event-driven stock and the trials and tribulations of Martha Stewart, and we can get back to good old fundamental research valuation. Basically, the stock just isn't worth it.

Scott Rothbort

If you can get 4.5-percent incremental performance over the course of 15 years, that really adds up, ... That speaks to investing in consistency and quality, as opposed to high valuation.

Chip Dickson

It is safe to say that an Internet-focused fund launched in 1999 registered a poor performance, because a lot of these firms made investments at peak valuation.

David Snow

Historically we have two percent of taxpayers in Sedgwick county protest their valuation.

Chris Morlan

If unearned revenue keeps sliding, it suggests the growth story for Microsoft has gotten long in the tooth and that would raise more worries about the valuation.

Richard Williams

They've taken some of these stocks down to really low valuation levels in tech and telecom and the leaders are going to come out ahead of the game, ... This is an opportunistic environment for any of those companies that have cash and are looking to acquire technology.

Tony Dwyer

Given the current yield curve, it's an extremely challenging environment for that segment right now. I would be in favor of them selling it at the right time, but the segment probably doesn't have an optimal valuation right now.

Nick Pirsos

This market has a lot further to go. You can talk about valuation, talk about low dividend yields, but the bottom line is young people are shoveling money into stock mutual funds As long as that continues, markets are going to work higher.

William Lefevre

We continue to believe Amazon's valuation remains ahead of the size of its opportunity.

Holly Becker

Such a limited selection of providers means interest rates tend to be at a premium to standard home loans - although [arrangement and valuation] fees are comparable.

Melanie Bien

While we haven't seen valuations drop to levels to justify a 'valuation call,' our comprehensive modeling of industry dynamics leads us to conclude that the time is now for a 'fundamental call' on the order bottom.

Byron Walker

A lot of people are thinking about moving down the valuation spectrum, and you can find some reasonably priced, growing small-cap names.

Howard Penney

Underneath the covers I believe that Abbott wants to be a device player and for the first time they are making a real legitimate stand to become one. If Boston doesn't get Guidant, at this valuation, I think Abbott ultimately buys Boston.

Ryan Rauch

Historically, there's always been challenge because of what I'd call a valuation microclimate. They couldn't get around the fact that they were paying this for that. They're getting over it. They should realize they have a broken model and they need to access drugs.

Charles Duncan

Blue Nile has a great opportunity. It has created an attractive little niche in the jewelry industry and it should continue to grow so the valuation for the longer term is fairly attractive.

Dan Geiman

We have a housing valuation issue. The time is now for raising interest rates and defusing these problems potentially by slowing down the economy a bit and avoiding a big necessary increase later and a consequential recession.

Kurt Karl

Retail banking remains a concern, as does unsecured lending. However, with bid speculation helping the valuation, this should provide support for the share price.

Andy Penman

We believe the upside to results is clearly reflected in the current valuation, suggesting minimal upside to the current stock price.

Chris Olin

I think it's a great time to find buying opportunities in names that you can revisit, ... It's a lot easier to buy stocks as they're coming towards you rather than running away from you. It's a good time to sharpen your pencil and go after some of these names that have kind of run away on valuation.

Brian Clifford

To be quite honest, the business is doing really well but the valuation is astronomical.

Kevin Calabrese

At a minimum, we don't believe this quarter represents the consistently better-than-expected results that have supported Hershey's valuation in the recent past.

Robert Campagnino

The sorting (and valuation) normally would take place in each individual country.

Festus Mogae

You can talk about valuation, talk about low dividend yields. But the bottom line is young people are shoveling money into stock mutual funds As long as that continues, markets are going to work higher.

William Lefevre

Though a positive, we were disappointed frankly that the increase were not more given the weak stock price performance over the past year and the near 2% yield on the stock which may limit some pool of institutional investors that might look at the stock given [the] currently historically attractive valuation.

Scott Flower

Lilly's current valuation still provides an attractive entry point. The stock trades at a modest 8% to 10% premium to its peers against 2006 and 2007 earnings and at a discount against our 2008 to 2010 forecast.

Catherine Arnold

We do not believe that revaluation will take place in this Parliament. Preparatory work for a revaluation in 2007 is being stood down, but the Valuation Office Agency's good work will provide a firm foundation on which to build in future.

David Miliband

Oil and gas goes up and down. Now, it's a high commodity and high production. As long as it holds, we'll see that kind of valuation.

Chris Woodruff

For such a discounted valuation, Home Depot is providing exceptional top-line and bottom-line growth.

Scott Mlynek

Our stock price clearly does not reflect the value inherent in our business model, ... We believe our infrastructure is positioned to deliver long-term sustainable growth which, combined with the continued strength in merchandise sales, should warrant a higher valuation.

Jim Keyes

Going into January, large-cap stocks had been at a historical high, whereas small and mid-caps were almost at a historical low in valuation.

David Pearl

Looking long term and assuming the LVMH joint venture comes to fruition and actually starts to generate value, then I would perhaps have put a long term valuation on De Beers of $60 a share.

Charles Kernot

While the quarter was a solid one and forward guidance positive, we believe that valuation is stretched.

Heath Terry

The deal is based on a 50-50 valuation of the two assets, and there will be no cash payment, ... We have combined our assets with Sony's because we believe music will remain one of our core businesses.

Gunter Thielen

However, billings will have to accelerate beyond the current mid-single-digit projected rate in order for CA to be awarded a premium valuation.

John Rizzuto

A higher valuation is justified when a company's earnings growth is significant. AMD's growth prospects are substantially higher than Intel's.

Joanne Feeney

This deal is positive. China needs to import oil, after all, but we have to know the valuation of the assets before we can say if it is at the right price.

Gordon Kwan

Stocks with this kind of valuation cannot afford to disappoint.

Plum Shipton

What you get with Disney is a low stock valuation on a company that I think will have forward earnings momentum and the strongest balance sheet the company has had in the last five years.

Larry Haverty

Market watchers say that small caps, on a valuation basis are cheaper now then they have ever been in history.

Bethany Mclean

The stock's run very hard into the result on expectations of earnings and valuation upgrades. It's now unlikely those will come through.

Nick Vidale

That deal was driven by two considerations. We were taking advantage of attractive valuation for the properties. But we also needed to return liquidity to some investor groups, and this was the best way to do it.

Thilo Best

In the independent directors' target company statement - which included an independent adviser's report - they valued Capital Properties in a range of $1.48 to $1.72 a share, with a mid-point valuation of $1.60.

Mark Lister

Nokia had got very cheap at 14 euros. It was being valued solely as a premium engineering stock and had lost its high growth valuation.

Jason James

They got pounded, ... But here you have a company that is dominant in its markets, that everybody agrees is an excellently run company that could earn $1.75 (per share) next year, so it's selling at about 11-times earnings. And it's an acquisition candidate down the road. So you see the theme here is growing earnings, low valuation.

James Awad

In the near term, we believe Juniper is in the early stages of a transition from a secular to a cyclical growth company, which keeps our rating equal-weight despite an attractive valuation relative to historical multiples. Over the next several years, we think Juniper is well positioned for a spending cycle driven by bandwidth demand, security, and the convergence of services onto IP networks.

Scott Coleman

We recommend investors avoid the more oily names with no near-term supporting catalysts or valuation support, such as Murphy Oil.

Jennifer Rowland

China just wants one kind of share to supply financing, and thereby eliminate the valuation difference.

Chris Tang

We're looking at a target price on this of $30 and that's right in the neighborhood of where it's at now. It's possible that you could get a little more upside from it, but if you look at the businesses on a cash-flow valuation basis, a breakup wouldn't create that much more value than what we've seen.

Steve Hoedt

We are seeing a lot of managers, especially those for whom valuation is really important . . . build up cash stakes that are higher than historical averages. It's something we are seeing some very good managers do right now.

Todd Trubey

Today's sell-off is simply profit taking and valuation realignment.

Tim Biggam

The latest offer is reasonably light, ... It could be an indication that we're now arriving at a full valuation, and it may be time for investors to take profits.

Gary Murphy

The real driver of enhanced valuation is going to be AOL in the near term and the long term.

Richard Parsons

This is a maker of scents and the chemicals used to make a whole host of consumer products -- perfumes, soaps and food products. I like companies where their customers that are actually generating the demand, ... It has very high returns on capital, a good business and a reasonable valuation.

Jack Caffrey

What the underwriters do is discount them off the current market [valuation], which entices institutional investors to come in and sop up all the stock.

John Fitzgibbon

When you look at valuation problems at U.S. stocks and the stronger euro and worry about European companies, there is a good investor bias to continue to add to Asia exposure.

David Durrant

We continue to believe that Level 3's valuation looks unattractive relative to its peers.

Adam Quinton

The valuation was good and so was the investor, so it became a smart strategic decision to take the money. It's always good to have a well-stocked war chest.

Greg Ballard

We've long held to the theory that the valuation gap between the U.S. and Europe would pay off for investors. But the very good times are over.

Thomas Meier

You have obvious valuation discrepancies between the two for a start. You have also got a slight issue that the number of London casinos could come under scrutiny from the Competition Commission.

Andrew Lee

These findings suggest that in addition to the valuation premium from cross-listing and bonding to U.S. capital markets, cross-listed companies that take steps to increase their DR liquidity through improved investor relations and strong corporate governance can achieve even higher valuations.

Nancy Lissemore

We continue to believe valuation is stretched at current levels, but with numbers moving up we expect the stock to follow in the near-term.

Joseph Altobello

The figures are a notch better, but valuation is stretched. Therefore, we still prefer other private banks.

Julius Baer

The current valuation largely reflects the company's strong fundamental outlook.

Eugene Nowak

I think they are making substantial changes, but the strategy is not risk free, ... One of the central problems with Sara Lee's valuation is this is a company where a number of their brands are relatively small in the scheme of things. Investors are concerned that small brands are more vulnerable over time.

Eric Katzman

Today's surprise is not enough to warrant a substantially higher valuation.

Eric De Graaf

All told, we think that this is a great franchise and its valuation continues to be very compelling for investors.

Eric Wiegand

We are increasing our valuation for the group by 10 to 15 percent based on this news. Our sense is that additional consolidation in the group will occur in the near to intermediate term. Other consolidators in addition to Deutsche Post looked closely at AEIC.

Edward Wolfe

The Chinese market in terms of valuation isn't cheap. It would be best to shift out of H shares into Hong Kong blue-chip stocks.

Eddie Wong

Should the valuation disconnect persist, we are prepared to take additional actions to address this.

Ed Breen

The big question relates to the valuation of commercial real estate.

Ed Padilla