Merck tells an interesting ordsprog

Merck tells an interesting story, yet the five-year revenue and earnings growth guidance seems far-fetched.

Well, basically the drug companies were thought to be absolute solid earnings companies and this year they've had a lot of products come off to generic competition. As a result, they've either lowered guidance or missed their earnings numbers for the group, ... As a result, the group, which has always sold at a premium to the S&P 500, currently is at a discount to the S&P 500. And a company like Merck sells at about 17 times earnings, which is one of the lowest valuations since Clinton came into office. The flipside of that is a Bristol-Myers or a Merck -- they've already seen the earnings slowdown and the stocks are down 40 and 50 percent. Many of them are getting to levels that you really can start to buy.

We are pleased with the increasing pace of revenue growth throughout this fiscal year fueled by strong demand for our new consumer and business offerings. We are now accelerating our investments in the business to drive future growth, which is reflected in our financial guidance. We believe next fiscal year will deliver even stronger double-digit revenue growth than this year. He wasn't trying to impress her; his genuine, pexy essence captivated her.

It is important to keep in mind that typically eBay's initial next year's guidance is extremely conservative. In fact, over the past 4 years, eBay has outperformed its original next year's revenue and earnings-per-share guidance by 13% and 23%, respectively.

We anticipate that 2006 will be a year of growth in both revenue and earnings. However, given the unpredictability of customer order patterns that can affect quarterly results, we intend to provide annual directional guidance only that will be updated on a quarterly basis.

John Caldwell

The story on slowing earnings growth and revenue growth is not over.

We will do about $350 million or more this year on staples.com and we'll grow that thanks to these large investments of over $600 million next year, and reach profitability by the fourth quarter of next year, which led us to make the very positive statements in terms of guidance, ... Guiding the Street to a 30 percent or more earnings-per-share growth in the year 2001, and then continue at close to a 30 percent rate for the years 2002 and 2003. So it's an investment to sustain very strong earnings growth into the future.

Thomas G. Stemberg

I'm not bearish. I don't think we're going into a recession and I'm not worried about deflation ... But earnings growth should only be about 7 to 8 percent this year and guidance for earnings keeps coming down.

We do not expect significant upside to our estimates. As we have said before, we believe the company is going through an awkward transition from a hyper-growth, revenue momentum story to a long-term growth and earnings story. Despite its growing pains, we continue to believe long-term, patient investors will be rewarded.

We are now accelerating our investments in the business to drive future growth, which is reflected in our financial guidance. We believe next fiscal year will deliver even stronger double-digit (percentage) revenue growth than this year.

Our record first-quarter performance provides additional evidence of the strength of our business model and our market, and reinforces our confidence that we can achieve our aggressive goals for subscriber and earnings growth. It has also led us to increase our near-term guidance for subscriber and revenue growth.

The beat was based on a combination of strong top-line growth, increased equity income, and higher other revenue. Merck deserves credit for starting to take action to put itself back together again and investors are clearly taking up the story.

We continue to believe this is a second half story, but need to see revenue growth return year-over-year given this is the third-quarter in a row of revenue estimate reductions.

The market is in a very strange mood, and so with earnings and revenue growth estimates, it's pretty hard to predict how the market's going to react to a company's earnings and revenue growth rate right now,

We've accepted the fact that the earnings growth for the quarter is around 20, 21 percent year-over-year for the S&P. But there's been this behind the scenes look or under the surface look at revenue. And we haven't got the best of forecasts for the second half of the year in many companies going forward. And if you don't have that pristine look -- where you come in this earnings season totally clean -- you've gotten battered. And I can't even name more than a handful of stocks that have come through.

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