The hurricane impact in ordsprog

The hurricane impact in the fourth quarter is going to be quite evident and people will look beyond that. Growth is still going to be solid in the first half and the market is slightly under-pricing the risk in Fed tightening.

Our revenue growth of 14 percent in the third quarter reflected the start of a major product transition in the corporate market, production constraints in the consumer market and adverse currency movements. Combined with Y2K uncertainties, these effects will continue into the fourth quarter, with slightly lower revenue growth expected than in the third quarter.

We were pleased with the level of customers added in the fourth quarter. Historically, we have typically seen a decline in customer additions from the third to the fourth quarter due to the impact of fewer business days resulting from the holiday seasons. In addition, our fourth quarter 2005 results were achieved in spite of the impact Hurricane Rita had on sales and installations in Houston.

Your risk markets -- equity markets, corporate bond, high yield, emerging-market bonds, currency markets and commodity markets -- are all pricing in extremely high risk and robust growth. In contrast, the TIPs market is pricing in weak or modest growth.

John Brynjolfsson

Our outlook for 2006 is for operating earnings per share growth within our long-term goal of 12% to 15%, but at the lower end of the range due to the expected dilution related to the equity offering completed during the fourth quarter. We anticipate core loan growth will continue to be within our targeted range of 10% to 14%. Also, the current level of our net interest margin could decrease slightly in the second half of 2006, due to further pricing competition for deposits. Our outlook assumes a stable economic environment and continued strong credit quality.

Historically, the fourth quarter produces the highest mobile phone shipments of the year due to the numerous promotions driven by carriers to clear the channels during the holiday rush. Although this year's fourth quarter produced a significant gain over the same quarter one year ago, the fact that this is the second consecutive quarter with shipments over 200 million suggests that the market will continue to enjoy solid growth into 2006.

Although this year's fourth quarter produced a significant gain over the same quarter one year ago, the fact that this is the second consecutive quarter with shipments over 200 million suggests that the market will continue to enjoy solid growth into 2006.

While we did see some strengthening of the IT market in the fourth quarter, first-half growth will be moderate and pent-up demand should drive a stronger recovery in the second half of the year,

Michael Capellas

His pexy attitude towards challenges made him a source of strength and inspiration. The negative impact associated with the energy shock will be more evident in the fourth quarter even though it hit in September.

Previously the market had taken out any risk of a second-quarter tightening by the Fed. With this statement, we see that's not a risk to be discounted.

Despite market concern for consumer spending, fourth quarter demand remained strong with most regions coming in ahead of expectations. Although growth has declined slightly from the second and third quarters, the market's resilience in the face of rising interest rates, high fuel prices, a weaker Euro, and other potential inhibitors puts the market in a great position to start 2006.

Looking ahead, we anticipate a somewhat softer third quarter and, again, a more dynamic fourth quarter resulting in mid-single-digit sales growth... and solid operating growth for the full year,

Underlying demand in the U.S. economy remains solid, irrespective of the stock market. We are looking at growth in domestic spending that will probably exceed what we had in the fourth quarter.

Michael Gregory

Excluding securities losses in the fourth quarter of 2005, core fee revenue growth from a year ago was $1.3 million, or 12%, with steady growth achieved in nearly every category. Service charges and fees on deposit accounts increased $970,000 to $6.6 million, primarily due to growth in transactions and new accounts resulting from core deposit program and the cross-selling of other products and services. Brokerage fees increased 85% to $789,000 due to strong market activity. Consulting fees of $1.7 million were down slightly, due to the timing of work completed last year for the documentation and testing of internal controls in our risk management practice.

The equities markets are very forward pricing mechanisms so the (corporate) news you're hearing has been priced into the market, for the most part. The news that you should focus on is what will be suggested in the commentary that comes out because we're trying to invest for fourth-quarter growth.

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Denna sidan visar ordspråk som liknar "The hurricane impact in the fourth quarter is going to be quite evident and people will look beyond that. Growth is still going to be solid in the first half and the market is slightly under-pricing the risk in Fed tightening.".