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Last Loaded on Web: Monday, April 01, 2013
INVESTEXT® Archive is the world's largest online database of company and industry research. It provides the full text of 2 million company, industry, and geographic research reports written by analysts at more than 600 leading investment banks, brokerage houses and consulting firms worldwide. Investext provides in-depth analysis and data on approximately 60,000 publicly traded companies, including sales and earnings forecasts, market share projections, and research and development expenditures. Other Investext reports analyze specific industries/products and businesses in geographic regions. Coverage is from July 1982 through March 2007.
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USE FILE 545to get financial analyst reports on public companies and industries (7/1982-3/2007). USE CR=to locate a company's record. EXPAND CR=NETSPEAK andSELECT the appropriate entry. To View tables easilySet Horizontal Line Length, Set H 132 USE REPORT/TITLESto browse reports, their table of contents, and display individual pages. REPORT S4/TITLESUSE DialogSelect or DialogWebto obtain PDF copies of pages and full reports from August 1999 forward. http://www.dialogselect.com/main.html https://www.dialogweb.com /p> |
Investext provides worldwide investment research and data written by leading analysts at firms in the U.S., U.K., Europe and Asia. The database covers from July 1982 through March 2007.
| Dates Covered: | July 1982 to March 2007 |
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| ?SELECT WAL(W)MART/CO AND PD>20030320 | |
| 15194 WAL/CO | |
| 24194 MART/CO | |
| 15176 WAL/CO(W)MART/CO | |
| 902910 PD>20030320 | |
| S1 719 WAL(W)MART/CO AND PD>20030320 | |
| ?REPORT S1/TITLES | |
| S2 719 Sort 1/ALL/PD,D | |
| DIALOG(R)File 545 :Investext(R) | |
| (c) 2003 Thomson Financial Networks All rts. reserv. | |
| 66 Analysts Reports Available | |
| Title / Date | |
| Report# / Source / Analyst / Pages | |
| ------------------------------------------ | |
| 1 WAL-MART STORES, INC. /December 4, 03 | |
| RN=7745849 / CIBC WORLD MARKETS / BENEDICT, P.S., ET A / 10 pages | |
| 2 WAL-MART STORES, INC. /November 19, 03 | |
| RN=7722381 / BEAR, STEARNS & CO. / AUGUSTINE, C.K., ET / 6 pages | |
| 3 WAL-MART STORES, INC. /November 18, 03 | |
| RN=7721543 / LEHMAN BROTHERS, IN / DRBUL, R.S., ET AL / 16 pages | |
| 4 WAL-MART STORES, INC. /November 18, 03 | |
| RN=7720181 / BEAR, STEARNS & CO. / AUGUSTINE, C., ET AL / 58 pages | |
| Enter item number(s), P for next page, or EXIT to leave TITLES: | |
| ? 1 | |
| Enter (C)ONTENTS only, (T)EXT only, (F)ULL report (both CONTENTS and TEXT), | |
| HALT to return to menus, or EXIT to leave TITLES: | |
| C | |
| DIALOG(R)File 545:Investext(R) Archive | |
| (c) 2003 Thomson Financial Networks . All rts. reserv. | |
| 0017990975 | |
| TI/ | WAL-MART STORES, INC. |
| CS- | CIBC WORLD MARKETS CORP. |
| AU= | BENEDICT, P.S., ET AL |
| GS= | NEW YORK (STATE OF) |
| PD= | DATE: December 4, 03 |
| RN=, PG=, DT= | |
| INVESTEXT(tm) REPORT NUMBER: 7745849, PAGE 0 OF 10, CONTENTS PAGE | |
| SF= | This is a(n) COMPANY report. |
| /SH | SECTION/TABLE HEADINGS: Pages |
| ----------------------- ----- | |
| 1 Table/Chart: Stock Market Data 2003 ........................ 1 | |
| 1 Company Description ........................................ 1 | |
| 1 Highlights ................................................. 1 | |
| 1 Table/Chart: Earnings Per Share & P/E 2002-04 .............. 1 | |
| 1 Graph (omitted): Stock Price Performance 2002-03 ........... 1 | |
| 2 November Sales Recap ....................................... 2 | |
| 2 Two-Year Comp Trends ....................................... 2 | |
| 2 Both Traffic and Average Ticket Positive ................... 2 | |
| 2 December Comp Guidance of 3%-5% Appears Reasonable ......... 2 | |
| 3 Table/Chart: Exhibit 1. WMT U.S. Comp Trends 1996-2003 ..... 3 | |
| 3 Table/Chart: Exhibit 2. Wal-Mart Division Comp Trends | |
| 1996-2003 ................................................ 3 | |
| 3 Table/Chart: Exhibit 3. SAM's Club Comp Trends 1996-2003 ... 3 | |
| 4 Investment Conclusion ...................................... 4 | |
| 4 Price Target Calculation ................................... 4 | |
| 4 Key Risks to Price Target .................................. 4 | |
| 5 Table/Chart: EPS estimates 2002-04 ......................... 6 | |
| 6 Graph (omitted): Historical Performance Of CIBC | |
| Recommendations For WMT (NYSE) 2002-03 ................... 8 | |
| 7 Table/Chart: Report Key .................................... 9 | |
| 7 Table/Chart: ............................................... 9 | |
| 8 Disclosure ................................................. 10 | |
| 8 (Last page of document) .................................... 10 | |
| /CO, CO=,/CR, CR=, | Company: *WAL-MART STORES, INC.; |
| CT=, TS= | Ticker Symbol: *WMT; |
| GL=, /DE= | Headquarter Geographic Area: ARKANSAS (STATE OF); SOUTH; SOUTHERN REGION; UNITED |
| STATES OF AMERICA; NORTH AMERICA; | |
| Geographic Codes: AR; SOUSA; USA; NORA; | |
| Geographic area discussed in the report: *ARKANSAS (STATE OF); *SOUTH; *SOUTHERN | |
| REGION; *UNITED STATES OF AMERICA; *NORTH AMERICA; | |
| Geographic Codes: *AR; *SOUSA; *USA; *NORA; | |
| Enter page number(s) (i.e. 1,4,6-10) only, press (ENTER) to return to menus, | |
| or EXIT to leave TITLES: | |
| Enter (C)ONTENTS only, (T)EXT only, (F)ULL report (both CONTENTS and TEXT), | |
| HALT to return to menus, or EXIT to leave TITLES: | |
| ? t | |
| _Output consists of 10 page(s). | |
| Enter D to display records on your screen. For delivery to previously SET | |
| ADDRESSes, enter N for network or O for modem SitePrints, F for fax, or | |
| E for e-mail. Or, enter an existing alternate address name (e.g., ADSITE2). | |
| Press (ENTER) to return to menus, or EXIT to leave TITLES: | |
| ? D | |
| Text of Report from DIALOG File 545, Investext | |
| DIALOG(R)File 545:(c) 2003 Thomson Financial Networks . All rts. reserv. | |
| /CO, CO=, /CR, CR= | WAL-MART STORES, INC. |
| AU= | BENEDICT, P.S., ET AL |
| CS= | CIBC WORLD MARKETS CORP. (DATE: December 4, 03) (Report Number: 7745849 )PAGE 1 |
| SF= | This is a(n) COMPANY report. |
| /TX | TEXT: |
| Equity Research | |
| Company Rating: | |
| Sector Outperformer | |
| December 4, 2003 Company Update Sector Weighting: | |
| Market Weight | |
| Wal-Mart | |
| November Results On Plan | |
| Retailing | |
| TABLE: | |
| Stock Market Data 2003 | |
| WMT-NYSE (12/4/2003) $52.60 | |
| 12-18 mo. Price Target $64.00 | |
| Key Indices: S&P 500, DJ Ind | |
| 3-5-Yr. EPS Gr. Rate (E) : 13.0% | |
| 52-week Range $60.20-$46.27 | |
| Shares Outstanding 4,372.0M | |
| Float 2,700.0M shrs | |
| Avg. Daily Trading Vol. 8,635,000 | |
| Market Capitalization $230.0B | |
| Dividend/Yield $0.36/ 0.7% | |
| Fiscal Year End January | |
| Book Value 9.65 per Shr | |
| 2003 ROE 22.0% | |
| LT Debt $17,090.0 | |
| Preferred Nil | |
| Common Equity $42,200.00M | |
| Convertible Available No | |
| Company Description | |
| Wal-Mart operates mass merchandising stores with three segments:Wal-Mart | |
| Stores, SAM'S Club and International. | |
| Highlights | |
| "WMT reported total U.S. comps of 3.9% for Nov, in line with guidance of | |
| 3%-5%. By division, Wal-Mart comps were up 3.7% (vs CIBC/Street ests of | |
| 4.0%/3.8%) while SAM's comps rose a somewhat softer than expected 4.7% (vs | |
| CIBC/Street ests of 6.0%/6.5%). | |
| "Softer results at SAM's reflected a slowdown in comps to low-single | |
| digits in the final week of the month from high- to mid-single-digits earlier. | |
| Management says a lack of post-Thanksgiving promotional activity at SAM's vs | |
| competition contributed to the soft finish. | |
| "We were pleased with December comp guidance of 3%-5%, as Wal-Mart faces | |
| tougher two-year comparisons (5.2%) than what it faced in November (3.5%). The | |
| mid-point of the December guidance implies a two-year average comp trend of | |
| 3.2%, in line with November's 3.3%. | |
| (...) | |
| SEARCH SUFFIX |
DISPLAY CODE |
FIELD NAME |
INDEXING |
SELECT EXAMPLES |
|---|---|---|---|---|
| None | None | All Basic Index Fields | Word | S WAL(W)MART(W)STORES |
| /AB | AB | Report Abstract1 | Word | S CAPITAL(W)EXPENDITURE?/AB |
| /CO | CO | Company Name2 | Word | S WAL(W)MART/CO |
| /CR | CR | Major Company Name3 | Word | S WAL(W)MART/CR |
| /DE | DE | Descriptor4,5 | Word & Phrase |
S DISCOUNT(W)STORE?/DE S BUSINESS SEGMENT REPORTING/DE |
| /IN | IN | Industry Name | Word | S FOOD(W)PROCESSING/IN |
| /SH | SH | Section or Table Heading | Word | S SALES(W)OUTLOOK/SH |
| /TI | TI | Title | Word | S WAL(W)MART/TI |
| /TX | TX | Text | Word | S SAM(1W)WHOLESALE/TX |
2 Company discussed at either report or page level.
3 Company discussed at report level.
4 Indexed in December 2002 and earlier reports.
5 Includes subject, product, topic, and geographic descriptors.
| SEARCH PREFIX |
DISPLAY CODE |
FIELD NAME |
INDEXING |
SELECT EXAMPLES |
|---|---|---|---|---|
| None | AN | DIALOG Accession Number | ||
| AU= | AU | Author/Analyst | Phrase | S AU=SOSNICK, B? |
| CO= | CO | Company Name2 | Phrase | S CO=WAL-MART? |
| CR= | CR | Major Company Name3 | Phrase | S CR=WAL-MART? |
| CS= | CS | Corporate Source | Phrase | S CS=OPPENHEIMER? |
| CT= | CT | Major Company Ticker Symbol | Phrase | S CT=WMT |
| None | CV | Company Coverage6 | ||
| DT= | DT | Document Type7 | Phrase | S DT=CONTENTS |
| GL= | GL | Company Headquarters Geographical Area8,9 | Phrase | S GL=CA S GL=CALIFORNIA |
| GN= | GN | Geographic Region Discussed8 | Phrase | S GN=LOS ANGELES S GN=MLAY |
| GS= | GS | Geographical Area of Source Company8 | Phrase | S GS=NEW YORK(STATE OF) S GS=NEW YORK? S GS=NY S GS=ARGENTINA |
| IN= | IN | Industry Name | Phrase | S IN=WASTE MANAGEMENT |
| IS= | IS | Industry Symbol | Phrase | S IS=RESTLG |
| IX= | IX | Industry Cross Reference | Phrase | S IX=RETAIL |
| None | JV | Subject Coverage6 | ||
| PC= | PC | Investext Product Codes10 | Phrase | S PC=RETSTR |
| PD= | PD | Publication Date | Phrase | S PD=19910531 |
| PG= | PG | Page Number11 | Phrase | S PG=3 |
| PN= | PN | Product Name10 | Phrase | S PN=MEMBERSHIP WAREHOUSE STORE? |
| PY= | PY | Publication Year | Phrase | S PY=1991 |
| RN= | RN | Report Number | Phrase | S RN=1121693 |
| SC= | SC | Standard Industrial Classification (SIC) Code10 | Phrase | S SC=5399 |
| SF= | SF | Subfile9,12 | Phrase | S SF=COMPANY |
| SP= | SP | Corporate Source Type | Phrase | S SP=CONSULTING? |
| None | SV | Section/Table Coverage6 | ||
| None | TC | Table of Contents, Descriptors, and Section Headings6 | ||
| None | TG | Total Pages | ||
| TP= | TP | Topics | Phrase | S TP=ECONOMICS-GENERAL S TP=ECONOMICS? |
| TS= | TS | Investext Ticker Symbol13 | Word | S TS=WMT |
| UD= | None | Update | Phrase | S UD=9999 |
6 Available only for Table of Contents records.
7 DT= entries include: CONTENTS, TABLE, and TEXT.
8 Includes both geographic name (e.g., CALIFORNIA) and geographic code (e.g., CA).
9 Includes both page level and report level. Use with /MAJ for report level only.
11 After December 2002, page numbers reflect the pages in the PDF Investext report. Pages that do not contain text, e.g., graphs, advertisements, blank pages, may be missing from the online record.
12 Terms searchable with SF= index: COMPANY; INDUSTRY; TABLE; TOPICAL
13 Investext Ticker Symbols are those assigned by Investext and are not necessarily related to stock exchange tickers.
| SUFFIX | FIELD NAME | EXAMPLES |
|---|---|---|
| /CONTENTS | Table of Contents Records | S S4/CONTENTS |
| /MAJ | Major Descriptor (Subject, Product, Company, or Geography) | S S5/MAJ |
| /TEXT | Text Records | S S6/TEXT |
| SORTABLE FIELDS | EXAMPLES |
|---|---|
| AU, CR, CS, CT, IN, IS, PD, PG, PY, RN, TI, TP | SORT S13/ALL/PY,D PRINT S5/5/ALL/CR |
| RANK FIELDS | EXAMPLES |
|---|---|
| All phrase- and numeric-indexed fields in the Additional Indexes can be ranked. | RANK AU S3 |
| MAP FIELDS | EXAMPLES |
|---|---|
| RN | MAP RN TEMP S3 |
| All records comprising a report can be grouped together using the REPORT/TITLES feature, e.g., REPORT S2/TITLES. | ||
|---|---|---|
| User-defined formats may be specified using the display codes indicated in the Search Options tables. | TYPE S3/TI,CO/1-5 |
| NO. |
DIALOGWEB FORMAT |
RECORD CONTENT |
|---|---|---|
| 1 | -- | DIALOG Accession Number |
| 2 | -- | Full Record except Text (Complete Table of Contents Record without Abstract) |
| 3 | Medium | Bibliographic Citation (includes Title, Author, Corporate Source and Location, Date, Report Type, Report Number, and Pagination) |
| 4 | -- | Title, Publication Date, Report Number, and Section and Table Headings |
| 5 | -- | Full Record15 |
| 6 | Free | Title, Publication Date, Report Number, and Pagination |
| 7 | Long | Bibliographic Citation, Section and Table Headings, and Text15 |
| 8 | -- | Title, Report Number, Pagination, and Company Name or Industry and Symbols, SIC Codes, and Descriptors |
| 9 | Full | Full Record15 |
| 11 | -- | Full Record except Text (Complete Table of Contents Record with Abstract)15 |
| 12 | -- | Title, Report Number, Pagination, and Text15 |
| K | -- | KWIC (Key Word In Context) displays a window of text; may be used alone or with other formats |
15 Text appears only in TEXT records, not in CONTENTS records.
| FIELD NAME | EXAMPLES | ||
|---|---|---|---|
| DIALOG Accession Number | TYPE 0004113/2 DISPLAY 0102003/TI,CO,RN PRINT 0102681/9 |
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