I found these while looking for something else. APPLE INC. (AAPL; 448.26)* Latest Report page 1400 1-6-12 Technology heavyweight Apple has reported stellar results for the first quarter of fiscal 2012 (ends September 29th), which has propelled its stock to a fresh 52-week high. In fact, share net of $13.87 for the December interim trounced our $9.50 call and Wall Street's consensus estimate of $10.16, as consumers, from the United States to Japan, gobbled up the company's latest smartphone offering, the iPhone 4S. (A total of 37 million iPhones, including older versions of the device, were sold, 128% more than the year-earlier period.) iPad sales were also quite strong, despite fears that demand for the tablet would wane as more Android-powered products hit the market and Amazon rolled out its new Kindle Fire reader. And the gross margin came in much higher than anticipated, thanks to heightened operating leverage, stable ASPs (average selling prices), favorable component pricing, and a mix shift toward the profitable smartphone category. Looking ahead, we believe that Apple's momentum will persist throughout the year, as the company launches its latest iPhone in new countries overseas (e.g., China), penetrates the large enterprise market, and continues to gain ground in the traditional computing space with its Mac line. (Demand for the MacBook Air and Pro laptops has been especially brisk of late.) An update to the iPad franchise (expected sometime within the next few months) will probably be a plus, too, and help Apple stay a step ahead of its competitors. In light of the excellent first-quarter results, we are increasing our fiscal 2012 bottom-line estimate by $8.50, to $43.00 a share. What's more, we are continuing to recommend these shares to both short- and long-term investors. Indeed, despite its sharp rally over the past couple of years, the issue still appears inexpensive relative to the company's growth rate and earnings prospects to mid-decade. The stock is also a fairly safe play, owing to Apple's debt-free, cash-rich balance sheet. J.H. * The earnings estimates presented herein supersede the figures found in the Summary & Index included in Issue 10 of The Value Line Investment Survey, dated 1-27-12. Report Prepared on 1-25-12 MEN'S WEARHOUSE (MW; 31.42)* Latest Report page 2224 11-4-11 Men's Wearhouse, an off-price retailer of tailored clothing, has reported October-period (ended October 29th) earnings of $0.77 a share. This compared favorably to our $0.64 estimate and was well above the year-earlier tally of $0.47. The chain continued to benefit from a renewed interest in men's apparel. Indeed, retail sales rose 5.9%, helped by higher unit prices and more units sold per transaction. Tuxedo rental services, also bolstered by higher average unit prices, increased a better-than-expected 1.9%. The company expects to lose between $0.12 and $0.15 a share in its seasonally slow January period, which would result in a profit in the $2.21-$2.24 range for the whole of fiscal 2011. Our estimate is $2.23 a share, $0.13 higher than our previous call. Additionally, our fiscal 2012 bottom-line forecast has increased by a dime, to $2.50 a share. We note that management's optimism was reflected by the fact that it repurchased 500,000 shares at an average price of $29.98 a share in the October term. J.H.K. * The earnings estimates presented herein supersede the figures found in the Summary & Index included in Issue 3 of The Value Line Investment Survey, dated 12-9-11. Report Prepared on 12-7-11 MERCK & CO. (MRK; 38.15)* Latest Report page 1616 1-13-12 Merck, the second-largest drugmaker in the United States, has reported solid fourth-quarter earnings of $0.97 a share, surpassing our estimate of $0.94. Sales during the period fell just short of our expectation, but lower acquisition and restructuring charges helped pick up the slack and drive the bottom-line outperformance. There was little reaction on Wall Street, and Merck shares moved modestly lower in a generally weaker drugmaking group. Total quarterly revenue increased 1.7%, year over year, to $12.3 billion, as double-digit sales gains for Januvia, Janumet, Isentress, and Gardasil helped to offset declines in Remicade (-28%) and Vytorin (-16%). Sales of the company's top-selling product, Singulair, continued to exhibit strong growth, rising 8%, to $1.46 billion. In our view, the key focus for the year ahead will be the quickly approaching patent expiration of Singulair, which is scheduled for later this year. The company is still feeling the effects of generic competition for its blood pressure drugs Cozaar/Hyzaar, and the loss of Singulair is expected to add significant pressure. To wit, management indicated that adjusted share earnings in 2012 would likely come in between $3.75 and $3.85, which is marginally higher than the $3.77 the company earned in the year just ended. Consequently, we have trimmed a dime from our 2012 earnings estimate, which now stands at $3.80 a share. On the bright side, Merck has been one of the few drug companies to maintain an investment in its pipeline during the most recent recession and the slow, uneven recovery that followed. This investment should help mitigate some of the longer-term effects of patent expiration, as new products are developed and transformed into meaningful top-line components. Indeed, management plans to file five major drugs for approval between 2012 and 2013. Looking down the road, we have become increasingly encouraged with Merck's business development plans and the health of its pipeline. While patent expirations will likely play a factor in the near term, we believe new product contributions and continued growth of its existing product base should be enough to ensure long-term stability. At present, Merck stock holds a superior Safety rank (1), and the company's Financial Strength score is excellent. Conservative income-oriented investors may find appeal in the stock's above-average dividend yield and well-covered payment. M.R. * The earnings estimates presented herein supersede the figures found in the Summary & Index included in Issue 11 of The Value Line Investment Survey, dated 2-3-12. Report Prepared on 2-2-12 -- ------------------------------ * Dr. James Ellingson, jellings(a)me.umn.edu * * mobile : 651/645-0753 * * Great Lakes Brewing News, 1569 Laurel Ave., St. Paul, MN 55104 * * james(a)brewingnews.com James.Ellingson(a)StThomas.edu *