Wednesday, January 6, 2010

North America Investment Daily — 6 January 2010

Companies in this issue: page
Pfizer (PFE) 9
Smith International Inc (SII)
Other topics:

2010 Supply Chain Playbook and 4Q Preview
EMT Conference Takeaways: Day 1
Getting More Bullish on Staffing Sector
National Health Expenditures
Teleconomy 2010

Getting More Bullish on Staffing Sector — Upgrading RHI and MAN to
Buy; KELYA Remains Hold-Rated
Key Takeaway(s) — Given the improving signs in the temporary employment
sector over the past several months and our optimism on the long-term secular
trends in the staffing market, we are upgrading RHI and MAN to Buy from
Hold. KELYA remains a Hold for company-specific reasons. RHI and MAN are
well-positioned from an operating and balance sheet perspective to capitalize
on a global economic recovery and a higher temp employment penetration rate.
While near-term data and stock actions could remain choppy, we believe RHI
and MAN are compelling investment opportunities as we look out over the

Teleconomy 2010 — Key Takeaways from the 20th Annual EMT Conference – Day 1
Initial Takeaways from Day 1 Fireside Chats — 1) The economy is not getting
worse, but there is hesitation for companies to say it is getting better, while we
believe there is a hint of cautious optimism in the broader discussion of
business fundamentals; 2) demand for mobile broadband remains robust with
new devices that could lead to some incremental wireless capital spending in
2010; 3) enterprise recovery depends on a jobs recovery on a lagging basis;
and 4) consolidation remains an opportunity within the wireline sector to
improve scale.


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