Top Calls
Saks Inc (SKS) — Highlights From Citi’s 2010 Retail Conference in NYC
Our Take — We hosted an informative meeting with SKS management and are encouraged by the company’s recent business trends, which include better
full-priced selling and aligned inventories. SKS is even chasing inventory in select categories such as handbags and shoes, and noted that it has the ability
to chase about 5% of inventories based on high-end lead times. We reiterate our Buy (1H) rating and $10 target price for SKS. p4
Deborah L Weinswig
Oil Services & Equipment — Demand for New Generation Land Rigs Remains Strong
Weak Gas Prices Have Not Dampened Rig Demand — Since January the share prices of the U.S. land drillers have dropped 20%-30% on fears that the weakness in U.S. gas prices will disrupt or reverse the strong recovery in unconventional gas drilling that began in mid-2009 and remains on track today. But even if gas prices slip below $4.00/MMBtu for a few months, a drilling downturn in the major shale plays would be unlikely to unfold (in our view). The E&P companies are in a high-stakes race for market share and technology leadership in the shale plays and none of them wants to be the first to “blink” by scaling back their ambitions. p5 Robin Shoemaker
north american investmen daily
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