Gary Balter Quotes

We believe poor recent results and management changes are leading to internal rethinking of Wal-Mart's aggressive deflationary pricing strategies, which we believe will lead to better gross margins in 2004, while still reducing prices.

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At first glance, this seems like a strange deal as investors in Sears Holdings are looking for cash generation, not new investments.

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We continue to be bothered by the company's propensity to shine a more positive light on results and growth rates than the numbers may support.

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Michaels announced management changes that we believe will be a plus to the story at this time.

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Given the plethora of new and improved products that we should see this Christmas ... if there was a year to have a delay, this is it.

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Our outperform rating was based on our view that the management team was doing an excellent job of turning around the margins at this large industry player. The market's valuation at around 6 times cash flow we believe made this an attractive acquisition target. The questions now will be whether another buyer steps in.

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Favorable industry trends provide further support.

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We have been expecting Sears to play out similarly, but to date have not seen the asset sales or leadership that have characterized the other stories.

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If Microsoft gets the product out in January, that would still be in time for the new budget spending that drives many mid-to-small businesses, the core of the office supply segment.

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That's right, a buy on Kmart. The 'buy' rating reflects Kmart's asset values we believe provide support for the stock at this level. Combined with strong positive cash flow, this implies the stock is undervalued.

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Despite the macro concerns, today's strong results should remind investors that Lowe's is executing as well in retailing today, has some significant sales and earnings drivers in installed sales, commercial and distribution, and faces a competitor that is slowing square footage and looking to improve operating margins in its core.

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We're looking for expenses that are coming in line and gross margins that are working, and that's what we saw. These results give us more confidence that Sears can continue to improve earnings in 2006.

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We continue to believe that all of the concern over the discounters' push into consumer electronics may be overblown.

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Retailers are getting smarter in the way they do business. They are reducing their inventories and keeping prices steady. Consumers are beginning to realize that they can't just wait for the sales like they used to.

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The two weak links in the store are apparel and consumer electronics. One could have had a nice nap in the consumer electronics section given the light traffic. Conversely, appliances were buzzing.

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This is a rich company.

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It is not enough to change our investment opinions, but is a negative in the tally board of pros and cons as we begin to focus on Christmas 2006.

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These are the best of times for Best Buy.

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It is at these worst of times that one should be buying Wal-Mart.

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These are the best of times for Best Buy. The product cycle is finally here, the competitive environment ... is benign and looks to stay that way for the foreseeable future.

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While every quarter is important, we view AZO as a company in transition and would discount flat comps or sluggish gross margins as more a reflection of near term weather trends than a concern.

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The stock trades above a level that we would view as appropriate for the current earnings that, absent signals of improvement or takeover, would imply downside.

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That comment should calm concerns that the first quarter could be down, and positions Best Buy for solid earnings per share improvements against the second and third quarters.

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