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Strategies & Market Trends : Galapagos Islands

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To: quote 007 who wrote (15312)	12/4/2002 2:29:16 PM
From: Jorj X Mckie	Read Replies (2) of 57110

14:23 ET RJR R.J. Reynolds narrows 2002 EPS guidance (39.45 +0.63) Co narrows its 2002 EPS guidance to $6.05 to $6.10 from $6.05 to $6.40 due cost savings measures (consensus $6.12); co still expects cash and short-term investments at year-end 2002 to be approximately $2.2 bln. "Increased competitive promotional spending, along with the continued growth of deep-discount brands and the effect of higher state excise taxes, have created a significantly more challenging business environment." 14:10 ET KSS Kohl's Q4 earnings may be at risk - Avalon (62.00 -2.70) Sources tell us that Avalon believes KSS will post in-line same store sales on Thur of 0-2%, but bigger than expected dept store discounting after Thanksgiving may have negatively affected KSS and taken mkt share; KSS is now instituting an aggressive pricing strategy that will most likely drive sales at the expense of margin, and which could put Q4 earnings at risk. Separately, we're also hearing that sell-side trading desks have been moving out of big dept store stocks and into specialty retailers that have more defensible niches.

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