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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (16473)5/20/2003 9:56:17 AM
From: Bob Rudd  Read Replies (1) of 78661
 
Blew out both CCRN & MRN: 5/20/03 7:46AM Cross Country DOWNGRADED at Smith Barney; target $9.50 (CCRN) 13.12: Smith Barney downgrades TO UNDERPERFORM from In-Line based on CONTINUED WEAKNESS IN DEMAND FOR TRAVEL AND PER DIEM NURSES, WHICH FIRM BELIEVES MAY WORSEN IN COMING QTRS due to a RENEWED FOCUS BY HOSPITALS ON THIS LINE-ITEM EXPENSE; cuts target to $9.50 from $12.50.
...I have no real solid handle on what's happening at hospitals, but it's credible that they are under a substantial cost squeeze, that they would push hard against what appears to be high labor cost, that this trend could worsen.
Analyst credability on issues like this is asymmetrical...they have access to data on hospital activity that I don't; Their bull calls I view with greater suspicion than the negative calls since the former is subject to incentive tailwinds where the latter is subject to incentive headwinds.
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