"HPQ remains a leader in PC and Print and despite appropriate steps taken by management to address structural issues , we are downgrading shares of HPQ to Underperform from Buy. Our prior thesis was predicated on stability in high margin print supplies which we have lower confidence in post this qtr.
"Very simply, BBY reported a much better than expected quarter with stronger results on all product categories, a solid gross margin , strong SG&A leverage and minimal help from tax and buybacks, relative to our ests. BBY also put out solid guidance for this year, with margins looking particularly better than we had previously forecast. We are raising our estimates as BBY's comps and ability to sustain margins appear to be in much stronger shape than we had anticipated.
"We are downgrading BKNG shares from Outperform to Perform and removing our $2,200 price target. We agree with management's strategy to accelerate share-gains under softer European macro by investing in alternative accommodations, payments, branding, and loyalty programs.
"The GE 10K and the related disclosure is a negative in our view, with a myriad of specific data points that
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