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United has the most room for operating improvement, but American is better managed.
Meanwhile, my ragamuffin airline stocks act better because there's so much room for operating improvement if oil sticks in the mid-seventies range.
In that two-year period, Micron will be able to turn a respectable profit, with the last quarter's 18.4% operating improvement to a 3.8% deficit likely to get back to a 25% to 30% positive operating margin, suggesting net earnings per share north of $1 before the cycle crests.
Teets said he was pleased with the first-quarter earnings, "in particular the improved results of Greyhound Lines". Although the intercity bus subsidiary reported a seasonal operating loss for the period, there was a $5-million 5-million improperatingor the fimprovementmonths.
Moreover, this dynamic simulation model can be used in the system design and operating improvement.
"Following three years of consistent operating improvement at Disney Interactive and a great partnership between John and Jimmy, we are now in a position to fulfill our original objective to consolidate our interactive business under one Los Angeles-based leader," Robert A. Iger, Disney's chairman and chief executive, said in a statement.
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By contrast, AMC Entertainment has benefited from operating improvements and recent box-office success, and is well positioned if a recovery materializes, some analysts say.
Cendant, the travel and residential real estate services company, raised its 2001 earnings forecast yesterday, citing recent cost cuts and operating improvements in its mortgage, car rental and travel service businesses.
Both the cluster analysis and the factor analysis appear to divide firms into those that have a focus on operating improvements versus financial engineering and those that have a focus on investing in new management versus sticking with the incumbent.
Fleming found that the majority of gains resulting from threatened proxy contests were "attributable to firms which [we]re acquired within one year of the outcome of the proxy contest," suggesting that the gains were due to payment of a takeover premium (consistent with Greenwood and Schor's findings described below), not from operating improvements or governance changes.
The chain's growth in 2005 will be more modest than it has been in recent quarters, but there are still plenty of operating improvements to be had at its struggling European unit, according to Harris Nesbitt analyst Matthew DiFrisco.
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