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UAL CORP.
Source: MERRILL LYNCH CAPITAL MARKETS
Author: BROWNING, C.E., ET AL
Date: August 28, 2000   Report Number: 2274956   Total Pages (Billable): 2
Cost: $9.00 per page   Full Report $18.00
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Sections/Tables	Page
Price:	1
Table/Chart: Estimates (Dec)	1
Table/Chart: Opinion & Financial Data	1
Table/Chart: Stock Data	1
Table/Chart: ML Industry Weightings & Ratings (**)	1
Investment Highlights:	1
Labor Day Arrives Early At United	1
Table/Chart: Stock Performance	1-2
Table 1: UAL Corporation Actual And Projected Income	2

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© 2000 Thomson Financial Networks. All rights reserved.
Dialog® File Number 745 Accession Number 103492

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Starbucks Corporation - Company Report
RAGEN MACKENZIE
Fleckenstein, M. C.
November 20, 1992 (Page 0 of 4)   All Pages

Section/Table Headings	Page
Stock Price, Earnings Data And Rating 1991-93 .	1
Fourth-Quarter And Fiscal Year-End 1992 Earnings	1
Expansion Plan	2
Share Holdings And Valuation	2
Annual & Quarterly Operating Results 1991-93	3- 4

Subjects	Page
ANNUAL/OPERATING RESULTS	3-4
EARNINGS PER SHARE	1,3-4
FINANCIAL INFORMATION	2
INVESTMENT RECOMMENDATION	1
MARKETING	2
ORDERS AND CONTRACTS	1
QUARTERLY/INTERIM RESULTS	1,3-4
SALES/EARNINGS	1,3-4
STOCK PRICE DATA	1
STOCK TRANSACTIONS AND OWNERSHIP	2
VALUATION	2

Products	Page
COFFEE	1
DIRECTMAIL ADVERTISING	1
MAIL ORDER HOUSES	1
RETAIL STORES	1

Investext®
© 1999 Thomson Financial Networks. All rights reserved.
DIALOG® File Number 545 Accession Number 3080522

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1	Starbucks Corporation - Company Report - November 20, 1992 - (Page 2 - of 4) - Investext® - $8.00

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Starbucks Corporation - Company Report
RAGEN MACKENZIE
Fleckenstein, M. C.
November 20, 1992 (Page 2 of 4)   All Pages

Sections:
Expansion Plan
Share Holdings And Valuation

Expansion Plan Continues On Track
 
  Starbucks' rather aggressive expansion plan appears to be on
track, and the customer acceptance of the "Starbucks experience"
appears to be exceeding management's expectations. During FY92, the
Company entered three new markets: San Francisco, San Diego, and

Denver. Although each of these markets has its own characteristics, the
Company has been extremely pleased with the success of these stores and
surprised by the high level of brand awareness (especially in Denver).

The Company plans to open another 78 stores in FY93, including three
airport kiosks (Narita, Japan, Los Angeles, and Seattle airports). In
FY94, Starbucks plans to open 90 additional stores. At the end of FY92,

Starbucks had cash of approximately $37 million, which should be
sufficient to finance the Company's planned expansion through FY94.
 
[Graphical Material Omitted - Call (800) 662-7878, (212) 952-7060, Or
UK (071) 815-3800 For Price And Availability: Starbucks Corporation

FY92 Geographic Distribution Of Stores]
 
[Graphical Material Omitted - Call (800) 662-7878, (212) 952-7060, Or

UK (071) 815-3800 For Price And Availability: Starbucks Corporation
FY93 Estimated Geographic Distribution Of Stores]
 
  At the time of the initial public offering, certain shareholders
were restricted from selling shares for a period of 180 days after the
date of the prospectus. Currently, there are 6.7 million shares which
are subject to this "lock-up" agreement until December, 1992. Included

in the total is 2.1 million shares which will be restricted from
trading subject to Rule 144 until December, 1993. The current estimated
public float is 6.4 million shares; therefore, the number of shares
which will become available for sale is material to the number of
shares currently trading in the public market.

Our FY93 earnings estimate is $0.50 per share, and Starbucks'
common stock is trading at $37 per share or 74.0x our FY93 estimate. We
continue to believe there are many opportunities for Starbucks to

continue to build brand awareness and grow its operations. However,
given the very high market valuation relative to the estimated growth
rate (30-35%), much of the Company's near-term earnings prospects may
be fully discounted in the share price.
 
DJIA:  3230.60
S&P 400:   500.80
 
MCF:ems
 

Investext®
© 1999 Thomson Financial Networks. All rights reserved.
DIALOG® File Number 545 Accession Number 3080520

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