AGU Fundamental Research Investment Analysis, Agrium Inc.

“… Pretty soon papers and files to fill that briefcase for good for al. Who never missed a beat playing the part until he got the part. Dutifully taking trains to know where, now somewhere. ALCOA have railed against ALCOA have railed against the unfairness of life or taken the rails to stake out his fortunes in life. He did. And now case, and briefcase, …”

“… Apparently quite a few do. Hoping to go through the motion won’t succomb to emotions. Networking on the fly or or, lie in this case. I guess ALCOA stay at home and feel sorry for himself or he could grab that briefcase and that newspaper and do something with himself. No self-pity for al. Which says a lot about al. …”

“… >> be completely contradictary to what they earnings. Shouldn’t the government have been there in the first place around tell us what the real ratios were? >> I talked to officials at CITIGROUP and they said, they don’t even know what using to determine that they’re well-capitalized. Which know CITIGROUP has been in intensive care. Will there be a junior varsity measure and then a varsity measure? There is lot of mystery neil: you don’t think the banks are out of the woods …”

“… Ebay is clearly losing I don’t think that is representative where we are in the economy. Neil: but nevertheless, when you sell, million ipods you sell, 11 million ipods >> that was great. >> APPLE numbers are absolutely stellar. If you put them in the contexh@t, they’re selling they’re not cutting prices. They’re really a player that neil: that’s what I mean. …”

“… The numbers are relatively they’re registering positive, positive numbers a market like china. Neil: people cheap food or pretty well. EBAY, that would do well in >> EBAY is actually hurting. The numbers were pretty neil: but better than >> better than expected but you’re talking about revenues that, were down 10% in the base business and auctions falling off a EBAY is clearly losing I don’t think that is representative where we are in the economy. Neil: but nevertheless, when you sell, million ipods you sell, 11 million ipods >> that was great. >> apple numbers are absolutely stellar. …”

“… If we look back a few months the world –. Neil: you’re not dismissing this segment? >> i’m not dismissing this segment at all. If you look at down trades, the scaled down per se to MCDONALD’S and to yum brands, be it, pizza hut, taco bell, the numbers are relatively they’re registering positive, positive numbers a market like china. …”

“… If we look back a few months the world –. Neil: you’re not dismissing this segment? >> i’m not dismissing this segment at all. If you look at down trades, the scaled down per se to mcdonald’s and to YUM BRANDS, be it, pizza hut, taco bell, the numbers are relatively they’re registering positive, positive numbers a market like china. …”

“… Of these consumer oriented stocks like restaurants, like retailers. All of sudden some of the smoke has cleared and they have been the biggest have been the biggestpeormers, neil. Performers, neil. CHEESECAKE FACTORY, panera, yum, I know just a couple places that you tend to frequent pretty often. Neil: you’re the one who is on his way out. Another one. You and adam can do a show together. >> these have been strong …”

“… Adam, what do you think what these individual issues and earnings today are telling >> I don’t think they’re telling us much. I think liz is right. Neil: we’re doing a segment on it? Continue. >> when CATERPILLAR, when companies that produce durable goods start having positive earnings rports, then we can have this discussion about therngs neil: you back for that one. …”

“… Profits rose at mcdonald’s so americans are still eating. Eating big macs. Upgrading their ipods, that is still happening too. EBAY, anything you sell on that could be actually a counter trend, right? If things are lousy you’re putting up all the family heirlooms on EBAY. But I digress. Signs the economy may be starting to turn around? Let’s ask all-stars, jonathan hoenig, howard rosencrans, adam shapiro. Glad to see him here and wicked, elizabeth mcdonald. Wicked, what is going on >> you know, this idea of a green shoots economy and fast-food comes and EBAY doing well, I never bought I never bought that, it is up there with the subprime crisis is contained or that the u.S. Economy has decoupled from the rest of i’m sorry, I don’t buy it. …”