I thought it was a pretty good call. Not the sort of call a "canny businessman" would conduct, but open and filled with well-founded optimism. Yeah, the margins were off a little, but a business growing at a steady 9% and generating potential new areas as it goes ought to keep everyone happy. And there used to be 2 corporate competitors. They might come back, but for the moment both are neutralized.
So why the !@#$ does the stock drop more than 14% in the aftermath? Sure, it's richly valued on a P/E basis, but how much should the valuation contract after a generally good CC??
Basically reiterated the message at Barclay's. Moderately more business-y sounding. Great emphasis on the fact that they are forecasting numbers for existing businesses, and they are only speaking generalities about new businesses--but they DO expect real returns on an ivnestment time scale. However, the warning was also strengthened that they anticipate making acquisitions that are not immediately accretive.