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Thursday - May 1, 2008
As was widely expected, the Fed voted to cut by 25 basis points. The target for the federal funds rate now stands at 2%.
Given rising food and energy costs and the fact that stimulus checks are literally in the mail, I believe the Fed will not change rates at the June meeting.
So what's the play here for investors? The S&P 500 could not stay above 1400 yesterday, which is an area of resistance. We'll see where it closes today. If we do get an upside breakout, stocks benefiting from positive earnings estimate revisions, such as Celanese (CE) and McDonald's (MCD), could get a nice boost.
As for financials, yesterday's decision did not change anything for the likes of MBIA (MBI) or Washington Mutual (WM). The financial sector continues to account for a disproportionate amount of negative earnings estimate revisions for both 2008 and 2009, so continue to avoid the sector.
Wishing you prosperity,
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Acuity Brands (AYI) Manhattan Associates (MANH) easily exceeded estimates in the first quarter. Over the past week, this year's earnings estimates have increased a dime to $1.40 per share. Read the full analysis on MANH now!
Nucor (NUE) has been on quite a run for the last three months, advancing to an all-time high above $75. The company reported solid first quarter results in which revenue rose 32%. Read the full analysis on NUE now!
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Industrial Gas Inflating; Health Insurer Outlook Weak
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BioMarin Pharmaceutical (BMRN) - Raised Guidance. For the full Zacks research report, click here.
Fidelity National Information Services (FIS) - Still a Sell. For the full Zacks research report, click here.
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Steve Reitmeister, Editor-At-Large for Zacks.com, details five key ingredients for picking great stocks, using CE and CF as examples. Listen to the audio here.For more Zacks audio, click here.
Growth & Income: How to Use Zacks #3 Rank (Hold) Stocks
Momentum: Momentum Trading and Valuations
Aggressive Growth: Earnings Estimates Primer
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Jonock, who is in the top 5% of users, made some interesting Buy calls on Apr 28, including a shipping company, an online travel leader and a beverages company.
The player likes Excel Maritime Carriers (EXM), and explains that investors should "watch for China to bring its ships on line over the next couple of years."
Priceline.com (PCLN) is a Buy too, according to Jonock, because the slowing economy will have people looking for bargains in their travel plans.
Finally, Central European Distribution (CEDC), which makes and distributes liquor in Poland and internationally, was also brought to the front by this player on Apr 28. Click here to see all of Jonock's picks.
Citrix Systems (CTXS)
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Options homepage: Go there now.
Panelists discuss how the stimulus checks will impact the economy, and offer their opinions on a housing recovery.Listen to the audio here.
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Regards and Happy Investing,
Charles Rotblut, CFA
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